CPI(M) attacks FDI in coal mining, retail

Our Bureau New Delhi | Updated on August 29, 2019

It termed the decisions of the Union Cabinet as ‘retrograde’ and demanded it be reversed

The CPI(M) on Thursday condemned the Union Cabinet decision to allow foreign direct investment (FDI) in coal and dilute FDI norms in single brand retail.

It demanded that the government reverse these measures.

In a statement here, the Polit Bureau of the CPI(M) strongly opposed the Union Cabinet’s decision to allow 100 per cent FDI in coal mining for all commercial purposes and in contract manufacturing.

The CPI(M) described it as a ‘reckless measure’ which will enable foreign companies to ‘plunder’ the mineral resources of the country.

It said, “This decision will also have a harmful effect on Coal India Ltd which is the premier national coal miner. The Modi government is bent upon weakening the public sector coal company. It had already opened coal mining to private entities during its last tenure.”

It added, “The BJP government is surrendering national control over the mineral resources which is highly detrimental to the country’s interests.”

It also criticised the decision to dilute the norms for 100 per cent FDI in single brand retail trade as being ‘retrograde’ and said that it will adversely affect the vast retail trade sector in the country.

Published on August 29, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor