New Delhi, 22 June 2016: The Social Democratic Party of India (SDPI) has vehemently criticized the BJP-led NDA Government’s decision to ease Foreign Direct Investment-FDI norms for nine sectors, including defense. It is startling that what BJP opposed during UPA Govt. rule, itself is implementing it now. Experience has shown that the outflow of funds far exceeds the inflow when FDI caps are removed. The economy must be really in a bad state for them to be so desperate for FDI, the party said.
SDPI national general secretary Muhammad Shafi in a statement said that BJP was even dead against 49 per cent FDI in defense, retailer, insurance, etc. and that the BJP and the NDA have always opposed to FDI. He recalled Narendra Modi blamed and opposed each and every decision of UPA Government when he was the Chief Minister of Gujarat and once even walked away from a meeting presided over by the then Prime Minister Manmohan Singh. Now NDA is simply following what UPA had initiated, proving itself to be a puppet of capitalists.
He said that Modi acted like a savior of traders when UPA allowed FDI in Multi-Brand but after taking oath as Prime Minister he not only continued it but now shamelessly allowed FDI in Single-Brand. One should not forget that it was BJP which observed “Bharat Bandh” against the UPA Government’s FDI in retail policy by holding countrywide agitations.
He stated that allowing 100 per cent FDI in defense sector means it is thrown mostly into the hands of NATO-American defense manufacturers. These changes in the FDI policy will pose a substantial threat to national security and India’s independent foreign policy. By relaxing the “state-of-the-art” criterion for defense technologies, the government has made joint ventures easier. But what will this mean for a huge defense manufacturing establishment built up over decades involving research scientists and indigenous technologies?
Shafi said the latest FDI policy is like “Welcome to East India Company – Part 2”. It seems the hypocrite NDA Government is totally, unequivocally and irretrievably dependent on foreign money. The economic decisions for India are taken by foreign corporates and implemented by Government here as their faithful slave. It is because of this that they turned RBI Governor R. Rajan out who was advocating Indian money and Indian companies with less FDI, so that Indians and Indian companies may flourish without depending on foreign money.
He said that it is 100 per cent sale of the country and soon the rupee value will further go down. Make in India gone! Now allow FDI to invest and take the returns abroad. Sell India to world powers and then scream “inflation, inflation”. Such a drastic move could turn India into a country like that of the African countries touching the bottoms of poverty leading to begging for food.
Shafi said going for large FDI infusion is like trying to shine on borrowed feathers. For India, the risk of overdoing it is to condemn its people to be forever servants and coolies at the lower end of the economy earning a high margin of profits for those who provide capital.
The statement said, “India does not need low skilled jobs so that Modi and his corporate friends in India and West can make big profits and claim the country’s saviors. India needs smart and long-term investments by well-meaning benefactors that create a thriving and well-heeled nation. It does not need robbers and exploiters, which the FDI is welcoming”.