Debating India

CPI-M to oppose FDI hike

Sunday 11 July 2004

NDTV Correspondent

NEW DELHI. The CPI-M has decided to oppose the hike in Foreign Direct Investment (FDI) limits in insurance, telecom and civil aviation.

"We are against privatisation and we will oppose the hike in FDI limit in Parliament," party leader M K Pandhe told reporters after a meeting of CPI-M politburo in Delhi.

The Left parties have been severely opposing FDI in these sectors.

The meeting was attended by party General Secretary Harkishan Singh Surjeet, veteran leader Jyoti Basu and West Bengal Chief Minister Buddhadeb Bhattacharya among others.

CPI-M was not consulted on the FDI hike in telecom, aviation and insurance sectors, Pandhe said. He added that the party would oppose passage of the Finance Bill in Parliament.

The Union Budget for 2004-05, presented by Finance Minister P Chidambaram on July 8, proposed hike in FDI limit in telecom from 49 to 74 per cent, civil aviation from 40 to 49 per cent and insurance from 26 to 49 per cent. (With PTI inputs)

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in NDTV News, Sunday, July 11, 2004.

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