New Delhi, Sep 4 (ANI): The Communist Party of India-Marxist (CPM) on Sunday opposed the move of the Congress-led United progressive Alliance (UPA) Government at the Centre to allow industrial houses to start private banks.
CPM General Secretary Prakash Karat said such decision was fraught with serious consequences to the economy and the country in light of global financial meltdown.
He elicited support from other political parties, trade unions, mass organizations and citizens' groups in his efforts.
"We consider this to be a move, which is fraught with serious consequences and it can cause incalculable harm in the near future to our economy and the country. So, we would like to appeal to all political parties, the trade unions, mass organizations and citizens' groups to oppose this move of the government," Karat told mediapersons here.
The CPM leader further said that his party was opposed to Foreign Direct Investment (FDI) in retail trade, mining and higher education.
"The FDI can be there keeping in mind three factors: it should help to raise the productive capacities any foreign direct investment coming in, second it should help to acquire new technology and third it should generate employment, keeping these three guidelines where we have state governments we can have foreign investments," said Karat.
"We are oppose to foreign direct investment in certain spheres and our position is well known for example retail trade, we don't want FDI coming in, in mining in higher education," he added. Commenting on former Kerala Chief Minister V.S. Achutanandan wanting FDI in information technology, biotechnology and tourism, Karat said: "He (Achutanandan) announced we want FDI in three sectors, read the report it is with me, it says in IT (information technology), in biotechnology and tourism." (ANI)
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