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CPI-M: Easing FDI norms a 'reckless measure'

ANI | Updated: Aug 29, 2019 23:55 IST

New Delhi, Aug 29 (ANI): The Communist Party of India (CPI-M) on Thursday strongly opposed the government's "reckless measure" to allow 100 per cent FDI in coal mining and contract manufacturing, stating that it will enable foreign companies to plunder the country's mineral resources.
In a statement, party's politburo said the decision will also have a harmful effect on Coal India Ltd., the premier national coal miner.
"The Modi government is bent upon weakening the public sector coal company. It had already opened coal mining to Indian private entities during its last tenure," it said.
The party said that BJP government was "surrendering national control over the mineral resources which is highly detrimental to the country's interests".
The statement said that the decision to dilute the norms for 100 per cent FDI in single-brand retail trade is "also retrograde and will adversely affect the vast retail trade sector in the country".
The union cabinet had Wednesday eased FDI norms to boost investment. It approved 100 per cent FDI in coal mining and contract manufacturing through automatic route. It also liberalised sourcing norms concerning single-brand retail and allowed 26 per cent FDI in the digital media. (ANI)