Cyber Journal 24, November 11, 2015
Bhartiya Mazdoor Sangh raises its voice against government for easing FDI norms. Says it has issues with allowing FDI in defense and retail sector. The union may also consider organizing protests if government fails to answer their concerns.
Modi government recently managed to bring smile on the face of people in airlines, construction, media, banking, and single-brand retail by easing FDI regulations. Plus, FDI proposals of up to Rs. 5,000 crore won’t need approval from Foreign Investment Promotion Board (FIPB).
Prime Minister Modi used Twitter to share his opinion that these reforms would simplify, rationalize, and make investment easier in the country. Even the finance minister shared his opinion that taking such steps is necessary to encourage foreign investment in the country.
However, this has not gone down well with Bhartiya Mazdoor Sangh (BHS) which is RSS’s trade union affiliate. BMS’s number of members is considerable, and government cannot ignore their concerns. They are opposing FDI in retail and FDI in defense.
Brijesh Upadhyay is general secretary for BMS. He interacted with journalists and shared the reasons behind their move to oppose the FDI.
Mr. Upadhyay pointed out that this decision will influence the retail sector in the country that is already going thought rough patch and needs help. Allowing FDI even in the form of single-brand retail will destroy country’s retail sector further. Country’s economy will collapse if retail economy does not get necessary protection.
“Foreign Direct Outflow should also be considered, as companies that invest in the country will earn and send back around eight times of their investment amount. BMS’s general secretary also shared his opinion that the government should release white paper about FDI vs. FDO”- said BMS’s general secretary.
Larger consultation process should be followed as far as FDI is concerned. All the concerned parties should be taken in confidence before taking decisions.
Mr. Upadhyay shared the information that they have written to the Prime Minister and Finance Minister about these concerns. The union would also consider protesting against the government if required.
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