People's Democracy

WHILE the country was pre-occupied with the recently concluded elections in certain important states, the Vajpayee government quietly decided to proceed with the unbridled sale of India. Pursuing a reckless liberalisation policy, the government threw open the pharmaceutical sector, hotels, airports and tourism to 100 per cent foreign direct investments (FDI). In what must be considered as a gross anti-national act, the Vajpayee government has allowed 100 per cent FDI in real estate. Foreign capital and multinational corporations can now acquire Indian property without any restrictions.

Additionally, the government has now allowed 74 per cent FDI in select telecom areas and 49 per cent in banks. Private companies can now enter defence production with 26 per cent foreign equity. Throwing to the winds all concern about India's vital security interests, this BJP-led government has embarked on a course of the outright sale of India.

Such anti-national liberalisation is often justified as necessary for attracting higher levels of FDI. Facts belie such claims. FDI in India declined from 3.5 billion dollars in 1997 to 2.64 billion dollars in 1998 and further to 2.16 billion dollars in 1999. It then rose marginally to 2.63 billion dollars in 2000. Of the total FDI received by all developing nations, India's share fell from 2 per cent to 1.5 per cent and further to 1 per cent in these three years.

Given this track record, it is clear that this new dose of liberalisation has very little to do with FDI inflows and has everything to do with handing over Indian assets and property to foreign capital.

Such merciless sale of India is both anti-national and an act of treason against the country and the people. If India has to be saved today, then this Vajpayee-led government will have to be removed from office. This is the supreme duty of every patriot today.