People's Democracy

THINKING TOGETHER

How do we resolve the need to step up rates of investment in West Bengal, the invitation to MNCs to invest in the state and our ideological position against capitalist globalisation? On a programmatic plane, how will we deal with the impact of MNCs on the state's economy, labour markets and our Party's foundations in West Bengal?

-- Anuradha Kalhan, Mumbai (through e-mail)

THE opposition to the present phase of capitalist globalisation does not mean the refusal to accept foreign capital investment. In the present world, no country can remain isolated or insulated from the global processes.  The moot question is that on what terms will a country integrate with the global economy.

The CPI(M) is clear that foreign direct investment that comes into the country must satisfy three conditions.  Firstly, such investment must add to the productive capacity that already exists in India. In other words, investment that comes in to take over the existing productive capacities does not benefit either the Indian economy or the Indian people. It only ends up in allowing foreign capital to garner super profits at the expense of India.  Secondly, such investment must bring with it technologies that India does not already possess.  Such technological upgradation will help to develop the Indian economy further.  Thirdly, such investment should be able to generate greater employment opportunities.  

If the first two conditions are met, then obviously the third would also be met, since enlarging the productive capacities would lead to greater employment. 

In the context of West Bengal, it must be reiterated that as a state in the Indian Union, it cannot have industrial or economic policies that are different from the rest of the country.  According to the Indian Constitution, the policy matters on these are laid down by the Central government, which apply to the whole country.

Working within this limitation, the government of West Bengal, while seeking to step up the rates of investment, is at the same time not only conscious but is vigilant against the activities of the MNCs who come into the country only with the motive of profit maximisation. Only such foreign investment which is mutually beneficial will be accepted. 

At the same time, there is a scrupulous and strict adherence on the maintenance of labour laws protecting the interests of the workers and society at large. The Party's foundations in West Bengal are based on its deep links with the people and its work for their welfare. These will be strengthened further in the present context in West Bengal.