People's Democracy

(Weekly Organ of the Communist Party of India (Marxist)


No. 41

October 10, 2004

 Protect Interests Of Domestic Industry

The Polit Bureau of the Communist Party of India (Marxist) issued the following statement on October 4, 2004.

THERE are reports that the central government is considering the scrapping of Press Note 18, which concerns certain provisions under the Foreign Direct Investment policy. Press Note 18 requires that a foreign company in a joint venture with an Indian company cannot get into other wholly owned ventures without the domestic partner's permission.

The scrapping of Press Note 18 would harm the interests of domestic industries and provide MNCs with additional leverage.

The Polit Bureau urges the Manmohan Singh government to take into account the opinion of domestic industry and not to proceed with this step.