CPI-M flays `unjustified concessions` to MNCs

The Communist Party of India-Marxist (CPI-M) criticised "unjustified concessions" given to multinationals (MNCs) to set up new units in the same field of business without their Indian partners` approval.

Updated: Apr 01, 2011, 14:54 PM IST

New Delhi: The Communist Party of India-Marxist (CPI-M) Friday criticised "unjustified concessions" given to multinationals (MNCs) to set up new units in the same field of business without their Indian partners` approval.

"The announcement by the Department of Industrial Policy and Promotion even allows MNCs to change their Indian partner unilaterally," it said in a statement.

"This measure will only strengthen the grip of MNCs over the Indian economy at the expense of Indian companies.

"The notification further allows hundred percent FDI in development of seeds, horticulture and planting materials without any restriction. This will adversely affect Indian seed manufacturers, and peasants would be at the mercy of MNCs for the supply of seeds."
It warned that "these measures ... will immensely harm our industrial and agricultural development".

IANS