Political opposition mount campaign to overturn FDI hike

7 Feb 2005

Four opposition parties from India’s political Left are to join together to campaign against a recent government decision to lift the ceiling for foreign direct investment (FDI) from 49% to 74%. Citing the possible detrimental effect to India’s economic sovereignty caused by increasing FDI in the telecoms sector, Sitaram Yeschury of the Communist Party politbureau hopes the protest will send out a clear message to the Indian people. He also criticised the government for making a formal announcement on telecoms sector policy when discussions with the political Left were ongoing.