Cpi Against New Fipb Guidelines, Says Bardhan

CPI general secretary A B Bardhan yesterday said his party did not welcome the new guidelines for foreign direct investment proposals, under which the foreign investment promotion board might allow foreign investors to hike their stake upto 100 per cent in joint ventures.

Replying to a question at a press conference on whether he welcomed the 100 per cent foreign equity holding, Bardhan said: We did not welcome it. At the same time, we could not dictate since there are so many parties in the United Front.

On the entry of foreign and private companies into the insurance sector, the CPI leader said his party was against it but the union finance minister, P Chidambaram, wanted it. Stating that the UF government deserved credit for reviving six public sector units including the Heavy Engineering Corporation, he said his party had suggested revival of IDPL, besides units of fetriliser, a petroleum refinery, textile and jute in the interest of the country.

Bardhan said education, health, drinking water and irrigation should find importance in the forthcoming budget and there should be a considerable raise in the allocation on these heads.

The interests of the poor and the toiling masses must be reflected in the second budget of the United Front, he said.

Bardhan said whatever be the justifications, hiking prices of sugar and petrol will have cascading effect and add to the miseries of the people.

It will not be proper to have another hike in prices of petroleum products within a short span. Prices of foodgrains will have to be brought down first, he added.