BMS general secretary not in favor of FDI increase

Bharatiya Mazdoor Sangh general secretary (GEN.SEC, BMS) Brijesh Upadhyay said Thursday that his party completely opposes the idea of FDI.

Upadhyay told ANI, "It is very unfortunate that the government has come up with a FDI in defence and railways. As earlier we have said BMS is against FDI in totality. Because the proposal of FDI is not thought properly as the government is thinking that FDI is all sort of medicine of the financial crises of the country."

"Nobody is talking about FDO. Foreign Direct Outflow means whatever investment is coming that is going out again. Direct flow quantum is much more than the investment. But they are living in an illusion and forcing the nation to do the same," he added.

Opposing the FDI completely, he said, "I have said it earlier as well that a white paper should be brought to all the investments done in FDI till now. Also the general public should be informed about the FDO details as well. With all the drift we say that the outflow is much more than the investment. They are looting the country and will ruin the economy as well."

"We are not against the investment or development, we also know where money is important, but how to spend that money is not thought of well. If they bring in FDI without considering FDO then we will never be in their favor," he added.

Talking of the party's plan, "We have a meeting today, so we will appeal to our members for a strike in railways."

According to reports, in a cabinet meeting held last night, the cabinet raised the FDI limit in Defence to 49 percent while allowing 100 percent FDI in railway infrastructure.

This move to raise FDI cap in Defence and Railway comes close at the heels of the one to raise FDI cap in insurance sector from 26 to 49 percent.