Roll back 'license to loot': Left to PM on easing FDI

Deprecating Government's decision to ease FDI in 15 key sectors, Left parties today demanded that Prime Minister Narendra Modi roll back the "license to loot" and focus on providing relief to people from escalating price rise and agrarian crisis.
The parties questioned Government over timing of the reforms' announcement, made ahead of the Prime Minister's tour of UK, G-29 Summit in Turkey and visits to ASEAN countries, slamming Modi for taking the decision without seeking Cabinet's approval, which they said was "complete" travesty of system of Parliamentary democracy.
"This license to loot (for foreign investors) comes at a time when majority of Indian people continue to groan under newer economic burdens. Price rise of essential commodities continues unabated. Agrarian distress is deepening.

"The politburo calls upon Modi and his government to focus attention on providing relief to vast majority of our people as promised during the election," CPI(M) said in a statement.
The Left party said both India's markets and resources are being opened up further for maximization of profits for foreign capital.
Earlier on Tuesday, when the reforms were declared, party general secretary Sitaram Yechury had accused Modi of helping foreign players gain greater access to Indian markets and command over the country's resources for profits.

"With the global economic crisis, foreign players are looking for greater market access and command over Indian resources to maintain its profits. PM Modi is helping achieve that objective instead providing people relief from growing prices and agricultural distress," Yechury had charged.

The CPI echoed similar views saying multinational companies are demanding more, taking advantage of alleged weakness of Government's "anxiety" for FDI.
"These policies will damage livelihood of our workers, increase unemployment, make the country more dependent on the West and hence, should be rolled back," it insisted.
Pushing ahead with major reforms, the government on Tuesday relaxed foreign investment rules in 15 sectors such as civil aviation, banking, defence, retail and news broadcasting and eased the process for approval of FDI.