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Activists hit out at AIIB during 3-day convention in Mumbai

Business Finance

Press Trust of India  |  Mumbai 

Over 150 organisations from across the country today began a 3-day convention on infrastructure financing with a view to draw the government's attention in the run-up to the annual meeting of the Asian Infrastructure Investment Bank (AIIB).

The AIIB's annual meeting will be held in Mumbai on June 25-26.

The convention, held under the aegis of the Working Group on International Financial Institutions here, was addressed by social activists Medha Patkar and Ulka Mahajan, economist Arun Kumar and journalist Sucheta Dalal.

Hitting out at the AIIB, Patkar said, "Though AIIB aims to push infrastructure in Asia including India, they have nothing to do with improving the social and economic status of the poor people of the country,."

She alleged that while Rs 9,800 crore would be invested in infrastructure in the fields of energy, roads and urban development, the common man was missing from their (AIIB) roadmap.

She said that such infrastructure development was taking care of the affluent while ignoring the marginalised.

Mahajan said that the government's design of executing big-ticket projects was questionable and alleged that several laws pertaining to labour and environment were being twisted.

She said that those who had gathered at the convention wanted to create a pressure group to force economic policy-makers to take note of their concerns.

Noted journalist Sucheta Dalal hit out at what she claimed was the faulty system of banks and asked the government to take steps to ensure common people are not fleeced.

"Until and unless the Reserve Bank of India (RBI) and other banks do not become responsible to the common man, no scheme to empower them will work out," Dalal said.

Headquartered in Beijing, the AIIB is a multilateral development bank of which India is the second largest shareholder.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, June 21 2018. 22:45 IST