Jamaat e Islami Hind opposed to opening up of FDI

The Secretary General of Jamaat-e-Islami Hind – Muhammad Salim Engineer said that: ‘’ we oppose the NDA government’s relaxing of FDI norms in 15 sectors include mining, civil aviation, defense, broadcasting, construction, manufacturing and private sector banking. In the defense sector the government can now approve for FDI up to 49 percent and put it under automatic route bypassing the Foreign Investment Promotion Board (FIPB) scrutiny or clearance by the Cabinet Committee of Security (CCS). This is highly undesirable. Jamaat is also concerned with the opening up of the media sector particularly the news and current affairs. By relaxing the norms for FDI in media sector there is now a danger of foreign media moguls controlling Indian public opinion and thereby consolidating the neo-liberal capitalist and neo-imperialist agenda of the West. Increased FDI in private sector banking will only help in creating a debt driven and bubble economy and drive the middle class to bankruptcy and over-expenditure. The Secretary General said: ‘’FDI must be on our terms and help in employment and poverty alleviation. It seems the NDA government is relaxing FDI norms to help crony capitalism. Jamaat demands the NDA government to roll back its decision”

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