The Polit Bureau of the
Communist Party of India (Marxist) has issued the following statement:
There
are reports that the central government is considering the scrapping of Press
Note 18 which concerns certain provisions under the Foreign Direct Investment
policy. Press Note 18 requires that a foreign company in a joint venture with an
Indian company cannot get into other wholly owned ventures without the domestic
partner’s permission.
The
scrapping of Press Note 18 would harm the interests of domestic industries and
provide MNCs with additional leverage.
The
Polit Bureau urges the Manmohan Singh government to take into account the
opinion of domestic industry and not to proceed with this step.