Nagpur, Jul 17: Opposition BJP today termed the Centre's big-ticket reforms push to hike foreign direct investment in at least a dozen sectors as a “hasty” decision taken under the “influence” of developed western nations.
“The UPA government's decision is taken in a haste and under pressure from developed western countries. BJP will examine merit of each and every proposal,” BJP spokesperson Prakash Javadekar said here.
He was referring to UPA government's decision to liberalise FDI limits in several areas, including allowing 100 per cent foreign investment in telecom and higher limits in defence manufacturing.
“At a time when ill-governance is prevalent and its credibility is under question, UPA government has brought FDI in important sectors,” he said.
Javadekar said the government ignored national security aspects while approving the decision. “In the defence sector, we have to ensure that we get access to latest technology otherwise junk material will be dumped here,” he said.
Opposing raising of FDI cap to 49 per cent from 26 per cent in insurance sector, the BJP leader said foreign insurance companies have “miserably failed” in India.
“At the time of opening of the sector previously, estimated inflow of USD 12 billion was expected in the country but the actual inflow turned out to be USD 1.2 billion. It is unjust to enhance FDI from 26 per cent to 49 per cent in this sector,” Javadekar said.
