FDI in defence, retail, pharma will reduce jobs, reverse it: SJM leader

New Delhi - RSS-affiliate Swadeshi Jagran Manch on Monday asked the government to reverse its decision of allowing FDI in defence, retail and pharma sectors, saying the decision will not help in increasing employment opportunities.  Delivering a talk on “25 years of liberalisation in India” at JNU, SJM’s national convener Arun Ojha also expressed concerns over the deteriorating value of the Indian Rupee saying the country will not benefit from such devaluation. “The huge dependence on FDI is not good as it will not help increase employment opportunities and will reduce them instead. Government should reverse its decision of allowing FDI in defence, retail and pharma sectors,” he said. He said FDI will add to the burden of unemployment and the more foreign companies come into the country employment opportunities will reduce. “The sole purpose of foreign companies is profit maximisation. Such companies will use upgraded technology and technology upgradation reduces employment,” he said. On continued fall in the value of Indian currency, the Manch leader said, “no country in the world will benefit from competitive devaluation of currency”, an apparent reference to no steps being taken by the government to strengthen the Rupee on the plea of exports getting affected. Talking about the last 25 years of liberalisation and globalisation, Ojha said it has not helped reduce poverty and income inequality has increased. The SJM leader said while liberalisation in the country has helped only 10 to 15 per cent of the people see a rise in their incomes, while that of 85 per cent has seen a downturn. The employment opportunities have also reduced over the years, with women work force reducing drastically, he said. He also expressed concerns over intellectual property rights being ignored in the pharma sector that is leading to increase in prices of essential medicines and reducing the importance of Indian pharma sector.