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

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

PTI July 12, 2016 11:16:54 IST
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.

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

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.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

West Bengal Police Recruitment Board invites applications for posts of Agragamis; check wbpolice.gov.in
India

West Bengal Police Recruitment Board invites applications for posts of Agragamis; check wbpolice.gov.in

The notification states that the applicant must not be less than 18-year-old and not more than 40 as on 1 January, 2021

Johnson & Johnson's single-dose COVID-19 vaccine safe and effective, says FDA paving way for approval
World

Johnson & Johnson's single-dose COVID-19 vaccine safe and effective, says FDA paving way for approval

The vaccine was 66.1% effective in preventing moderate to severe disease and appeared safe, the US Food and Drug Administration said on Wednesday

COVID-19 pandemic will force 1.8 crore Indians to find a new occupation by 2030, says McKinsey report
India

COVID-19 pandemic will force 1.8 crore Indians to find a new occupation by 2030, says McKinsey report

The long-term effects of the virus may reduce the number of low-wage jobs available, which previously served as a safety net for displaced workers, the report added