Soon after the Union Budget 2017-2018 was announced on Wednesday, RSS-affiliate Swadeshi Jagran Manch said it will ask the government to reconsider its decision to abolish the Foreign Investment Promotion Board (FIPB), calling Finance Minister Arun Jaitley's Budget 'retrograde'.
SJM co-convenor Ashwani Mahajan told CNN-News 18, "The whole world, from the US to the UK, is getting disillusioned with globalisation but this government has not been able to come out of the idea of globalisation. The FIPB has been instrumental in controlling and managing Foreign Direct Investment (FDI) in sectors where there are serious concerns."
He said that that the Budget was 'below expectations' and there aren't enough allocations for education and health sector.
According to the CNN-News 18 report, SJM leaders met with Jaitley a few days ago, carrying recommendations for the Budget, some of which were 'Trumpian' in nature, like imposing restrictions on Chinese imports and clamping down Foreign Institutional Investors (FIIs).
With more than 90 percent of the FDI is through automatic route, Jaitley said the government would abolish the FIPB next fiscal and the road map for the same will be announced soon.
"In the meantime, further liberalisation of FDI policy is under consideration and necessary announcements will be made in due course," he added.
With inputs from IANS
Updated Date: Feb 01, 2017 19:23 PM