CPM denounces new FDI policy, claims decision not in India's interest

New Delhi: The CPM on Monday denounced the 100 per cent FDI in defence, aviation and pharmaceutical industries, saying this was not in India's interests.

Referring to the growing strategic ties between the US and India, the Communist Party of India-Marxist said the FDI decision was "a consequence of these defence agreements".

 CPM denounces new FDI policy, claims decision not in Indias interest

Representational picture. Reuters

"This (FDI decision) is not in the interests of India and raise serious questions concerning both our internal security and our sovereignty," the CPM said in a statement.

"As a consequence of the Indo-US strategic partnership, the Modi government has now announced across the board greater access to FDI.

"India is permitting foreign capital to reap super profits and seek to emerge out of their global economic crisis at the expense of our domestic economy."

The CPM also said that India had "now become party to naval exercises with the US and Japan in South China seas.

"These exercises, code-named 'Malabar Naval Exercises', were earlier held off Indian coast in the Arabian Sea. Moving into the waters of South China seas has many serious implications for our independent foreign policy and security concerns."

The CPM reiterated its demand that the disputes in the South China Sea must be settled in accordance with international law and established international procedures.

"The Indian government must adhere to this time tested policy position that India has always maintained."

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Updated Date: Jun 20, 2016 19:44:17 IST