Monday, Jul 19, 2004
Monday, Jul 19, 2004 |
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Advts: Classifieds | Employment | Andhra Pradesh
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Tirupati
By Our Staff Reporter
TIRUPATI, JULY 18. Speakers at the debate organised by the All India Trade Union Congress (AITUC) opposed the Government's decision to raise the cap on Foreign Direct Investment (FDI) in some core areas. They felt it would hamper the economy in the long run. Initiating the debate on "FDI - The lurking danger'', the AITUC State secretary, B. Tulasendra, said that FDI, conceived by earlier Governments as part of "kick-starting" the economy, was in fact detrimental to the nation's interests. "FDI crippled the country's economy in the last thirteen years. Disinvestment started at 20 per cent, but had reached an alarming level of 76 per cent, wherein the control of corporations had automatically passed into the hands of private parties," he lamented. The CPI district secretary, P. Harinadha Reddy, welcomed FDI only if it benefited all sections.
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