Fgn investment sends profit outside India: Akhilesh
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Lucknow: Expressing his reservation over the Centre's decision to streamline the processing of Chinese FDI,
Samajwadi Party
national president
Akhilesh Yadav
on Tuesday said foreign investment ends up sending the profits outside India.
Akhilesh took to X quoting a news report on Centre expediting the approval process for Chinese FDI and said: "Jab videshi nivesh aata hai, to laabh bahar jata hai (When foreign investment comes in, the profit goes out of the country)."
The news report that SP chief quoted talked about the Indian government streamlining procedures for clearing FDI proposals from Chinese companies, significantly reducing processing time through regular inter-ministerial committee (IMC) meetings.
Government sources claimed that the step was taken following a rise in investment queries from China.
This is not the first time that Akhilesh has questioned BJP-led NDA's approach towards FDI in general. In February, the former UP CM had slammed the Centre for allowing 100% FDI in the insurance sector. His premise was that handing over complete control of a sensitive and crisis-driven industry such as the insurance sector to foreign entities was not in the best interest of the country.
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He said that the move will put the entire industry to risk.
During his stint as the chief minister of UP (2012 to 2017), Akhilesh had maintained a similar stance towards FDI on grounds that it will hurt the interests of the small and medium traders in the country. At one stage he went on to welcome FDI in the multi-brand retail sector but as long as the interest of farmers and small traders were protected. The party leadership even wrote a letter to the then Prime Minister Manmohan Singh opposing any such move.
"The current report on preferential treatment for Chinese FDI shows inconsistency in priority of government at the Centre on issues of security and business," said senior SP functionary Sudhir Panwar. "In government-imposed sanctions because of security concerns, there was a big announcement to boost domestic industry. But now, there is again a push for FDI," Panwar said, adding: "It will serve the interest of China not India because of profit motive.
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Inset
'BJP govt humiliating teachers in UP'
times news network
Lucknow: Samajwadi Party chief Akhilesh Yadav on Tuesday said that the BJP government was disrespecting and humiliating the teacher community by not addressing their demands.
Extending his party's support to thousands of aspirants who are waiting to appear for recruitment as teachers in the government's basic education department and staging a marathon demonstration outside the Uttar Pradesh Education Service Selection Commission headquarters in Prayagraj, Akhilesh said it was time for the state government to address their concerns.
He said the government was not sensitive towards assistant teachers protesting at Eco Garden in Lucknow over their unmet demands. "They are getting only Rs 10,000 as remuneration per month. The worst is that the BJP government wants to silence such protests by using police force. This is even more humiliating," Akhilesh said.
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