Mamata Banerjee Lashes Out Against Relaxation of FDI Norms

The West Bengal chief minister argued that 100 percent FDI will hurt Indian companies.

TMC chief Mamata Banerjee. (Photo: Reuters)

Lashing out against the Narendra Modi government’s decision to relax FDI norm in several sectors, West Bengal Chief Minister Mamata Banerjee on Thursday said 100 percent foreign direct investment in sectors like manufacturing, agriculture and pharmaceutical will “kill Indian brands”.

Replying to the debate on Governor KN Tripathi’s address to the state assembly, she said the Trinamool Congress would raise the matter in parliament.

Also Read: Government Permits 100% FDI in Online Marketplaces

The West Bengal Chief Minister called for the need for all state governments and political parties to unite on the issue of rising debts.

It is not that I am against jobs for people. But it’s a fact that it will kill Indian brands. 100 percent FDI, whether it is in the pharmaceutical, agricultural or manufacturing sectors, will adversely hit Indian brands. 

<b>Mamata Banerjee, Chief Minister, West Bengal</b>

She also strongly advocated the need to promote the branding of Indian products.

Referring to the pharmaceutical sector, Banerjee said medicine prices, including those of the life saving ones, will shoot north if FDI was allowed.

Putting its economic liberalisation agenda on the fast track, India last Monday relaxed its foreign equity norms further, notably in defence, aviation, pharmaceuticals and retailing, with automatic approval rather than a case-based route as the preferred model.

(With inputs from IANS)

Also Read: Congress to Oppose FDI in Defence in Parliament: Anand Sharma