100% FDI in telecom endangers nation's security: Mamata

Last Updated: Wed, Jul 17, 2013 08:18 hrs

Mamata Banerjee, the fiery Trinamool Congress leader who had earlier severed ties with the United Progressive Alliance over the government's decision to allow Foreign Direct Investment (FDI) in multi-brand retail, has now slammed the move to allow 100% FDI in telecom.

"With deep anguish, I would like to say that it is very unfortunate to see increase in FDI in Telecom, Defence and Insurance sectors amongst 13 different sectors. The increase of FDI in telecom to 100% has very serious security implications for the nation," the West Bengal Chief Minister wrote on her Facebook site.

"The whole telecommunication platform will be controlled by foreign companies which owe their allegiance to their own countries and serve their own interests.

"In today's world, Defence is heavily reliant on telecom system. By increasing FDI in Defence we are compromising safety and security of the nation. It is a myth that FDI hike will bring transfer of technology to Indian companies, as there is a 'Technology Denial' regime which does not permit developed world to transfer defence technology," she observed.

Mamata also panned the move to raise  FDI cap for private insurers to 49%, a move which will though need Parliamentary approval.

"The lives of poor and common people who rely on insurance for their life and health, will be put to risk with increase in FDI in insurance sector. Foreign inflow of funds in financial institutional area in India is fraught with potential danger of global financial crisis.

"Decisions of UPA II are putting the lives of common and poor people and above all, the nations security to grave danger," she posted.

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