Roadmap for 2009 an`anti-national conspiracy:' Patnaik
Noted economist and Vice Chairman of the Kerala State Planning Board, Dr Prabhat Patnaik described the Reserve Bank of India's Roadmap for 2009 "permitting foreign direct investment" into Indian banks as an "anti-national" conspiracy.
By PTI |
THRISSUR: Noted economist and Vice Chairman of the Kerala State Planning Board, Dr Prabhat Patnaik described the Reserve Bank of India's Roadmap for 2009 "permitting foreign direct investment" into Indian banks as an "anti-national" conspiracy.
He was delivering the key-note address at a seminar held under the auspices of Bank Employees Federation of India on RBI's Roadmap for 2009.
Patnaik said the Reserve Bank's and the Union Government's policies allowing large-scale foreign investment into the country's private and public sector banks would `create a havoc' in the economic and the banking sector.
He said that by March 2009, the RBI's policies would enable foreign banks to hold the major stakes of private and public sector banks in India.
Monopolists in the country wanted the Indian economy to be `highly globalised' and hence they exerted pressure on the government in this regard,he said.
He said if the FDI of 74 per cent of the capital of the Indian banks were allowed, external forces would exert pressure on government's policies.
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Patnaik said large-scale investments into Indian banking sector would lead to external pressures and union government would be forced to formulate economic policies to keep the interests of foreign capitalistsDownload
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