FDI in Pharma, Defence, Food-processing will affect common people adversely: TMC

KOLKATA: Even though Mamata Banerjee's Trinamool Congress has given a green signal to Goods and Service Tax , it maintains its opposition to FDI.

Issuing a press statement today, the party has reiterated its stand on FDI. "Trinamool Congress has consistently been opposed to FDI reforms in many areas and often outlined reasons for it at different forums, including four election manifestos since 2009 and in both Houses of Parliament. It is nice to know other parties are now following our lead," said Derek O' Brien , TMC's national spokesperson and an MP.

Elaborating on the reason behind his party's resistance, he said , "The Centre’s latest decision relaxing FDI in pharma without proper regulation will affect medicine prices, hurting the middle class and the poor. Allowing FDI in pharma upto 74% in brownfield projects will adversely influence the Indian industry, market and common people."

He further added, "International competition will crush farmers who are already suffering because of weather conditions and volatile market due to FDI in Food Processing. FDI in defence increased to 100% and condition to access state-of-the-art technology taken out with no regard for the indigenous defence technology and market."