Stop Anti-National Move to Increase Dominance of Foreigners in Defence & Telecom
June 07, 2020
Swadeshi Jagaran Manch strongly condemns government’s move to increase the FDI limit in the telecom sector to 100 percent, as this move will not only kill domestic telecom sector, but even expose the nation to serious strategic risks and make the nations security vulnerable. Swadeshi Jagaran Manch wishes to draw the attention of the public about serious concerns raised by Home Ministry over hiking FDI cap in defence, space, telecom and other sectors, contending that flow of funds from countries like China in these sectors may compromise country’s security.
The Ministry of Home affairs has also said that FDI beyond certain limit from countries like China, Pakistan, Bangladesh, Saudi Arabia and Indonesia in defence, space, telecom, information and broadcasting, civil aviation may allow people from these countries to dictate terms which could be contrary to India’s interests. Even Ministry of Defence has opposed higher foreign investment in defence, again stating that the move would make the nation’s security vulnerable.
It is even more unfortunate that the advocacy about raising of FDI cap in defence, telecom, space and other sectors is coming from the person no less than Prime Minister of India, in the name of external payment crisis and depreciation of rupee. The argument being given by the government is that such moves would reinstate the investors confidence. Swadeshi Jagaran Manch sincerely believes that the present payment crisis and depreciation of rupee is primarily due to the policy of unbridled globalization. It may be recalled that ever since the policy of globalization has started rupee has constantly been depreciating, as exchange rate of rupee which was rupee 18 per dollar in 1991 has gone up to more than rupee 61 per dollar by July 2013. The argument, made at that point of time was also that opening the borders for foreign goods and capital would help in correcting imbalance in the balance of payment. However, the outcome of the policy of globalization is that in the last quarter current account deficit had reached 6.7 percent of GDP, which was hardly 3.3 percent of GDP in 1990-91 (the worst year).
It seems that the government bowing down to the pressures from overseas, is compromising national security, which is most unfortunate. Swadeshi Jagaran Manch warns the government to desist from such an antinational move and drop the proposals to raise FDI limit in Defence and telecom sectors. Swadeshi Jagaran Manch also calls upon the general public, experts, intelligentsia and the political parties to exert pressure on the government to stop this move.