By IANS,
New Delhi : The BJP Friday objected to the government’s decisions to hike FDI cap in the insurance sector and allow foreign investment in the pension sector, but did not clear whether the party would oppose or support the moves in parliament.
BJP vice-president Mukhtar Abbas Naqvi told mediapersons that the party was discussing the government’s decision announced Thursday to raise foreign direct investment in insurance from 26 to 49 percent and allowing up to 49 percent foreign equity in the pension sector.
Asked whether the Bharatiya Janata Party would back or oppose the decisions in parliament when related bills would be taken up, Naqvi did not give a clear answer.
“The circumstances in which the decisions were taken, their need and legitimacy, raise questions,” Naqvi said.
He added while the party was firmly opposed to FDI in multi-brand retail, it was not opposed to FDI per se.
“We are not against FDI but against foreign direct interference,” Naqvi said.
Naqvi said parliamentary standing committee had recommended 26 percent cap on FDI in the insurance sector but the government raised it to 49 percent.
Questioning the government’s efforts to boost investor sentiment, he said it has done “zero work” to improve infrastructure whether it was roadways, railways, ports or powers.
He said the government was thinking that “foreign investment” was the panacea for its own inefficiency.
Naqvi claimed the government was on “its last breaths” but was taking controversial decisions.
“People want to know under whose pressure have the decisions been taken.”
On backing the Trinamool Congress to bring a no-confidence motion against the government, he said the party “has been telling about its role”.
Claiming that the foreign capital could be influenced by mafia, Naqvi said it was natural for people to raise concerns as the country had been under foreign rule for many years.
He said Thursday’s cabinet meeting should have provided relief to people by bringing down price of petroleum products as the price of crude had fallen in international market. He alleged that the government was not addressing the real issues.
BJP functionaries said the Pension Fund Regulatory and Development Authority Bill, 2011 and the Insurance Laws (Amendment) Bill, 2008 were unlikely to be taken up in the winter session of parliament.
The government is also facing vociferous opposition on its decision to allow FDI in multi-brand retail.
They said the mood in the party was not to support legislative moves of a government which was battling corruption charges and was dependent for its survival on parties giving outside support.