KMCC Condemns Hike in FDI

Published: 17th November 2015 06:35 AM  |   Last Updated: 17th November 2015 06:35 AM   |  A+A-

KOCHI: The Kerala Merchants’ Chamber of Commerce (KMCC) has raised concern over the Central Government’s recent decision to hike FDI in 15 additional sectors, including single-brand retail.

“The liberalised FDI norms are contradictory to the stance the BJP had adopted before it assumed power at the Centre,” said an official  statement issued by the KMCC here on Monday.

“The party that had earlier assured that FDI restrictions would continue, has been easing the control over FDI after assuming power. Increased foreign control in such sensitive sectors will affect the country’s economy and hit employment generation,” said V A Mohammed Ashraf president of KMCC. “The government has also removed the Clause that foreign players entering the retail segment should source 30 per cent of the goods locally, and allowed 100 per cent FDI in the aviation and DTH sectors,” he said. 

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