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As though the budget was not sufficient in selling the country to foreign
capital, on May 9 the government announced a massive opening up of sectors like
even defence production and banking to foreign control. These new directives
will hasten the speed of total take-over of industry and finance by imperialism.
The new policy states
* Private industry, with upto 26% foreign equity, is now allowed production of
defence equipment, which will defacto result in either the take-over of
ordinance factories or their being pushed into bankruptcy.
* FDI limit in banking has been raised phenomenally from 20% to 49%. This will
result in most Indian banks being taken over by the foreign banks.
* 100% FDI allowed in the drugs and pharmaceutical sector, airports, township
development, hotels and tourism, courier services and mass rapid transport. So
now even a service like mass transport is to be handed over to foreign capital.
* 74% FDI is allowed ISPs, radio paging and end-to-end bandwidth.
* NRIs allowed to repatriate fully in foreign exchange.
There is no limit to which the rulers will go in selling our country to the
imperialists. These new measures have been introduced through the back door,
barely a fortnight after the passing of the budget.
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