Foreign Capital In Petroleum Sector

Friday, January 16, 2004

Press Statement

The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

                                  On Foreign Capital In Petroleum Sector

The Vajpayee government's decision to allow upto 100 per cent foreign capital in the petroleum sector which is applicable to refining, marketing and pipelines is yet another step in handing over this vital sector to giant foreign oil companies. The decision is particularly objectionable as the government is still bent upon privatising the HPCL and BPCL. Alongwith the decision to allow foreign direct investment upto 74 per cent in India private banks, the government has once again displayed its eagerness to let foreign capital dominate in all key sectors.

The Vajpayee government should know that the people of this country are not prepared to see the undermining of national interests in such vital sectors.