The CPI(M) Politburo on Thursday said that the new FDI policy to allow 100 percent foreign direct investment in coal mining would hit public sector undertaking Coal India Ltd. Terming the Centre’s move as reckless, the Left party said the new policy would enable foreign companies to plunder the mineral resources of the country.
“The Polit Bureau of the CPI(M) strongly opposes the decision of the Union Cabinet to allow 100 per cent FDI in coal mining for all commercial purposes along with 100 per cent FDI in contract manufacturing. This reckless measure will enable foreign companies to plunder the mineral resources of our country.
“This decision will also have a harmful effect on Coal India Ltd. which is the premier national coal miner. The Modi government is bent upon weakening the public sector coal company. It had already opened coal mining to Indian private entities during its last tenure. The BJP government is surrendering national control over the mineral resources which is highly detrimental to the country’s interests,” said Polit Bureau in a statement.
CITU general secretary Tapan Sen also termed the move as utterly retrograde and said it will hinder meeting of increasing domestic requirement of coal both for household consumption and industrial requirement particularly in power, steel, fertilizers and other sectors.
