Sharma, a former Commerce Minister, charged the government with easing “pre-conditions” imposed by the UPA dispensation that were necessary to protect the interests of the country and its people.
“Opening up of sectors has always been calibrated and is a ‘work in progress’. I fail to understand why the government is trying to give an impression as if these are big ticket reforms,” he said.“While national interests have been ignored in easing FDI norms in defence…One cannot call this a progressive move. On one hand, there is this shrill noise about ‘Make in India’ and on the other, you do away with the local sourcing condition.
This means the government speaks in double-voices. Its decisions do not reflect the sincerity of its intent.
“This government has surrendered. It is clearly the pressure of US pharma lobby which has been pushing for removal of these pre-conditions… It is not right to remove the checks imposed especially in defence and brown-field pharma projects,” he told reporters.
Sharma said India has one of the most liberal FDI regimes and that’s why even after the global economic crisis, India remained one of the top two attractive destinations for foreign investments.
On defence FDI, the Congress leader said that access to state-of-the-art technology has been dispensed with by taking today’s decision. “It’s strange,” he said.