>Marx invoked to break Left’s FDI barrier
>
>SAMBIT SAHA
>Calcutta, July 30: Nothing sells more in Bengal than
>Karl Marx. And Marx it was that Union finance minister
>P. Chidambaram used to push for foreign investment in
>sectors where he faces opposition from Left parties.
CPM is not against FDI. CPM ruled Bengal gets more FDI than some states ruled by Right wing BJP. One should not be misled by the Leftwing rhetoric. The Left Nationalist paradigm is dead.
>The minister’s statements came in the backdrop of Left
>parties’ opposition to opening up FDI floodgates in
>the banking, insurance and pension sectors.
There aren't any plans to open _flood gates_ to FDI in banking, insurance and pension sectors. Foreign banks control only 6 to 7% of deposits and advances in the banking industry. 75% of the banking industry and 90% of insurance industry is state owned.
Ulhas