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Left parties welcome foreign investment
By siliconindia
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Saturday, 15 May 2004, 19:30 IST
NEW DELHI: India's leftist parties, which will play a key role supporting the new Government, on Saturday said they welcomed foreign investment and acknowledged no country could remain quarantined from the global economy.
"Foreign investment is welcome, provided that they satisfy three conditions," CPI (M) Polit Bureau member Sitaram Yechury told reporters during a meeting of leftist parties to decide if they would formally join the new Congress party-led Government or support it from outside.
"They must augment the existing productive capacities of the country, they must upgrade technology and foreign investment must lead to employment generation".
"In a globalised world no country can remain insulated from foreign capital flow."
Indian financial markets crashed to their lowest in months on Friday on investor fears that the Communists would block economic reforms, especially key privatisations.
Congress party swept the BJP-led coalition from power in a shock election win on Thursday. But her coalition does not have a majority and will rely on the leftist bloc, which has more than 60 of the new Parliament's 542 seats.