Janata Party president Subramanian Swamy today slammed the UPA government for lifting cap on FDI in several sectors, including telecom and defence, saying the decision was against national interest.
Attacking the government for raising the FDI cap in telecom, courier services and some other "essential services" sector, Swamy said the decision reflected "complete bankruptcy" in thinking of the UPA government.
"Given the high interest rate in India, Indian companies and traders would not be in a position to fairly compete with foreign companies and would perish," he said in a statement.
In big-ticket reforms push, the government had yesterday decided to hike foreign direct investment (FDI) in a dozen sectors, including 100 per cent in telecom and higher caps in insurance and defence sectors, to boost the sagging economy.
