NEW DELHI, March 20: Industry Minister Sikandar Bakht on Friday said the government would discourage foreign direct investment (FDI) in the consumer goods sector as the industry needed protection in this area. "In consumer goods sector, industry needs protection. The nation's interest lies here," Bakht said immediately after assuming office but assured that multinationals already operating in the country would not be disturbed.Answering a volley of questions relating to FDI and swadeshi, the BJP leader said, "All the decisions of the previous government can't be reversed. BJP was never against liberalisation. We will take up things as they come."
The new government's objective was not "ultimate swadeshi or ultimate liberalisation" he said while emphasising a cautious mix of the two in the larger national interests.
Stating that he would aim at an "internal liberalisation'' to completely do away with licence, permits and inspector raj, Bakht said now the sector specificliberalisation would have to be determined.
Criticising the previous government on the disinvestment of public sector units, he said the government would now review what disinvestment brought to the country and whether it discriminated against honest tax payers.
"The previous government did not answer these questions and this (disinvestment) was a punishment for honest tax payers," he added. Bakht said his government would not spare any effort to protect the domestic industry and that it would follow a mix of swadeshi and liberalisation. The minister declined to make any comment on Maruti Udyog Ltd and Disinvestment Commission. Earlier, the secretaries to the departments under the ministry called on the minister.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
