multinational लेबलों वाले संदेश दिखाए जा रहे हैं. सभी संदेश दिखाएं
multinational लेबलों वाले संदेश दिखाए जा रहे हैं. सभी संदेश दिखाएं

Easier divestment norms may soon greet MNCs

In a move that could ease entry of foreign companies into India, the government may review the policy of imposing a disinvestment clause on foreign companies in key sectors such as petroleum, food processing and chemicals. The finance ministry is taking up the matter and will invite comments from various ministries before changing the policy.
The food processing ministry will comments on the recent issue of mandatory disinvestment in bottling operations for Pepsi. British Gas faced a similar problem but was later exempted from divestment from FIPB.
Pepsi had urged the Foreign Investment Promotion Board (DIPP) to waive off the mandatory divestment condition in the company’s bottling plants in India. The company has to shed 49% equity this year in Kools Drinks Beverages, a company it acquired in 2002. The company has bottling operations in Punjab, parts of Haryana as well as Himachal Pradesh. Pepsi had given an assurance to the government in 1997 that it would divest 49% in its bottling operations in 10 years. In 2002 the FIPB forced coca cola to divest 49% in its bottling operations despite repeated requests from the multinational. Coke referred to huge losses as the reason for not going in for an initial public offering (IPO) and finally opted for a private placement. Subsequently, the Atlanta-based Company bought back the shares from domestic investors.
Last month, the Foreign Investment Promotion board (FIPB) rejected a plea from Pharma major Colorcon to waive the mandatory dilution of its shareholding to 74% in its Indian venture. FIPB took a strong stand on Colorcon since the company was supposed to carry out the equity dilution by 2004. Though three years have gone by, no equity dilution has been carried out. Since the deadline has been missed, the board has decided to ask RBI to take action against the Pharma Company. Colorcon did not seek more time to comply with the condition.
Last year, in the case of British Gas, the FIPB had provided exemption from the mandatory divestment clause. The company was given the nod for holding a 50% equity in Mahanagar Gas (MGL) in December 2006.
The company had requested FIPB to grant a year’s extension for continuing with its existing equity stake of 50% in MGL. Even though the Petroleum Ministry did not support the extension of one year for continuing the foreign equity holding, the FIPB had approved the extension.
{The Economic Times, 1 August 2007}

Corporate invasion is in full swing, only people's power can overthrow it

The nation is under attack from multinational corporations. They are occupying space every where displacing the people and the state. Our life, livelihood and freedom are at stake. Governments are lying prostrate at the feet of corporate colonialism Wherever the masses are up in arms against it, the entire state machinary comes down heavily on them with a view to crush their voice and upsurge. Foreign companies and forces are operating here with no police or military force of their own. Instead, governments are working as their loyal security guards. Corporate invasion is manifold, from all sides and on all fronts.
During 15-16 years of corporate-led global economic regime, specially under the dictates of World Bank, IMF and WTO, the multinational corporations took over country's industrial, service and finance sectors and are now engaged with full vigour to do the same with agriculture and retail also, the two most vital and largest job-providing sectors in Indian economy. The agriculture is under severe attack on four fronts. First, multicrop fertile farmland is being acquired on a large scale for setting up mega industrial projects and Special Economic Zones (SEZs) for the benefit of corporate giants. Second, free export-import of foodgrains and other farm produce is destroying the fabric of our rural and agrarian econmy and life. Government policies are designed so as to subsidise agri-business corporations at the cost of the lives of our farmers, who are thus forced to committ suicide. Third, agriculture has become unremunerative and loss-making as supply of inputs like seeds, fertilisers, pesticides, etc. are in the hands of big corporations, government subsidies are negetive, and minimum support prices of agricultural commodities are much below the total costs incurred therein. Fourth, in the name of launching second green revolution, India and US joint agreement—Indo-US Knowledge Initiative in Agricultural Research, Education and Training will completely hand-over entire farming to multinational corporations displacing millions and millions of farmers, and farm-related workers.
Retail is next to agriculture. Wal-Marti sation of Indian retail business is on the anvil. Retail provides bread to 40 million households and now their very survival is threatened due to the entry of domestic and foreign big corporate houses in this sector. Government is making conducive environment for them.
The state has succumbed to them but the people have not. It is really a healthy sign that people everywhere are opposing on their own the establishment of corporate enclaves. They are spontaneously getting united and are providing leadership to protest movements. More or less, they have identified their first immediate enemy-multinational corporation Multinationals should be forced to realise that it is now not safe to continue their operations here. This is possible if these grass-roots protest movements consolidete and converge into a nationwide mass movement against corporate colonialism. They have the tested and tried weapons-weapons of non-cooperation and civil disobedience. Farmers, small retailers and youths should come forward and take the lead in this new freedom movement.

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