Jairam Ramesh accuses centre of "virtually eliminating" Foreign Domestic Investment

New Delhi [India], April 11 (ANI): Congress MP Jairam Ramesh on Friday accused the Narendra Modi government in the centre of "virtually eliminating" the Foreign Direct Investment (FDI), which, he said, reduced to less than 1.4 billion dollars from April 2024 to January 2025 as compared to total FDI recorded at 19 billion dollars from April 2012 to January 2013.
He alleged that the central government has also "destroyed" domestic investment (DI). Taking a dig at the Bharatiya Janata Party (BJP)-led government, Ramesh said they have replaced the FDI policy with another type of FDI, representing Fear, Deceit, and Intimidation.
"Along with destroying domestic investment (DI), the Modi government has also virtually eliminated FDI (Foreign Domestic Investment) through its policy of another type of FDI - Fear, Deceit, and Intimidation. Total foreign direct investment (FDI) into India in April-January 2012-13 was $19 billion. Total FDI into India declined to less than $1.4 billion in April-January 2024-25," Ramesh posted on X.
He said that while Asian countries, including China, Vietnam, and Bangladesh, received billions of dollars of investments during Joe Biden's tenure as the US president, India was left behind.
"This feat was achieved by the Modi government when President Trump had not even taken office in January 2025. During Biden's tenure, companies from around the world were keen to invest in Asian countries. China, Vietnam, Indonesia and Bangladesh received billions of dollars of investment, while India was left behind," Ramesh added.
In FY 2023-24, the US was India's third-largest source of FDI, contributing USD 4.99 billion--around 9 per cent of total equity inflows. Indian companies are also making major investments in the US, with a 2023 CII study noting 163 Indian firms have invested over USD 40 billion, creating 425,000 direct American jobs.
Earlier on March 23, the Congress leader pointed that Data Protection Act, 2023, states that, "In section 8 of the Right to Information Act, 2005, in sub-section (1), for clause (j), 2005, the following clause shall be substituted, namely, (j) information which relates to personal information".
Ramesh argued that "the implications of this on Section 8 (1) (j) of the RTI Act, 2005, are that almost everything in it gets deleted." He said that the provision in Section 8 (1) of RTI Act, 2005 gives citizens equal right to information as legislators who represent them is eliminated. (ANI)