CPM flays government for encouraging FDI in capital

Vijayawada: The State government has been encouraging foreign direct investments in Amaravati and as a result the common man may be deprived of access to the capital, alleged CPM Capital Region convener Ch Babu Rao. He said that the State government should release a white paper on the transactions in capital.

Speaking to media persons here on Friday, the CPM leader said that as per the report submitted by PWC Private Limited on behalf of CRDA on investment opportunities in Amaravati, the State government is planning to net Rs 2,979 crore through 63 foreign projects by 2020. He feared about the domination of foreign companies in the capital.

The CPM leader said that the State government has been dodging the issue of allotment of plots to farmers, who offered lands to capital under land pooling, on one pretext or other, and on the other hand the government is eager to hand over hundreds of acres of land to foreign companies.

He expressed surprise over the State government's decision to hand over the responsibilities of water supply, drainage and power supply to foreign companies. As per the details provided in the report of investment opportunities in Amaravati, the State government has provided a facility of 20 per cent profit to attract FDI.

The FDI in outer ring road stands at 80 per cent with 20 per cent profit. The metro project would be allowed hundred per cent FDI. In addition, development of Krishna river front, flood water management, waste water treatment, housing for government employees, industrial parks including 10 other sectors, would be ready to attract FDI.

The CPM leader said the total privatisation may pose a threat to the people’s capital which may turn into a corporate capital. The CPM leader demanded an all-party meeting on the development of Amaravati and white paper on the transactions in capital.