CPI general secretary A B Bardhan said his party was not totally opposed to FDI and added FDI was welcome in greenfield areas but was certainly opposed to FDI in sensitive areas like telecom sector where security of the country was of paramount consideration.
Union Finance Minister P Chidambaram had said that broadly FDI would be allowed to the extent of 10 to 20 per cent. If that was so, then why not increase domestic savings in the country by learning from China's example whose domestic savings was as high as 50 per cent, Bardhan said at a seminar on 'Disinvestment and FDI' organised by 'Citizens for National Consensus' in Mumbai.
FDI came to Bhillai Steel Plant years ago from the Soviet Union and even now it would be welcome in greenfield areas where employment could be generated or assets could be fortified, he said.
CPI was not opposed to FDI where foreign technology was required in any sector but then the country did not lag behind in terms of technology and was far ahead of other nations, Bardhan said.
He said FDI was not welcome to take over industries in sensitive sectors related to the nation's security like telecom. Even in USA, FDI was not allowed in telecom, he said.
Similarly, CPI was also opposed to FDI in modernisation of airports because airports were entry points and security of the nation should be the most important consideration in this area, the CPI leader said.