Bakht against FDI in consumer goods
(Financial Express - 21/3/98)  

THE new industry minister Sikandar Bakht or Friday said 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 nation's interest lies here, "Bakht told reporters 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 andswadeshi, 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 on 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 specific liberalisation 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 hones tax payers. "Previous government did not answer these questions and this (disinvestment) was a punishment for hones tax payers,'' he added.