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Updated: July 21, 2013 09:33 IST

Karunanidhi opposes move to increase cap on FDI

Special Correspondent
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A file picture of DMK President M. Karunanidhi
A file picture of DMK President M. Karunanidhi

Dravida Munnetra Kazhagam (DMK) president M. Karunanidhi on Saturday opposed the Centre’s decision to increase the cap on Foreign Direct Investment (FDI) in telecom sector and defence, warning that the hike would undermine the security of the country and pave the way for foreign companies controlling the arms production in India.

“As the country is heading for the general election next year, the decision of the government will have severe consequences. The DMK strongly opposes the decision,” Mr Karunanidhi said in a statement. He also questioned the need for allowing 100 per cent FDI in the telecom sector when countries like the US, France and Canada had 35 per cent cap.

“We cannot ignore the opinion that the domination of foreign companies in the telecom would not augur well for the country’s security.” he said.

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