INDIAN COMMUNISTS SAY “NO COMPROMISE” OVER 26% LIMIT

The Communist Party of India (Marxist), which supports the current 15-party United Progressive Alliance government, but does not take part in it, said at the weekend that it would “vehemently oppose” any proposal to increase the foreign direct investment (FDI) cap in the insurance sector above the current level of 26%. “What the prime minister has said in Hannover regarding the government's intentions to hike FDI in insurance to 49% is not agreeable to us and we will continue to oppose such moves”, CPI (M) general secretary Prakash Karat told a meet-the-press programme.