Rahul Gandhi : Indian Firms Weakened due to COVID 19 and target of foreign take overs

Rahul Gandhi's senior congress leader stated about the People's Bank of China (PBOC) purchased 1.01 per cent stake in the mortgage lending major Housing Development Finance Corporation

by Kavitha

Updated: Apr 13, 2020 09:44 IST

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Rahul Gandhi - Tweet

Senior Congress leader Rahul Gandhi on Sunday uttered that the economic slowdown because of the coronavirus pandemic has made Indian companies susceptible to takeovers, and demand the corporates must be protected from foreign interests.

Economic Slowdown

The economic slowdown weakened many Indian corporates making them attractive targets for takeovers. Union Government must not allow foreign interests to take control of any Indian corporate at this time of national crisis.

Official Tweet:


People's Bank of China (PBOC) purchased a 1.01 percent stake in the mortgage lending major Housing Development Finance Corporation (HDFC). The central bank of China acquired nearly 1.75 crore shares in HDFC during the quarter ended in March. Most of the businesses and financial activities in India came to a wide lockdown to check the spread of the virus.

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World Bank - India

World Bank has predicted that India will see the growth of just 1.5-2.8 percent in its current financial year. But it is down from an expected 4.8-5.0 percent for the year just ended. International Monetary Fund, one of the world's biggest financial institutions and warned of a global recession, and the pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery. Prime Minister Narendra Modi on Saturday stressed the need to protect both lives and the economy at the end of a video meeting with chief ministers. 

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