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Firms weakened by COVID-19 targets of foreign takeovers: Rahul Gandhi

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New Delhi, Apr 12: Congress leader Rahul Gandhi on said that the government must not allow foreign interests to take control of any Indian corporate at this time of national crisis.

Rahul Gandhi

"The massive economic slowdown has weakened many Indian corporates making them attractive targets for takeovers. The Govt must not allow foreign interests to take control of any Indian corporate at this time of national crisis," he tweeted.

Rahul's statement comes on a day when the People's Bank of China (PBOC) purchased 1.01 per cent stake in the mortgage lending major Housing Development Finance Corporation (HDFC).

The central bank of China has acquired nearly 1.75 crore shares in HDFC during the quarter ended in March.

The World Bank has predicted that India will see the growth of just 1.5-2.8 per cent in its current financial year -- down from an expected 4.8-5.0 per cent for the year just ended.

The International Monetary Fund, one of the world's biggest financial institutions, also warned of a global recession and said the pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery.

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