The recent cabinet decision for the hike in the FDI needs to be put in perspective. Foreign Direct Investment (FDI) is usually unwelcome in the interests of the nation. It is true that one needs money to grow the physical infrastructure, yet FDI is a contentious issue. Part of the reason that I am wary about the increased role of foreign players in the crucial sectors is national security. More on that later. FDI is World Bank prescription for the supposed ills of the developing economies. I am reminded of the medical term Cretinism. In this due to deficiency of a particular hormone, children fail to develop in height and intellect. They were named as cretins in the old cl@$$ical medicine because they were so stunted in mental development that they were thought to be incapable of sinning. It is the same bunch of cretins that World Bank is staffed with.
As part of the US based hegemony, FDI is deemed important. It gives enough markets for the Multi Nationals to invest and the government of the host country to be a stooge for the super powers. If that sounds very harsh, that is my current opinion about the FDI or any kind of a role of a foreign national in India.
In the same vein, recent announcement of FDI hike to 74% is ill timed and uncalled for. I believe that it is a part of the concerted effort of the government to give a positive spin to the sensex before the budget is presented. Of course, the timing is a big suspect. Even if the top positions in the company are meant for Indians, with the increased money inflow I am at loss to believe as to how it would be possible for them to exert their independence. It is like giving the crucial telecom sector by proxy to the foreign powers.
More: More Mess in Indian Telecom
As part of the US based hegemony, FDI is deemed important. It gives enough markets for the Multi Nationals to invest and the government of the host country to be a stooge for the super powers. If that sounds very harsh, that is my current opinion about the FDI or any kind of a role of a foreign national in India.
In the same vein, recent announcement of FDI hike to 74% is ill timed and uncalled for. I believe that it is a part of the concerted effort of the government to give a positive spin to the sensex before the budget is presented. Of course, the timing is a big suspect. Even if the top positions in the company are meant for Indians, with the increased money inflow I am at loss to believe as to how it would be possible for them to exert their independence. It is like giving the crucial telecom sector by proxy to the foreign powers.
More: More Mess in Indian Telecom