It was always a cause of concern for Indian Economy, whether we go for FDI (Foreign Direct Investment) or not and in case we opt it, in how much percentage. The issue was in demand of a large scale debate in the country. Instead of inviting a debate on the issue. The Government went on advocating for it with all their available resources. Unfortunately our rulers came forward on the issue with a prejudice mind. That is why they never opened a discussion on it, in the country. This is because for unknown reasons, they were always soft on FDI.
Several times the issue of FDI came before the country. Some country men were not in favor of it. But their thought were never given a patient and justified hearing. Most of the people must not have forgotten, that when Government was in the process of inviting FDI in some sectors like Single Brand Retail & Multi Brand Retail. Economic recession was in the worst of it,in US and Europe And our Government was receiving threats from the various international institutions and countries, for not taking adequate measures for adoption of open economy. So that large business houses can start their free business in India. And wipe out most of the middle and small size entrepreneurs of the country. They call it, "economic reforms" in their
language . This was the period when economist of the country were worried, and asking the
Government to take measures, so that we can survive from the effects of economic recession, western world was facing. This was not a vague thought. After taking several steps in the name of economic reforms, effect of economic recession in the western world was unavoidable for the country. It seems that the Government was having second thought in their mind. That is why they went on telling the people of the country that under the rule of Great Economist, we achieved high levels of economy. Our economy is stable and able to sustain effects of western recession easily. They did nothing.
Their in activeness proved very very costly to the country. Slowly slowly our currency started loosing in comparison with the Dollar in the international market. In spite of fall in the price of Rupee, we have not gone for any measures, to curb it. Instead Government went on telling the people that the problem is because we Indian go for excessive purchasing of the gold. Don't know their intention behind this mis advertisement.
Is not Government contradicting its own remark's. At one side they are telling people that recession in the rupee is out of purchase of excessive Gold from the international market. On the other side they are telling people that Three Fourth population of the country, is not able to feed themselves, need support of the Government to fill their belly. And that for the purpose it is essential for the Government to bring Food Safety Bill, to feed these people. This is the strong argument of the Government that the bill can not wait and this is their compulsion to bring it foin the form of an Ordinance. Even wait for a month is undesirable, to discuss it in the Parliament, as per demand of all political parties. Who would agree, that the population able to disturb balance of payment by making purchases in the Gold, need Government assistance to feed themselves immediately.
The Government was in favor of FDI in all the sectors, they were under pressure from the international institutions. That is why they have not cared for the fall of Rupee, kept on sitting silently. Waiting for the worst to come. When worst is there, instead of fighting it back, they surrendered by inviting huge amount of FDI in almost all the sectors. Effect of FDI on the country is discussed time and again, need not to be repeated. Only time to come will tell. But one
thing is certain, so many promises given by the Government for improvement of the economy, proved wrong. This heavy increase in FDI is also going to prove suicidal for the country, in time to come. But it is our destiny.
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