FDI is required not just to fill in the gaps in our own economy in order to reach high growth rates, but to bring in international best practices in a host of activities such as design, manufacturing and services. Just to give an example, it requires Hyundai and Ford to bring in FDI and along with it their products and services so that Indian companies like the Tatas can learn what a good car looks and feels like. If not for FDI the Indica would never have improved and Indians would have believed the Indica to be among the best cars on the planet. It is only when we see better products and services that we realise where we are. Blocking or even talking of reducing FDI would be the proverbial frog in the well which we very well were for 50 years till Narasimha Rao pulled us out of it!
RE:I totally disagree
by Apurv Agarwal on Apr 21, 2006 12:36 PM Permalink
I admire your recognition of Narasimha Rao's contribution and the words " pulled us out of it. " I remember him as the greatest prime-minister india has had after nehru. He did in 5 years what wasn't done in earlier 45 years. What I resent even more is the fact that Sonia Gandhi didn't attend his funeral personally.
