The article `FDI may be harmful to economic growth' (
Business Line, February 9) made for interesting and informative reading.
While the author has highlighted the ills of FDI, especially what it brings to India's entrepreneurship and working class, he has ignored the positive outcomes that result from FDI.
An unbiased analyst will also highlight the benefits FDI brings in, such as increased consumer satisfaction by enhanced quality, more energy-efficient processes for producing goods, making Indian goods internationally competitive, creating Indian multinationals and, last but not the least, generating exclusive India Inc FDI, which will make the country truly developed.
While I agree with the author on the negative impact generated by rogue MNCs, we cannot overlook the contributions made by well-run MNCs.
The FIIs have provided reasonable support to this climb by the Sensex. Of course, I do agree there is felt need for a central approach.
Instead of spreading out the red carpet for each and every FDI, or driving away genuine FDIs, we need to be selective in our approach.
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