Modi government deserves appreciation for opening up wide to FDI

    The recent decision of Modi government on foreign direct investment (FDI) should be seen as a positive step in the right direction. The process of liberalization set in motion by the Congress government in 1991 paved the way for financial and economic reforms. It is nearly 23 years that the much touted process of liberalization was initiated, to the chagrin of the socialists who saw in reforms doom for the common man.

    However, much though there is a wide difference in the perceptions of pro and anti liberalization elements in the country, the fact remains that India, after the liberalization process was set in, did make significant progress and achievements in various fields. India managed to come out of its primitive image and move forward in the fields of science, technology, particularly, information technology. Financial liberalization threw open resources for businesses. Infrastructure came to be created. Investment coming from various sources speeded the growth rate. But all was not well, mainly because of half hearted measures.

    It is heartening to find that Prime Minister Modi has taken a bold decision to replicate Gujarat model to invite investment. It is well known that India does not have the financial resources to create the much needed infrastructure. Nor does the country have enough resources to modernize the defense system which the country needs so badly, given the hostility of some neighbors. Countries all over the world obtain the resources they require for their development from every part f the world.

    America, the “number one nation” of the world got Indian techies to help in their growth. They got Indian doctors and nurses. They got work force from every part of the world. Whether it is human resource or material resource, it does not matter. It does not require super intelligence to understand that an investment will mean work which will mean employment, which in turn, will mean, means of living and, in course of time, better living. India needs to open up still more to let the world come and invest.

    We still have the dubious reputation of being a corrupt nation where nothing works without bribery. Modi government needs to do some hard thinking about it. Foreign investors may feel dissuaded if they come across difficult situations in entering in to a business or being harassed later. All in all, Modi government should be congratulated for raising foreign direct investment in defense from 26% to 49″ and allowing 100% FDI in the railways, where a lot of investment is required to modernize a depleted system. The bullet train as of now seems a far cry.

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