Indian economy is bound to bounce back on the economic growth trajectory in coming years as the government is taking strong and noteworthy measures to reform the norms and parameters for foreign direct investment and foreign institutional investment.
The government has adopted more liberal measures to smoothen the road blocks for foreign companies to operate in India. India is going to become an international hub for investment and development.
India should adopt dual policy of liberalization and indigenisation so that we can keep a balance in the long term goal and short terms benefits.
Unless and until Indian companies are in a position to compete with the multi-national companies, we can't expect long term and sustained pace of economic development.
China opened its economy only when it was in a position to compete with the incoming companies. We are still dependent on many other nation in many sectors and the aim of the FDI and FII should be to strengthen the sectors like aviation, natural resource exploration etc. and in mean time our indigenous industries should come forward with innovative and competitive products. Technology transfer and indigenisation of technology should be high on agenda of the government so that in coming years we can prove our mettle as we have done in the sectors like information nanotechnology, space research, development of nuclear capabilities and using them for constructive and developmental purposes.
We must strive to achieve excellence in the economic sector as well as it is the backbone of any country of the world.
There must be proper balance between the short terms gains from the FDI and FII and long term goal of making India an economic super power in the world.
Shashikant Nishant Sharma