Saturday, September 29, 2012


Add your Comment One cannot block FDI, one cannot let in everything and have a free-for-all Those who oppose Foreign Direct Investment of any sort, in a fundamentalist view, should postulate alternative policy approach. The alternative policy approach should not be like don't hike taxes, prices, don't press income-generating ways, but the government should underwrite everything. There was criticism about the statement of Prime Minister Dr Manmohan Singh that money does not grow on trees. Perhaps his averrment was not couched in unintelligible economic jargon, but it was a crass observation that should hammer the heads of common folks. Actually, the opposition should be on not utilising the humongous amounts of money that would accrue by way of liberalisation, FDI and the like for the larger benefit of the common people. What happens in India is that a major portion of windfall profits is gobbled up by vested interests. In developed countries, windfall profits provide a lot of money to the government. Here in India, celebrity chartered accountants prepare accounts in such a way that those who earn maximum windfall profits would have zero balance. Therefore, where should we put the control button? That is the crucial question.