R.K. SINHA
Recently, newspapers carried a small news telling that in the year 2016, Foreign Investment n India stood at record 62.3 billion US doallars. Most of newspapers played it down; may be at the behest of their owners or at the call of some politicians.
No other country including China and the United States of America received FDI that India got in one last year. But no news channel cared to discuss the development that puts India at the top destination for foreign investment.
On the contrary, there is unwarranted debate on news channels on “intolerance” as if nothing else is happening in the country, the government is doing nothing. Let people say whatever they want but the fact can’t be brushed aside or ignored that India is attacting investment from foreign investors and other countries both individual and institutional investment.
Prime Minister Narendra Modi never forgets to invite foreign investors whenever he visits countries like Aamerica, Japan, South Korea, Germany, Singapore etc. The result is positive as it is evident in growing interest of foreign investors to invest in India.
Surprisingly there is no discussion or talk of this major development on the economic front of the country. There is paradigm shig in India’s foreign policy in the Modi Government. Beside improving bilateral ties on political and cultural front, India is giving importance on improving on economic ties. There is focus on trade and commerce to give a boost to Indian economy.
Investments Prospects
Prime Minister has already toured Japan and Saouth Korea. Japan has promised to invest some 35 billion US dollars in India in next five years while South Korea has investment plan of 10 US dollars in five years. Investment from China is pegged at 20 billion US dollars in five years. These investments are pouring in because the government has assured investors that they would benefit and earn by investing in India. The government would take care and encourage investors in facilitating their enterprise in the country beside safeguarding their business interest in India.
In the recent past the CEO of Facebook Mark Zuckerberg, CEO of Microsoft Satya Nadela and CEO of Amazon.com Jeff Bezos were in India. They are all game changes of economy. Their visit to India was a welcome sign for our economic policy. Now it should be our responsibility to see to it not only these giant establishments but other big companies too should come to India and invest in our country because other countries of the world too are eager to invite these giant companies of the world to their countries for investments. We should not let this opportunity slip out of hand.
Make in India
Take it that ‘Make in India’ is going to change the face of the country’s economy. It is going to generate employment for millions in the country. If our efforts to go into the defense sector under Make in India programme becomes a success india will enter into a new era of economy. Big industrial houses like Tatas, Mahindras and Larsen & Tubro have shown keen interests in going to defense production in the country.
At present India is a big customer to purchase and procure defense equipment including arms, ammunition, tanks, guns, missiles, fighther and transport aircrafts, submarines etc. We spend billions and billions of dollars in keeping inventories of our defense intact in view of hostilities of some neighboring counties particularly Pakistan.
Once we start producing our defense requirement at home, not only our dependence on foreign countries will reduce but we will be able to save foreign reserve for use in other sectors. If our plan succeeds we will become self sufficient one day but in distant future India may become an exporter of arms and ammunition to other countries.
It is high time that detractors of the Modi government desist from raking up trivial issues to the point of alarm for such internal propaganda of India becoming an intolerant nation might discourage foreign investments. Till now, such motivated propaganda has failed to impact Foreign Direct Investment in the country which is rising by the day.
The Modi government has taken a series of decisions to ensure that foreign investors would not face any difficulty. The case of Vodafone dispute is one such example. It was the UPA government of Manmohan Singh that had imposed penalty running into millions of dollars in the past which has been nullified. The Supreme Court in 2012 had given a verdict in favour of Vodafone but the UPA government changed rules kept the company on hooks. This era is over. The NDA government is all for inviting investors whose interests would be protected. It is a new era now. Previous Government had made breach of trust with foreign investors. This government has made a bridge of trust with foreign investors.
(The writer is a Member of Rajya Sabha)