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Opinion | Beware! If Foreign Companies Dominate Every Indian Sector, Self-Reliance Can Go For A Toss

China offers an exceptional model to demonstrate how FDI can be attracted and retained. India can learn from them, writes Santosh Pai of Institute of Chinese Studies

Opinion | Beware! If Foreign Companies Dominate Every Indian Sector, Self-Reliance Can Go For A Toss
Opinion | Beware! If Foreign Companies Dominate Every Indian Sector, Self-Reliance Can Go For A Toss
outlookindia.com
2020-06-06T07:54:39+05:30

Yes, this is a call for ‘Make in India 2.0’. The recent announcements reflect a more granular understanding of specific issues like land availability and flexibility of labour. However, availability of skilled labour, efficient tax incentives and reliable electri­city supply are few more issues that need to be addressed.

We need to understand what self-reliance means. Do we want Indian companies to make capital investments and start manufacturing activity? Or do we want to attract foreign capital without protection for dom­estic firms? The former requires far reaching reforms to incentivise domestic firms. The latter can be achieved with PMP-like programmes, but in the long term domestic industry may be decimated. That will not be true realisation of self-reliance because every sector will be dominated by foreign companies.

Maybe a combination is the best compromise where Indian companies can gradually move up in the value chain, while foreign investors continue to bring in capital and technology that is not capable of being...

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