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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.

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