ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Red Carpet Redundant

REPORTS of the discussions that the visiting delegation of representatives of multinational corporations have had with the Prime Minister and other Union Ministers and senior government officials are being anxiously scanned for signs of any fresh assurances and concessions to foreign capital. The leader of the delegation, Orville Freeman, has asked for an explicit statement from the government of India that it welcomes foreign investment in this country. While there may still be some residual political reluctance to issue such a statement; what is far more material in this context is that the actual course of the Indian economy and the government's overall economic policies in the last decade have created conditions which are highly favourable to the entry foreign capital and technology, and in fact make such entry on a growing scale inevitable. A formal statement by the government rolling out the red carpet to foreign investors will only put a political gloss on this basic economic situation.

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