In Bengal, Siraj-ul-daulah lost the battle of Plassey.
Quoting Reverend Tagore, I can say, ‘They came as traders and became bings: Does America and Europe
want to duplicate.’
A very warm and cheerful morning to everybody present here.
Baptised as Raveena Lamba, I represent Meenakshi Public School. Reverend
Judges, Respected teachers and all my fellow mates, I am against this
perception that FDI is a catalyst to economic autonomy.
As investors search the globe for the highest returns, they
are often draen to places endowned with bountiful natural resources but are
handicapped by weak, ineffective environmental and government laws and India
led by Manmohan Singh in corset of Sonia Gandhi provided a very bright option
to Foreign Direct Investors.
FDI in mutual funds business, in insurance and in banks have
been in existence for a long time and FDI in retail is being sold as a magic
wand that will solve all of India’s problems.
I believe that FDI is a new form of colonialism in this
world of globalization and the age of IT. I agree with it that many countries
in recent years have signaled that FDI in their respective territory but to me
it is not only the direction in which the world economy is moving.
FDI emphasis that by the means of foreign capital the
backward economies can be estimated for further growth, but the supporters of
the FDI must acknowledge that no foreign investment can be done keeping in mind
the interest of the particular nation which is investing in any country.
We should not forget that unless the local capital is given
a space in the country and people are taken into confidence, all foreign
investment will be useless. We should even not forget that when East India Company
came to India the mughal rulers could not realize their dangers which later on
become very clear. So do we want to follow the neo colonialism for our economic
growth?
I would say No and Never!!
Our friends Indian economy has swing from being a daring of
the world to a damned nation.
FDI in the mutual funds business did not being in any
ethics. They enjoyed the support of their home government because they resorted
to illegal and unfair practices. The success of FDI in insurance is a question
mark. In LIC world, you deal with boring product and slow service and in FDI
ruled insurance, you are dealing with better services but questionable
practices and products. FDI in banks have not done well though they are selling
products.
When FDI retail hit Thailand, 60,000 small shops closed.
Next Barack Obama is a supporter of small retailers in his own country but
lobbying for Walmart in India and that is a paradox.
Despite the country wide speculation on the plight of
various stakeholders, trading associations, politicians have given various
arguments against FDI in retailing based on perception.
Current Independence stores will be compelled to close.
Big players can knock-out competition.
Entry of global gaints will force the Indian Tradition
Kiryana stores to shut down their business.
The constitution emphasizes on providing equal opportunity
to all, the foreign universities would be hardly affordable to the
underprivileged sections.
Those who can oil the system through FDI can it cure the
problem of price rise of onion and tomato? Or would a home - grown Amul the
architects of the milky white revolution, solve the problem?
When the price of onions or wheat surges, the farmers go to
another crop. Can FDI change this cyclic nature of production? Would a retail
firm with a nice ambience solve this problem?
FDI in retail and the foreign owned mutual fund houses
partnered and made the system worse.
Thus foreign ownership is no guarantee of better and
transparent system. Self reliance is the key word, given to us by Gandhiji.
Thus I would strongly oppose FDI and foreign is fair is the
unsaid claim. World has no money to invest in India, a damned economy which
missed the bus thanks to a spineless government.
www.meenakshipublicschool.com
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