DO WE REQUIRE TO WOO THE FOREIGN INVESTORS ?
To this question the answer is an empahatic 'NO'.Every state sends delegation
to various state capitals in the world to woo the investors to come to their state
for investment.Some organise Global Investors Meet to attract investment.Even
the central government formulates various schemes to attract FDI. The moot
question is "Is this necessary?".Let us think of the global economic scenario.
Europe is reeling under recession barring few countries.US is just recovering
from financial recession.Russia is till finding it bearings in the economic scene.
China is in an advantageous position as the balance of trade between India &
China is to their advantage. Let us analyse India's Advantages:
1.We are a big market.
2.Growing middle class,
3.Purchasing power is increasing amongst Indians continuously.
4.Sizeable young population who will be the consumers.
5.Our strong IT Services sector & manufacturing sector.
6.Abundant english speaking talent.
7.Good return on investments.
8. Robust stock market.
Hence, what we have to do is only to leverage our strengths by taking
advantage of our above mentioned strengths instead of wooing &cooing
the foreign investors. The investors globally will also find India an interesting
place to invest along with few developing countries,Only thing the government
should do is to tone up our bureacracy,make the laws simple,enable speedy
legal process,take concrete measures to minimise corruption at all levels and
last but not the least the committed political will.