Here is a brief piece which I wrote in 2012 when the debate on FDI in retail was headline. The Prime Minister Manmohan Singh said the below para in his lecture at Raman Research Institute, Bangalore. At that time he was not holding any official post in the government.
- “...those who wish to persist with the old policy framework of India must realise the tremendous social and economic cost they are asking the people of India to pay for their preferences…To argue for greater openness is not to argue that globalisation processes, involving liberalization of trade and capital flows, do not pose risks. Competition can certainly hurt those who are not prepared for it. But a country like India, with its vast human and material resources, and with the ambition of becoming a major global economic player, cannot take such a defeatist view. We ought not to underestimate the capabilities of an India that can produce computer programmers for the Silicon Valley. We must have a coherent strategy to come to term with globalisation, a process we cannot stop even if we do not like it”.
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