About 20 years back, in 1991 when Late Shri Narsimha Rao’s Govt. came in power, the Reserve Bank Governor was assigned the duty of finance ministry. The then RBI head entered politics, brought about “reforms”, introduced economic globalization and ignited revolution.
The economic globalization, opened the gates of foreign investment into our country and the global commercial activity paced up swiftly. Indian markets turned into market yard for foreign goods and the rotation of money began rapid.
But,
Till then, the foreign investment was limited to huge industries.. Of course, in due course, the Indian products suffered...
Now,
When that finance minister of N. Rao’s govt. has turned into “pacca” politician and become the head of the nation, he has gone a step further and added fuel to fire. The UPA Govt. in center, has announced the policy of FDI [foreign direct investment] in retail sector!!!
The propaganda by the pioneer of this policy, claims vehemently that FDI would enhance huge employment opportunity...
What about the small entrepreneurs who are in mammoth number of about 3 crores, would lose their business largely. Years back, the trading system of lending grocery and eatables to middle and lower class enabled them to carry on their standard of living without much hassle. The emergence of multi-nationals in retail would curb their ability to provide for their kith and kin in their low incomes. In addition, the load of shutting down of small businesses would on the contrary, create colossal chaos with increase in unemployment. The hardest hit would be the manufacturer class, consumer items producers and farmers, people engaged in cottage industries, when their handmade as well as small scale produces would be replaced by international goods. The farmer would lose his liberty to grow on basis of his need and capacity, rather he would be subjected to instructions from multi-nationals.
The enormous sum of exchange would slip away to foreign lands...
And,
Once again a new form of East India company would appear. In 1608, The East India Company, surfaced on the scenario and captured the Indian trade and economy and eventually ruled our nation for more than two centuries. The Indian economy was paralyzed and all its past glory was abolished.
We are once again on threshold of foreigners taking over our economy.. Tomorrow, this beginning might lead to foreigners taking over our administration..
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