SITARA has proposed an Indian CFIUS – an inter-agency Committee to monitor and review foreign investments which can harm National Security and undermine India’s long-term economic foundations. SITARA warmly welcomes high-tech, manufacturing, greenfield FDI but the quality of FDI inflows leaves much to be desired.
Many of India’s best companies are passing into the hands of foreigners, including our Flipkart and many steel and pharmaceutical companies.
The reason our National Income is lower than our GDP is because of the long-term outflows from a one-time capital infusion through FDI .
In contrast, the National Income of developed countries shows the opposite trend. If this is not even accompanied by capacity and employment creation, transfer of technology and skills, and imparting valuable management lessons, it impacts the long term economic prospects of our country. Economic and technological security must be considered integral to National Security, something we can learn from the Americans and the Chinese!
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