Opening of FDI in key sectors
like pharma, defense and civil aviation will give big boost to the economy by fulfilling
capital requirements of the industry and help in job creation through
manufacturing in these sectors.
In defense it will help in promotion
of exports and self reliance in defense procurement.
In Pharmaceuticals industry which
is already catering to African continent and many other third world countries
and has also setup its base in US and European nations, it will help in
building the multinational character for the industry.
In civil aviation the government
has recently announced new civil aviation policy. The policy identifies around
350 places for setting up civilian airports, providing air connectivity. With
the opening of FDI in civil aviation, several brownfield airports will start
operations, increasing air connectivity network throughout the country. We already
have good connectivity through roads, railways and water ways, this additional
air connectivity will catelize large scale economic activity throughout the
country.
Our farmers in the rural area
need alternative employment opportunity and enhancement of their income. Further
capital and technology is animal husbandry will help in enhancing income of the
rural economy.
There are some reservation with
regard to FDI in single and multi brands retail sector but these apprehension be
well taken care off.
We already have strong FDI flows
of more than $ 55 billion in 2015-16, up from $ 36 billion in 2013-14. By simplification
and opening up of the FDI in these sectors, government is set to boost FDI
flows further. At present we have large quantity of FIIs inflows which is hot
money, with the increasing proportion of FDI’s inflows, the quality of money
invested in India will improve.
For India to open up for economic
development a proper ecosystem has already been put in place by the government.
We now have a strong foundation of robust economic parameters like low inflation,
stable currency, large foreign exchange reserves and transparent, corruption free
and responsive governance.
It is not without reason that India
is now the fastest growing economy of the world and is attracting the highest FDI.
All because of the focused and committed approach of the Modi government for
all round economy of the country. Over the last two years we have seen that
there is a new initiative by the Prime Minister at regular intervals.
Gopal Krishna Agarwal
National Spokesperson BJP
gopalagarwal@hotmail.com
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