Prime-minister of India has made his stance very clear on FDI on retail sector. No Roll Back. Financial Thoughts salute him; and frown upon other myopic politicians who cry for roll back.
Financial thoughts believe this is one of the boldest decisions in India after the introduction of IT in late 1980s. During those days, I was in higher secondary school and when I used to visit Canara Bank branch where my dad was the branch manager, I had to wade through the protestors sitting with placards saying "Down with Computers! It takes away our Jobs".
This type of protests was common in front of banks, telecommunication offices and several other government offices. Communists and BJP were among the protestors. Congress stood behind the changes as it was introduced by Rajiv Gandhi. There were a few incidents where the protestors even turned violent and smashed computers.
Now the history is repeating with FDI in retail sector. Let modern retail sector come to India. It will do wonders for Indian farmers. Now most of the perishables like vegetables get lost in transportation because of decay, etc. Hardly you can see a refrigerated truck in India.
Moreover, the middlemen and traders ensure that the farmers live in poverty and they don't get the reward of labour. About 70%-80% of the value creation is eaten away by the greedy middlemen. It is they who protest! just as the lazy workers in the 1980s!
Did India lose because IT and Computers came to India? Didn't a new middle class of IT professionals boomed in India, fuelling consumption, which augured well for Indian economy and stock markets? Did the computers added jobs or took it away! As you know, it added millions and millions of jobs - the jobs that took India's fame across the world. IBM, Microsoft, CISCO and a lot other multinationals opened shop in India. No one complained?!
Let us support at this juncture the bold decision of Dr. Manmohan Singh. It will create a sophisticated middle class in Indian rural sector, which will get their better reward for their produce and labour. It will improve India’s farm productivity- which is among the lowest in the world now. Let Walmart, Tesco and others open shop in India just as IBM and Microsoft did. That will propel India's growth to new levels. Of course, there could be some job losses - but like the IT and Computers, new jobs that will be created will be 10 times of what is lost.
Financial thoughts believe this is one of the boldest decisions in India after the introduction of IT in late 1980s. During those days, I was in higher secondary school and when I used to visit Canara Bank branch where my dad was the branch manager, I had to wade through the protestors sitting with placards saying "Down with Computers! It takes away our Jobs".
This type of protests was common in front of banks, telecommunication offices and several other government offices. Communists and BJP were among the protestors. Congress stood behind the changes as it was introduced by Rajiv Gandhi. There were a few incidents where the protestors even turned violent and smashed computers.
Now the history is repeating with FDI in retail sector. Let modern retail sector come to India. It will do wonders for Indian farmers. Now most of the perishables like vegetables get lost in transportation because of decay, etc. Hardly you can see a refrigerated truck in India.
Moreover, the middlemen and traders ensure that the farmers live in poverty and they don't get the reward of labour. About 70%-80% of the value creation is eaten away by the greedy middlemen. It is they who protest! just as the lazy workers in the 1980s!
Did India lose because IT and Computers came to India? Didn't a new middle class of IT professionals boomed in India, fuelling consumption, which augured well for Indian economy and stock markets? Did the computers added jobs or took it away! As you know, it added millions and millions of jobs - the jobs that took India's fame across the world. IBM, Microsoft, CISCO and a lot other multinationals opened shop in India. No one complained?!
Let us support at this juncture the bold decision of Dr. Manmohan Singh. It will create a sophisticated middle class in Indian rural sector, which will get their better reward for their produce and labour. It will improve India’s farm productivity- which is among the lowest in the world now. Let Walmart, Tesco and others open shop in India just as IBM and Microsoft did. That will propel India's growth to new levels. Of course, there could be some job losses - but like the IT and Computers, new jobs that will be created will be 10 times of what is lost.
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