FDI ≠ economic reforms

“Big bang” reforms and “Manmohan gets his mojo back” are some of the reactions that have come in the wake of the Government of India announcing an increase in the price of diesel, limiting the subsidized cooking gas to six cylinders and inviting foreign direct investment (FDI) into multi-brand retail, civil aviation, power exchanges and in broadcast media. The conflation of FDI with economic reforms brings bad name to economic reforms and economic reformers.

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