Daleel with SP Singh, on FDI in Aviation, Pharma, Retail Food; impact on economy

On the panel - 1. Devinder Sharma, Development policies' analyst 2. Sanjay Tandon, State BJP President (Chandigarh), Member of Board of Director of GAIL, a qualified Chartered Accountant 3. Hamir Singh, senior journalist, activist 4. Dr Balwinder Singh Tiwana, Economist, Punjabi University, Patiala With the big-bang opening of FDI floodgates, close on the heels of RBI governor Raghuram Rajan's exit announcement, the Modi government has hijacked headlines, but what in substance does it mean for the Indian economy? The FDI through automatic approval route, 74%-100%, in several sectors, including defence, aviation, brownfield airports, food retailing, broadcast carriage, pharmaceuticals and private security agencies comes at a time of contested claims about growth rates, and poses a question if it can be a panacea for the many ills afflicting the economy. Panelists underline in the debate that India was the largest FDI destination in the world last year, attracting $55 billion worth of FDI, but also remind that the country's impressive GDP growth rate years have seen some of the most jobless growth. It seems when faced with prospect of loss of external confidence in India’s growth story, govts tend to become reformist -- whether it was in 1991, or during Vajpayee’s govt after dotcom bust, or after US sanctions post-Pokharan 2, or now, after Bihar loss or Rajan's exit (Rexit?) Foreign investment has been the theme song of Modi’s govt, but what will this FDI mean for aviation (Chances are Indian civil aviation will increasingly be owned by foreign principals), food retailing (Will MNCs start domestic sourcing of food items? Will farmers get a better price?), pharmaceuticals (How will it impact India's huge competitive advantages in generics, and also R&D? Will big pharma buy into Indian generics companies to fend off competition from the likes of Sun Pharma, Dr Reddy’s, Cipla, Lupin and others?)? India is finally abandoning its swadeshi mindset. Devinder Sharma argues that with 100% FDI-owned entities, returns on investments will go outside India, and relaxation of local sourcing restrictions will dampen multiplier effect. Hamir Singh asks where is the policy change to improve economic security and technological skills of small farmers and farmers’ cooperatives? More important national objectives were employment; survival and skill upgradation of agri and small manufacturers, development of domestic R&D and manufacturing capability. The FDI does not interest that. This episode of DALEEL with SP SINGH, was telecast on PTC News on June 22, 2016. Feedback, suggestions welcome at singh.india@gmail.com. Also, please help spread the word about DALEEL, an effort at cerebral television in times of dumbing down of the news media. Thank you for watching. DALEEL WITH SP SINGH is now telecast every Wednesday at 7 pm on PTC News. Repeat telecast is normally on Thursday, at 2 pm, also on Sunday at 7 pm. But TV channels can change schedules without notice. So, please always check the latest schedule, and do not bet your money on it.