Don’t compromise India’s interest for FDI: Rajan
“The
most stable form of financing, foreign direct investment, has the
additional benefit of bringing in technology and methods. But India
should not be railroaded into compromising its interests to
attract FDI,” he said.
NEW
DELHI: Reserve Bank of India governor Raghuram Rajan on Monday warned
against compromising India's interest for the sake of attracting foreign
investment and said the priority should be framing transparent policies
as well as resolving contractual tax disputes quickly.
"The
most stable form of financing, foreign direct investment, has the
additional benefit of bringing in technology and methods. But India
should not be railroaded into compromising its interests to attract
FDI," he said in a commentary posted on the website of Project
Syndicate. He, however, did not elaborate on what he thought could
compromise India's interest.
Making a case for transparency in
policies and resolution of "contractual" disputes, especially over
taxation, Rajan said efforts to ensure this have already begun. India
will run a current account deficit for the foreseeable future, which
means that it will need net foreign financing, he said.
Sustained growth in India requires lifting people out of poverty,
fuelling infrastructure investment and a rethink on economic-policy
approach, he said.
"If India is to succeed, it will have to
deepen regional and domestic demand, strengthen its macroeconomic
institutions, and join in the fight for an open global system.
Diminished expectations abroad should not lead India to lower its
ambitions," Rajan said.
The new government under Prime Minister
Narendra Modi in its eight months in office has relaxed FDI norms in
insurance railways, construction, defence and medical devices sector.
Foreign inflows in the country rose by 22% to $18.9 billion during the
eight months of the current fiscal. The amount was $15.5 billion in the
April-November period of 2013-14. "India needs an open, competitive,
vibrant system of international trade and finance," he said.
Stating that responsibility for keeping global economy open may fall on
emerging economies like India, Rajan said New Delhi should press for
quota and management reforms in multilateral institutions, like IMF.
"India can no longer simply object to proposal by developed countries; it must put its own proposals on the table," he said.
Don’t compromise India’s interest for FDI: Rajan
“The
most stable form of financing, foreign direct investment, has the
additional benefit of bringing in technology and methods. But India
should not be railroaded into compromising its interests to
attract FDI,” he said.
NEW
DELHI: Reserve Bank of India governor Raghuram Rajan on Monday warned
against compromising India's interest for the sake of attracting foreign
investment and said the priority should be framing transparent policies
as well as resolving contractual tax disputes quickly.
"The most stable form of financing, foreign direct investment, has the additional benefit of bringing in technology and methods. But India should not be railroaded into compromising its interests to attract FDI," he said in a commentary posted on the website of Project Syndicate. He, however, did not elaborate on what he thought could compromise India's interest.
Making a case for transparency in policies and resolution of "contractual" disputes, especially over taxation, Rajan said efforts to ensure this have already begun. India will run a current account deficit for the foreseeable future, which means that it will need net foreign financing, he said.
Sustained growth in India requires lifting people out of poverty, fuelling infrastructure investment and a rethink on economic-policy approach, he said.
"If India is to succeed, it will have to deepen regional and domestic demand, strengthen its macroeconomic institutions, and join in the fight for an open global system. Diminished expectations abroad should not lead India to lower its ambitions," Rajan said.
The new government under Prime Minister Narendra Modi in its eight months in office has relaxed FDI norms in insurance railways, construction, defence and medical devices sector.
Foreign inflows in the country rose by 22% to $18.9 billion during the eight months of the current fiscal. The amount was $15.5 billion in the April-November period of 2013-14. "India needs an open, competitive, vibrant system of international trade and finance," he said.
Stating that responsibility for keeping global economy open may fall on emerging economies like India, Rajan said New Delhi should press for quota and management reforms in multilateral institutions, like IMF.
"India can no longer simply object to proposal by developed countries; it must put its own proposals on the table," he said.
"The most stable form of financing, foreign direct investment, has the additional benefit of bringing in technology and methods. But India should not be railroaded into compromising its interests to attract FDI," he said in a commentary posted on the website of Project Syndicate. He, however, did not elaborate on what he thought could compromise India's interest.
Making a case for transparency in policies and resolution of "contractual" disputes, especially over taxation, Rajan said efforts to ensure this have already begun. India will run a current account deficit for the foreseeable future, which means that it will need net foreign financing, he said.
Sustained growth in India requires lifting people out of poverty, fuelling infrastructure investment and a rethink on economic-policy approach, he said.
"If India is to succeed, it will have to deepen regional and domestic demand, strengthen its macroeconomic institutions, and join in the fight for an open global system. Diminished expectations abroad should not lead India to lower its ambitions," Rajan said.
The new government under Prime Minister Narendra Modi in its eight months in office has relaxed FDI norms in insurance railways, construction, defence and medical devices sector.
Foreign inflows in the country rose by 22% to $18.9 billion during the eight months of the current fiscal. The amount was $15.5 billion in the April-November period of 2013-14. "India needs an open, competitive, vibrant system of international trade and finance," he said.
Stating that responsibility for keeping global economy open may fall on emerging economies like India, Rajan said New Delhi should press for quota and management reforms in multilateral institutions, like IMF.
"India can no longer simply object to proposal by developed countries; it must put its own proposals on the table," he said.
FDI के लिए भारत के हितों से समझौता न करें: राजन
नई दिल्ली
रिजर्व बैंक ऑफ इंडिया के गवर्नर रघुराम राजन ने विदेशी निवेशी आकर्षित करने के लिए भारत के हित से समझौता करने को लेकर चेताया । उन्होंने सोमवार को कहा कि पारदर्शी पॉलिसी बनाने के साथ साथ कॉन्ट्रैक्चुअल टैक्स विवादों के समाधान को प्राथमिकता दी जाए। ध्यान रहे कि नरेंद्र मोदी के नेतृत्व में बनी नई सरकार ने अपने 8 महीने के शासनकाल में बीमा, रेलवे, निर्माण, रक्षा और चिकित्सा उपकरण क्षेत्र में एफडीआई नियमों में छूट दी है। हालांकि, राजन में अपने बयान में किसी का नाम नहीं लिया है।
उन्होंने प्रॉजेक्ट सिंडिकेट की वेबसाइट पर पोस्ट की गई टिप्पणी में कहा, 'फाइनैंसिंग की सबसे स्थिर फॉर्म फॉरन डायरेक्ट इन्वेस्टमेंट का अतिरिक्त लाभ यह है कि इससे तकनीक और कार्य प्रणाली देश के अंदर आती है। लेकिन, एफडीआई को आकर्षित करने के लिए भारत के हितों से समझौता नहीं किया जाना चाहिए। लेकिन, उन्होंने इस बात पर कोई रोशनी नहीं डाली कि किस बात को वह भारत के हितों से समझौता मानते हैं।
पॉलिसी में पारदर्शिता और 'कॉन्ट्रैक्चुअल' विवादों के समाधान विशेषकर टैक्स को लेकर समाधान की वकालत करते हुए राजन ने कहा कि इसे सुनिश्चित करने के लिए कदम पहले उठाया जा चुका है। निकट भविष्य में भारत को चालू खाता घाटा का सामना करना होगा जिसका मतलब है कि इसे शुद्ध विदेशी निवेश की जरूरत पड़ेगी।
उन्होंने कहा कि भारत में सस्टेनेबल ग्रोथ के लिए इस बात की आवश्यकता है कि लोगों को गरीबी से बाहर निकाला जाए, इंफ्रास्ट्रक्चर में निवेश किया जाए और इकनॉमिक पॉलिसी अप्रोच पर फिर से गौर किया जाए।
राजन ने बताया, 'अगर भारत को सफल होना है तो इसके लिए इसे क्षेत्रीय और घरेलू मांग को बढ़ाने पर काम करना होगा, अपने मैक्रोइकनॉमिक इंस्टिटयूशंस को मजबूत करना होगा और ओपन ग्लोबल सिस्टम के लिए लड़ाई में शामिल होना होगा। दुनिया में फैली हुई निराशाओं से भारत की महत्वकांक्षा कम नहीं होनी चाहिए।'
प्रधानमंत्री नरेंद्र मोदी के नेतृत्व में बनी नई सरकार ने अपने 8 महीने के शासनकाल में बीमा, रेलवे, निर्माण, रक्षा और चिकित्सा उपकरण क्षेत्र में एफडीआई नियमों में छूट दी है। मौजूदा वित्त वर्ष के 8 महीनों के दौरान देश में विदेशी निवेश का फ्लो 22 फीसदी बढ़ाकर करीब 1,200 अरब रुपये हो गया है। यह रकम 2013-14 की अप्रैल-नवंबर अवधि में करीब 900 अरब डॉलर थी।
उन्होंने बताया, 'भारत को अंतरराष्ट्रीय व्यापार और वित्त का उदार, प्रतियोगी और वाइब्रैंट सिस्टम चाहिए।'
उन्होंने कहा कि ग्लोबल इकॉनमी को खुला रखने की जिम्मेदारी उभरती अर्थव्यवस्थाओं जैसे भारत को निभानी पड़ सकती है। उन्होंने कहा कि नई दिल्ली को आईएमएफ जैसे मल्टीलैटरल इंस्टिटयूशंस में कोटा और मैनेजमेंट रिफॉर्म्स पर जोर देना चाहिए। उन्होंने कहा, 'लम्बे समय तक भारत विकसित राष्ट्रों द्वारा पेश किए गए प्रस्तावों पर सिर्फ आपत्ति नहीं जता सकता है बल्कि इसे खुद के प्रस्ताव भी पेश करने होंगे।
अंग्रेजी में भी पढ़ें: Don't compromise India's interest for FDI: Rajan
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