In an interview with CNBC-TV18’s Latha Venkatesh and Sonia Shenoy, Deba Mohanty, Vice President of the Society for the Study of Peace and Conflict, said he hoped for more reforms beyond the hike in FDI. Below is the edited transcript of the interview on CNBC-TV18.
Indian Prime Minister Narendra Modi’s appeal to global manufacturers in his Independence Day speech on 15 August 2014—come, manufacture here, sell us and others (anywhere)—has generated varying degrees of attention in India and elsewhere. Whether such an avowal is a byproduct of a crafted political vision or a mere popular adventurism is debatable.
Executive Summary
On 16 July 2013, the UPA government decided in principle to open up as many as 13 sectors for foreign direct investment—ranging from 49 per cent to 100 per cent—with different caveats. Some needed approval through automatic routes, some through the Foreign Investment Promotion Board (FIPB), and others with distinct riders.
The dawn of the twenty-first century coincided with an unusual phenomenon in international relations: the emergence of China and India as global powers. The steadily rising rate of economic growth in India has recently been around 8 per cent per year, and there is much speculation about whether and when India may catch up with and even surpass China’s over 10 per cent growth rate. India and China understand the concept of co-existence and growth very well. This engagement has elements of both rivalry and cooperation.