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Geeta Nair
Pune, May 8: Rahul Bajaj, president of CII, fears that by 2020 most of the top 200 companies in India would be owned by foreign firms. Advocating a more balanced approach or the middle path, Bajaj said that extreme positions on either swadeshi or globalisation would land the country in serious trouble.
Bajaj said that those accusing him of protectionism had misunderstood him. He categorically stated that he was against protection of inefficient private industry but he was worried about the possibility of wiping out of efficient Indian companies.
For globalisation the country need not be 100 per cent open and complete opening up is dangerous, he said. While investments in infrastructure and technology was welcome, it was not needed in host of other industries. Bajaj was against handing over majority holdings for obtaining technology. Technology was freely available in these areas without giving foreign companies a majority in equity. We want an environment conducive to preparing Indian MNCs, Bajaj added.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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