Few would have missed the massive ad-blitz by Patanjali during the run up to Independence Day urging consumers to buy its products as a show of nationalism. The advertisements came at feverish pitch across medium, be it print, radio and television. The sales pitch urged Indians to get ‘economic freedom’ from multinational corporations who Patanjali said plunder the country’s wealth and siphon it off without giving much in return and that too, with no charitable work to show. It likened the MNCs operating in India to the East India Company which had sowed the seeds of British rule in India.

In case you missed it, here’s an excerpt from a Patanjali advertisement: “Though we got political freedom 70 years back, economic freedom is still a dream. The way East India Company enslaved and looted us, multi-national companies are still doing the same by selling soap, shampoo, toothpaste, cream and powder and similar daily use items at exorbitant price. Thousands of crores of profit thus generated is ploughed back to their own countries. Let’s take a pledge to make India economically independent and make the dreams of our freedom fighters true by restoring our Motherland to its glorious past by supporting self-reliant ‘Bharat’.”

While it is debatable how appropriate or ethical it is for Patanjali’s promoter, Ramdev, to cash in on the emotive element associated with Independence Day to gain market-share for commercial products, the very premise of the argument of MNC loot appears to be flawed and goes against the very nature of modern day business environment.

In fact, the offensive against MNCs also runs against the NDA government’s massive efforts to attract foreign direct investment (FDI), led by Prime Minister, Narendra Modi, who has visited scores of countries during his two-year tenure to market India as favoured investment destination for overseas businesses.

PM Narendra Modi’s efforts are seemingly paying dividends. A recent UNCTAD study estimated that FDI into India could touch $60 billion in 2016, up from $44 billion in 2015. The 2015 FDI flow was itself 28 per cent higher than the previous year.

Why would such huge amounts of overseas money be pledged for setting up new businesses in India? Well, the two prime driving force of setting up companies, whether by MNCs or homegrown promoters, are to make profits and create shareholder value. The instinct of charity comes way down the list of the corporate world. The lack of motivation for charitable work was precisely the reason why Corporate Social Responsibility (CSR) in India had to be mandated by law, and that too when done was set at 2 per cent of profits. In fact, even the meagre 2 per cent was opposed by Indian companies and business associations.

The government’s push for foreign capital is the right way forward. At a stage where India stands, foreign money is essential for economic growth, as are homegrown businesses . Heightened FDI flow would create more jobs, add to GDP growth and build a competitive business environment that would be beneficial for everyone.

From the consumers’ side, what should be available are the best products at best prices. It really does not matter if the profit is being made by a domestic or foreign entity. Often listed foreign entities have larger involvement of Indians as retail shareholders, create more wealth for them and are more transparent than closely held businesses, such as Patanjali.

One has to admit that Patanjali’s success in gaining market share in the FMCG space shows that Ramdev is as astute a businessman as he is adept with his yoga postures. However, his emotive appeal to Indians on Independence Day to stay away from MNCs is misplaced. It is best to live and let live and grow amid competition.