After his recent visit to China, the Indian Prime Minister, Dr. Manmohan Singh had a message for the Indian industry: Try to learn from the Chinese industrialists. It was widely broadcast across all the Indian media. I do not know what he meant by that — Indian industry is as great or aspiring to be greater than the Chinese regarding quality, size, or any other parameter you might choose.
Why are great Indian industrialists buying and investing in foreign companies, and not investing in India? Why is FDI flowing into China at a much greater rate than into India? Wealth and investment goes where there is least governmental interference. This is the lesson our politicians are yet to learn.
In my opinion, it would be better if the Indian government learnt from the Chinese government regarding politics and economics. Particularly, the Indian Left, who is so glad about the PM’s visit to China, will do the nation a great good if it learns from the Chinese government’s economic principles. China has welcomed all sorts of capitalist investments, which the Indian Left still myopically opposes.
I thought the Indian PM is intelligent enough not to dish out a moral lecture to the Indian industry when his own government has failed to support the industry. Does he think intelligent Indians do not see the irony and hypocrisy in his speech?