Internal direct investment, rather than the foreign direct investment is needed in a developing country like India to mobilise the capital for investment and establishment of both SSIs and large scale industries to provide employment on a large-scale. When the Indian banks are in a position to infuse Rs. 17,000 crore for monetary liquidity because of reduction of CRR by 25 base points in September, as stated by the RBI Governor, there is no need for FDI.
- Rajram Palluru, Visakhapatnam (The Hindu)
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