......The fact that FIIs are able to dictate terms to the capital and forex markets since the days of liberalisation, despite the presence of insurance institutions, mutual funds, provident funds, banks and a whole lot of whole-sale and retail traders only reflects the weakness of our markets and these investors. It is time our investors and the authorities frame a strategy to counter FIIs to ensure that some semblance of order prevails in the market. The buy and sell policy of domestic institutions has to necessarily counter that of FIIs...
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Interest in Indian markets for investments arises basically from the strong domestic market with over 350mn middle class and heavy monetization of the rural areas through a largesse of subsidies and MNREGS. It is the lack of consolidation of efforts to strengthen the domestic markets and bring about order that is responsible, as the author rightly opined, for the current imbroglio. It is high time that we give up empirical attitude in tackling regulatory issues governing investments and also the nervous approach to inviting investments. The Indian economy need not be at the begging end but at a commanding end provided the Government improves governance and eschews corruption.
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