FDI: Foreign Direct Intervention
Arguments used to promote FDI are baffling. Even the honest billing habits of global retailers are paraded as great boon for the country. In that case FDI, which really means foreign direct intervention should be invited in many other sectors too.
FOREIGN DIRECT investment (FDI) is probably the most popular word in circulation today. FDI in retail trade saw our Parliament sitting idle for days together. It gave our MPs another opportunity to exercise their vocal chords without taxing their grey cells. But it was the media that celebrated the most. While the print media showcased analytical masterpieces on their edit pages, our broadcast media friends brought experts into our drawing rooms. The only thing that probably lacked was the facility to link to the experts and ask them questions during the discussions.
Social networking websites made up for this loss. Anyone could post whatever they felt and thought they felt about the issue in these sites. Anyone could respond to oppose or support any argument.
In short the issue was discussed so thoroughly that the parliament has now decided to restart normal function, which means that there is no scope for another article on the issue. Except maybe to highlight a specific argument I came across during the celebrations.
The argument which first appeared in an expert article on the edit page of a prominent newspaper said Wal-Mart and other international marts never skip taxes. It is not in their blood. Unlike our domestic malls and wayside petty shops, these global traders bill every transaction.
And the government stands to gain on the tax account. The article went on to argue that FDI in retail trade should be supported for this economic reason if not for numerous other reasons both social and political.
It was indeed an eye opener to me. I never knew that tax compliance could be ensured that easily. I could not also figure out what this meant to our economy. And I confess that the scope of our own traders turning honest billers and tax payers, taking a cue from these global brothers, was not obvious to me until I read the article.
The very purpose of this article therefore is to support foreign direct intervention in retail trade. Thereafter we can slowly but steadily invite FDI in other areas like law and order, judiciary, defence matters and finally elections and other democratic entertainments.
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