Government has laid out red carpet for foreign capital, which is unreliable in long run | The Indian Express

Government has laid out red carpet for foreign capital, which is unreliable in long run | The Indian Express

Written by Binoy Viswam |Updated: September 4, 2019 10:10:12 am

Viswam is Rajya Sabha MP from the Communist Party of India.

Government has laid out red carpet for foreign capital, which is unreliable in long run

The impact of unconditional dependence on foreign capital would be disastrous for the economy. We are not in a time of stability and growth. But, the government wants to hide the gravity of the crisis.

Finance Minister Nirmala Sitharaman has been conspicuously silent about the huge amounts of money written off. Bank frauds grew by 84 per cent in the last financial year.. (Express Photo by Amit Mehra)

Presenting the budget 2019-20, Finance Minister Nirmala Sitharaman was eager to paint a rosy picture of the Indian economy. But within no time, this show of strength was proved hollow. It was only a matter of a few weeks before the government began to frantically come out with new experiments for strengthening the already strong economy. The latest announcement is the merger of 10 public sector banks to create four entities.