Many are of the opinion that untrammeled liberalization,as exemplified in the relaxation of FDI regulations,will cause a revival of the East India Company, albeit in an American avatar. They must remember that India in the 21st century is not what it was in the 17th century.

A rookie sets out on a journey, he is ridiculed by the world for taking the bold steps he takes, he is constantly reminded of the failures that await him in the future, the rookie doubts himself yet he perseveres and comes through the dark tunnel into the city of light where the world bows down before him. This would be an accurate analogy for every success story this world has seen , and the future of India too,is dependent on the stance she takes – that of perseverance or that of self doubt.

For anyone doubting the FDI reforms, I’d like to remind them of 1991 when India’s Economy was in a state of crisis with foreign reserves to last for just about 2 weeks. Economic reforms became an absolute necessity of the day and India’s market was opened up to foreign investors, which, probably, saved the Indian economy from crashing. So,as Indians, we were able to reap the massive windfall gains of the dotcom boom of the late 1990s because of foreign investors who were invited to invest in India by the then Finance Minister Dr Manmohan Singh. The dotcom boom,in turn, is what made India “Shine”. So, how can we doubt a phenomenon which has transformed India from a poor third world country to one of the most promising economies of the future?

Secondly, the World and not only India is way different now in the 21st century than it was in the 17th century. Xenophobia is only going to pull us back to the 17th century. Globalisation is the mainstay of the Indian Services sector which in turn is the mainstay of the Indian Economy contributing close to 70% of the GDP. As for fears regarding the taking over of the Indian economy by an American “East Indian company”, the Indian today is not an ignorant peasant who can be tricked into slavery, he/she is an informed citizen of the world. Also with organisations like IMF and the United Nations to monitor the economy of the world ( an economy as big as India affects the whole world ) I doubt a repeat of the 17th century approach is possible.

“The world is becoming flat” ( Thomas Freidman) and it is our choice to become a part of it and prosper or to sit aside and sulk.Cultures change,mentalities change and people adapt.This ensures the survival of our species. We cannot keep clutching onto beliefs which have now become redundant for it is the fittest who shall survive the game of life.