It is not Obama’s business

US President Barack Obama’s investment remark on India that the investment climate here is deteriorating baffles Indians because when 55% of the investment in the form of FIIs and FDIs comes from as many as ten countries like Mauritius, Cyprus and Singapore, and only 19% comes from the US and other countries, how has he made such remarks? He has made this remark to score point in his coming presidential polls over his rival Mitty Romney. He has already curtailed and stopped outsourcing to India and has vehemently criticized his competitor Mitt Romney for shipping American jobs to India. So his remark is guided by his country’s economic interest and he has no business to dictate India how to manage its economy and make friendly atmosphere for US investors at the cost of its own. It is for India to decide whether to allow FDI or not in retail. Obama’s concern over disallowance of FDI in retail sector in India and slowing down of its economic growth is uncalled for and it is without any rhyme or reason. Though he has himself accepted that despite the reflection of economic turndown, India has achieved impressive growth rate. As far as what to do or what not to in regard to the management of its economy is concerned, India knows it well. Obama sees his nation’s economic interest in India’s large market while India sees its own domestic economic interest. He has suggested India to start second wave of economic reforms so that his own vested interest could be fulfilled by allowing multi-national giants to invest large capital in India’s retail markets. The second wave of economic reforms is necessary in India to bring back its economy on fast upward movement. But this should not be done at any cost before protecting the interest of small retailers of the nation. The regulatory measures must put in place before allowing FDI in retail sector. It does not mean that if FDI is not allowed, investment climate can not be investor friendly. There is no dearth of scope for the foreign investment in many other areas than retail in India. To protect the interest of small retailers of the nation, it is necessary to make arrangement of their full proof protection and then think of any Foreign Direct Investment (FDI). Commerce Minister Anand Sharma has rightly responded to Obama’s investment remark by assuring that the country has an investment friendly climate and his perception is different from reality. Obama had in an interview to an Indian news agency suggested more economic reforms, particularly in the retail sector to enable foreign direct investment (FDI) and entry to American companies. When Obama is against the outsourcing of jobs to India, India has no option but to give top most priority to its own interests on an issue such as FDI in the retail sector.