In the previous parts of this ongoing Foreign countries Dictating India Series we saw how after the collapse of the US economy in 2008, the Dubai Economic Miracle experiment was hatched to get rid of the Dubai FLU via Foreign Direct Investment in India routed through the tax-havens; whereby the Nathan Mayer Rothschild Group was able to suck money out of India to bail the UAE economy out. With incredible amusement, the western world watched Indian State Governments and the Union (Indian) Government succumb silently, one after the other, to NMR Group and Emmar Properties, Dubai, all falling for a single catch phrase: ‘FDI is development and will create (temporary) jobs’. What is more surprising is that still 90% of Indians do not even know that this very House of Rothschild was one of the families that controlled the East India Company that in turn exercised control over India.
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes. His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling it the new Switzerland. In the last issue we asked our readers how is this new policy going to affect India in reference to the FDI funds flowing to and fro the Safe Havens? In this part we will analyze this entire process in detail and also assess the impact it will have on India in progressive steps.
Step 1: EMMAR logic – 51% to 100% FDI brings 80 lakh jobs
The first sales pitch given in the Indian parliament by the UPA was in mid-2011 which stated that FDI would serve as a fantastic development tool and that it would bring in 80 lakhs jobs. Who was it that supported these claims by the UPA government? (Same claims are made by the NDA government now and the same policies followed regarding FDI. Interestingly both opposed FDI only while in opposition.) These claims were backed by Goldman Sachs and Bank of America’s outlook on Indian economy and Monitor Group (now replaced). Later they backtracked and said that FDI would only be in cities with a population greater than 10 lakhs and would be expanded consequently. There are 100 cities with a population of over 10 lakhs, and a combined population of more than 100 million; more than the combined population of Canada, Australia, New Zealand and South Africa. Right in the first step itself 4 western countries got a long-term bailout package……
Read full article in the Apr-Jun 2016 issue – Subscribe to GreatGameIndia – India’s only quarterly magazine on Geopolitics & International Affairs.