Indian Government’s move to raise FDI limit in some key sectors such as defense, aviation, and retail has come in for criticism from a completely unexpected quarter – Swiss Bankers. Bankers from the Alpine country, hitherto renowned for their discretion and silence, have criticized the move as it will hurt their business.
“This is just a ploy to allow undeclared income of politicians back into the country just before the elections masquerading as FDI,” said an official of Swiss Bank AG, a repository of several billion dollars of ‘undeclared income’ from India, more commonly referred to as “black money”.
“After all, which investor in their right minds would put money in an economy with a high fiscal deficit, slowing GDP growth, near complete policy paralysis, high corruption and a currency which is falling faster than the clothes of a porn star?” the un-named banker asked, waiting in the departure lounge of the Delhi Airport.
Outside of the bankers however, the move has found support from almost the entire political spectrum and senior leaders, many of whom are rumored to be richer than Mukesh Ambani and Bill Gates.
Several economists have also come out in support of the government’s move. “If you ask me, concerns about the Indian economy are completely overblown,” said finance minister Chidambaram, speaking over the phone from the Bahamas, a well known heaven for offshore money.
“I am sitting with some investors here and let me tell you that foreigners are just dying to put billions and billions of dollars into India. This talk about high fiscal deficit, weak rupee etc. doesn’t worry them one bit,” he told our correspondent.
“This is all legitimate investment, and you must be doubtless aware of the important place Bahamas occupies in the global financial system,” Chidambaram added, pooh-poohing the concerns of Swiss Banking industry.
His stand has also found support from Congress leader Digvijay Singh. “Even if this allegation is correct, then UPA must be congratulated for successfully bringing black money back into the country,” Singh told
