Cheeku
On this birthday of your dad, he was awarded the PhD degree after a protracted defense in which Prof. Jain of IIT Delhi made him sweat! You would remember the joke of the house-dad pursuing studies at this age! You would always smile and say ‘C’mon dad, you can do it!’. I did it beta. And you were there all the time.
This degree was the most difficult to obtain, and there so many who helped me through this journey-here’s a tribute to all of them…
Acknowledgements
This thesis is a culmination of several years of practicing FDI promotion. The fundamental issue whether FDI is good for the Indian economy hasn?t been fully answered even as I submit this thesis. It is not just an issue of theoretically divergent views that are grounded in fact and serious analysis. It is deeply coloured by the collective consciousness of a people who were enslaved by the colonial rulers under the pretext of ?trading?. All foreign investment evokes the fears of ?East India Company? revisiting the country. In this surcharged atmosphere, serious debate takes a back seat. In a democratic polity, emotional responses have equal weight as rational argument and the former often wins the day. Hence the slow and reluctant policy response in India to the rapidly globalizing world where there is free movement of technology increasingly riding the back of capital.
In my quest to seek answers to fundamental questions on FDI for evolving policy recommendations, I have been helped greatly by a large number of persons. In putting the facts, points and counterpoints into a cogent thesis I have drawn heavily from my association and discourses with a large number of persons over the years. Finally, in motivating me to write this thesis, to seek academic acceptance after so many years of having disconnected with the academic world, I have some who kept pushing me even when I would have rather given up.
I wish to acknowledge as many of my benefactors as I can but I know that the limitation of an aging human mind could result in so many not being cited. Their contribution was in no measure any less and they would understand my frailty, and, as always forgive me.
Dr. Dharmendra Bhandari, my friend, philosopher and guide in the real sense spoke one day to me and said that not to put together my experiences and the knowledge that I have gathered over the years in the area of FDI promotion would be a poor reflection on my intellectual capabilities. My weak resistance on grounds of paucity of time and general lethargy were firmly brushed aside by him and he virtually herded me into registering myself for a doctorate. Had he not agreed to be my guide, I may have between my home and the University slipped the application and the synopsis in the mail box of someone?s house. Since the day of the registration till the completion of my thesis he has been a source of great strength and continuous persuasion. Dr. Gitika Kapoor, Director of Poddar Institute of Management unwittingly allowed herself to be commandeered to act as a co-guide but readily and with great enthusiasm helped me immensely by not only providing insights but also with the last mile connectivity to the University library, IIM Ahmedabad library, Internet searches and methodology. I have no doubt that her contribution to the completion of this thesis is incalculable. I am grateful to both of them.
My interactions on different occasions with luminaries like P. Chidambaram, Finance Minister of India, M.S. Ahluwalia, Deputy Chairman, Planning Commission, Professor Dayakrishna, Philosopher, Professors Suzanne and Lloyd Rudloph of Chicago, Dr. Rakesh Mohan, Deputy Governor RBI, and Professors Sebastian Morris and Rakesh Basant of IIM Ahmedabad have deepened my understanding about the macro environment in which FDI flows. I have had the pleasure of being acquainted with Khalil Hamdani, Director UNCTAD for the past several years. A man with an unassuming mantle, Khalil has a very incisive intellect and has, during several UN missions we undertook together or in conferences and workshops, deepened my understanding of issues, specially the nexus between development and FDI. Others in his team such as Nazha Bennabes Tarji, Paul Wessendorp and Kiyoshi have all added to this understanding. Veenu Gupta has worked with me for several years on various aspects of investment promotion and participated in many UNCTAD/WAIPA missions with me. She has a questioning mind and acted as the touchstone of realism whenever I was in the danger of being carried away by ideas that would have been difficult to implement. Without all of them my understanding of the issues would have been limited and I thank them.
My colleagues in the Bureau of Investment Promotion (BIP) such as Ritu Lohiya, Nidhi Sen and Nagesh Sharma helped me develop investment promotion instruments for Rajasthan. Special mention is merited of Cherylann Lobo, who worked very closely with me on the European Community Investment Promotion (ECIP) project and Dr. Subhash Sharma who helped me with a large number of presentations on the subject. Since June 2005, crushed by personal tragedy and overawed by the new assignment in the Government of India, I had decided to give up the work on my thesis for good. Chance mention to Sharmila Chavaly, who was working as Director with me in the Finance Ministry resulted in her silently taking over a large part of my responsibilities leaving me with some time to work on my thesis while exhorting me not to give up. I am grateful to all of them.
My father late Shri Mayaram symbolized to me the term ‘excellence’. From him I learned the value of walking that extra mile that would make all the difference between mediocrity and excellence. I have often failed but he has always been there with me to make me know the difference. My mother, Indira Mayaram, a woman for all seasons, in addition to so many other achievements also registered herself for a doctorate and wrote out her thesis. But then a combination of circumstances didn?t allow her to complete and submit it. She was always nudging me to complete my thesis and her gentle persuasion worked on me all the time until I actually completed the thesis. Dr. Shail Mayaram is a stickler for perfection in her intellectual works and commands international recognition for several of her path-breaking publications. Having someone of her caliber at home put that extra pressure on me to be more exacting with my work. All my sisters, who think their brother can do no wrong, would not allow me to fail even in this. To top it all Abhinav, my younger son, generally unaware of the world around him, would also now and then turn to me and ask me ?Pa, are you still writing your thesis?? Without so much of affection and gentle and not so gentle pressure from those dear to me I would never have come this far. I can?t thank them enough.
And when all has been said, how can I not look towards the rising sun and seek Anirudh, my elder son, who thought his dad was the ultimate in every sense and deserved to be called ?the Doctor?. He is and is not here to celebrate this thesis but is so much a part of what is in it and everything else I do.
Dad