Indians buy homes and foreigners HDFC
almost everyone i know- and who is earning enough to afford one - is buying a house or a plot.
and foreigners are lapping up companies like HDFC and Infosys.
foreign ownership in top indian corporates especially professional managed ones has crossed the 75% mark in many cases.
i am a firm believer in free markets (here) , but i think it will be far wiser for indians to fund their growth spurt themselves rather than to leave it to overseas capital, especially when domestic capital is available.
what this current situation does is make us providers of labour to overseas investors for years to come. take singapore for example, with a population of 4 million it will hold 20% of ICICI bank, which along with it associates could employ a 200,000 people sometime in the future! so, it wouldnt be wrong to say 40,000 people in ICICI Bank will work for the Singapore government rather than India.
and if we want to buy back this capital from the foreigners, we have have to pay a heavy price in the future- or takes the help of the likes of George Fernandes!
it may make sense for the govt to facilitate affordable housing and soften the home price appreciation so, indians will use the surplus cash, effort, time and skills - not in evaluating real estate buys - but starting or funding companies, which will truly enable them to partake in their growth.
and foreigners are lapping up companies like HDFC and Infosys.
foreign ownership in top indian corporates especially professional managed ones has crossed the 75% mark in many cases.
i am a firm believer in free markets (here) , but i think it will be far wiser for indians to fund their growth spurt themselves rather than to leave it to overseas capital, especially when domestic capital is available.
what this current situation does is make us providers of labour to overseas investors for years to come. take singapore for example, with a population of 4 million it will hold 20% of ICICI bank, which along with it associates could employ a 200,000 people sometime in the future! so, it wouldnt be wrong to say 40,000 people in ICICI Bank will work for the Singapore government rather than India.
and if we want to buy back this capital from the foreigners, we have have to pay a heavy price in the future- or takes the help of the likes of George Fernandes!
it may make sense for the govt to facilitate affordable housing and soften the home price appreciation so, indians will use the surplus cash, effort, time and skills - not in evaluating real estate buys - but starting or funding companies, which will truly enable them to partake in their growth.
posted by tvm at 2:00 AM
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