A fast buck or slow development? Difficult choice.

The Prime Minister, who has a talent for slogans, has told Indian businessmen that FDI, which usually stands for Foreign Direct Investment, should also mean " First Develop India ", which probably means investing in the country, developing new products by research and increasing employment so that wealth increases. But surely, if you live in India and have started a business in the country you should be looking to expand your interests inside the country. But Indian businesses seem more interested in investing abroad than here. Partly because the climate in India is hostile to business, a suspicion born of 6 decades of socialism and glorifying poverty. Partly because at 34% tax rates in India are too high but mainly because Indian business fellows have become used to the ' License Raj ' of the Congress where knowing a politician or a high level civil servant is more important than innovation or research. Indeed, while the poor beg for food to survive the rich in India are always whining for protection from foreign competition, low interest rates or land and resources for free. There is no attempt at improving customer service, ensuring high quality or addressing grievances. Not one company has an email address or a complaint site where you can address company officials directly. Every company has a call center of poorly educated staff, who are trained to recite the same words like parrots, and of little intelligence. The whole effort is geared towards short term profits by milking customers and not on building a lasting business. The recent cancellation of allocation of 214 coal mines and the previous cancellation of 122 telecom licences by the Supreme Court has shown how even the largest companies are involved in crooked deals. When caught with their hands in the cookie jar they will deny any wrongdoing, then blame the police for wrongly blaming them and then cry about the money invested. Sadly for them people are tired of being looted. Friendship with politicians allows business fellows to borrow money from public sector banks, many times their market capitalisation, with no intention of repaying. If the bank should demand its money back file an appeal, which will go on forever. Most of the looted money is channeled into real estate which is why property prices are soaring. With so much black money being generated an enormous amount of ingenuity and effort are invested in recycling that money in and out of the system. If you have an idea for a productive business you may have to face shark attacks even before you start. Businesses everywhere are corrupt. That is why Goldman Sachs is known as the vampire squid. Indian ones are just low class crooks. Corporates or chorporates?