The liberalization of India in 1991 can have released growth, but it has also put the country on a path of dependence, at least in the opinion of the veteran investor and the founder of Gquant Investch Shankar Sharma.
Speaking on a podcast with Rishi Sanghvii, Sharma said that the even capital and technology that have flooded “lazy” post-reform companies, depending on foreign partnerships, and not motivated to strengthen global technological domination.
“It gave Indian companies a very lazy and very easy outcome,” he said. “Simply make joint ventures, get the capital, get technology … and life is sorted. This is exactly what our Indian companies have done – the appointment. ”
By thinking about the decades since 1991, Sharma said: “The only bad thing that the liberalization of 1991 did for India was that it opened … The valves in the world capital come inside. And with the capital came the technology, so we have never been required to form ours. ”
Sharma underlined a persistent result of this state of mind: “We do not even have a single company which even dominates South Asia, not to mention Asia, not to mention Europe and forgets America … not a single company.”
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He blamed this to Indian companies rushing into foreign joint ventures, putting market access in exchange for capital and technologies, without strengthening the original force. “In the end, what was created? Nothing.”
He also criticized government policy towards Elon Musk companies. “What is so great with Starlink? It’s low-end, low technology … There is nothing great.” Sharma asked why India gave Musk a “free pass”, while national companies had to navigate license costs and license regulations.
“If I were a decision maker, I would not allow these things,” he said.
