Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

Indra Dev Gupta

Abstract

Overseas investments are not new to India. However, their experience has been manifold. The traditional type of foreign capital which was concentrated largely in extractive industries and in the export sector in the British period has done little good from the point of view of the overall economy. Singer's criticism of the 'traditional' type that 'foreign investment was foreign only in a geographic sense, it formed essentially a part of the creditor economy; it did little or nothing to promote — and, on occasion, may even have impeded — the economic development of the debtor countries' — applies to a considerable extent in the Indian case.

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