THE NEW QUIT INDIA MOVEMENT.
Just a day after the UPA government led by Dr.Manmohan Singh government
announced measures to boost FDI investments into India, the global steel giants
Arcelor Mittal and Posco announced their exit from India.
Arcelor Mittal led by an Indian Mr.L.N.Mittal announced that they will be pulling
out of India, investments to the tune of Rs.50,000 crores ($ 10 billions) .The Arcelor
Mittal planned to set up a steel project in Odisha.The reason given is delay in
acquiring land and iron ore linkages.
POSCO wanted to set up a steel mill project in Karnataka with an investment of
Rs.35,592 crores($5.3billions) but pulled out due to delays in iron ore mining rights
and land acquisition problems.
Hence,totally the country lost investments of more than Rs.80,000 crores
($16 billions)due to lack of clarity in the policy.Added to the worry is that the
FII's pulled out Rs.44,162 crores ($7.5 billions) from the Indian Capital
Markets in June.
Is BRICS (Brazil,Russia,India,China & S.Africa) losing shine and MINT (Mexico,
Indonesia,Nigeria & Turkey) emerging as new investment destinations?.