Bajaj derides extreme stance

PUNE, May 7: Noted industrialist and president of Confederation of Indian Industries Rahul Bajaj today expressed fear that most of top companies in the country were likely to be foreign owned by the end of the current century.

Speaking at Vasant Vykhyanmala this evening, Bajaj warned that the extreme positions on either swadeshi or globalisation would land the country in serious trouble. He said he was always against the protection of inefficient private industries but was concerned about wiping out of efficient Indian companies. Stating that the country should not be completely open for globalisation, Bajaj said foreign investment in infrastructure and technology was welcome and was not needed in another sectors.