"We have no horror of FOREIGN CAPITAL - if subjected to (domestic) management (Niles' Weekly Register, cited in Wilkins, 1989: 85) We are always prepared to provide the necessary security to foreign capital on the condition that its profits be regulated by law [emphasis added] (Mustafa Kemal Ataturk, quoted in Lipson 1985, 72). In June 2016, the Indian government announced sweeping changes to its foreign investment laws that eliminated government approval processes for most sectors and substantially increased the maximum foreign equity allowed for firms in several sectors, including retail, food, defense, airlines, broadcasting, and pharmaceuticals. In response, several Indian trade unions voiced their strong disapproval. Unions representing government employees announced an indefinite strike.1 Far-left and far-right affiliated trade unions issued strong condemnations of the proposed liberalizations, arguing such moves would not increase employment but would lead to increased labor law violations and push small firms out of business.2 In contrast to labor unions, business groups reacted positively to investment policy changes"-- Provided by publisher.
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