“Let’s not get emotional,” Patel said. “There is no way the East India Company story will be repeated here. Foreign companies need new markets — even we need them.”
The market-opening push comes as India faces a sharply slowing economy, a gaping fiscal deficit and high inflation, which has stoked pressure on an administration already under fire for corruption.
Mukherjee said Indians need to overcome their political and economic insecurity.
“Why are we getting nervous about foreign giants entering the markets? India is not mortgaging its future and history will not repeat itself,” she said.