INTERNATIONAL INVESTMENT IN INDIA 43 innovation and the speed of imitation, which in our view would survive under very different government policies. If this is so, then certain new forms of investment—especially joint ventures and licensing arrangements —have a standing advantage over foreign subsidiaries, and would predominate in a very wide range of circumstances. Thus it is our view that however liberal government policy may become towards foreign investment, the probability is low that foreign subsidiaries would come to dominate Indian industry. Just as despite all liberalization, multinationals have shied away from investing in or buying up companies in Japan, in India also foreign enterprises would continue to operate through or in collaboration with Indian businessmen. REFERENCES 1 Charles Oman (1982); New forms of international investment in developing countries. OECD Development Centre, Paris (mimeo). 2 Reserve Bank of India (1962) : RBI Bulletin, Bombay. December, p 1974. 3 Reserve Bank of India (1975) : RBI Bulletin, Bombay. July, p 5574. 4 Reserve Bank of India (1981) : RBI Bulletin, Bombay. July, pp 553-555. 5 Kidron, Michael (1965) : Foreign investments in India. Oxford University Press,. London. 6 National Council of Applied Economic Research (1971) : Foreign technology and investment (A study of their role in India's industrialization). New Delhi. 7 National Council of Applied Economic Research (1969) : Transfer of technology to India, New Delhi (mimeo). 8 Chandra, N K (1977) : Role of foreign capital in India. Social Scientist 5(9), pp 3-20. 9 Centre for Monitoring Indian Economy (1980): Market and market shares for 200 industrial products, Bombay. 10 Desai, Ashok V (1982) : Foreign firms in Indian industry. ICRIER-NCAER Project on Technology Development and Policy, New Delhi (mimeo). 11 Reserve Bank of India (1977) : Report on Currency and Finance 1976-77, volume II. Bombay. 12 Reserve Bank of India (1981) : Report on Currency and Finance 1980-81, volume IL Bombay. 13 Reserve Bank of India (1981) : RBI Bulletin, November, Bombay. 14 Reserve Bank of India (1981) : RBI Bulletin, July, Bombay. 15 Desai, Ashok V (1982) : Technology transfer and development in the Indian tractor industry. New Delhi. 16 Desai, Ashok V (1982) : Market structure and technology : their interdependence in Indian industry. National Council of Applied Economic Research, New Delhi (mimeo), 17 Desai, Ashok V (1982) : Technology import policy in the sixties and seventies ^ changes and their consequences, Indian Council for Research on International Economic Relations, New Delhi. 18 Desai, Ashok V (1982) : British and German investment in Indian engineering and chemicals, Indian Council for Research on International Economic Relations,. New Delhi. 19 Baranson, Jack : (1967) Manufacturing problems in India : the Cummins-Diesel experience, Syracuse University Press. 20 Ministry of Industry (1982) : Department of Industrial Development. Guidelines: for Industries. Part I, Policy and Procedures, New Delhi.