George Fernandes The Minister Who Ousted Coca-Cola and IBM from India (Image Source: iStockphoto)
Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape.
George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy. As the Industry Minister in the post-Emergency Morarji Desai government in 1977, Fernandes famously expelled multinational giants Coca-Cola and IBM from India.
This bold move stemmed from their refusal to comply with the Foreign Exchange Regulation Act (FERA), which required foreign companies to reduce their equity stake in Indian associates to 60%.
Fernandes insisted that Coca-Cola transfer not only 60% of its Indian firm's shares but also the secret formula for its concentrate to Indian shareholders. Coca-Cola agreed to the share transfer but refused to divulge the formula, citing it as a trade secret.
As a result, the government denied Coca-Cola a license to import its concentrate, prompting the company's exit from the Indian market. Fernandes then introduced an indigenous substitute drink called '77'. Coca-Cola eventually returned to India in October 1993, following the liberalisation of the Indian market by the P. V. Narasimha Rao government.
Two-and-a-half decades later, in 2002, Fernandes was again at the forefront of industrial policy, this time opposing the privatisation of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL). Serving as Defence Minister under Prime Minister Atal Bihari Vajpayee, Fernandes did not hesitate to voice his opposition to the disinvestment policies, arguing they were "making the rich richer and creating a private monopoly".
Fernandes' resistance to the sale of HPCL to companies like Reliance Industries and Royal Dutch Shell showcased his commitment to socialist principles and his willingness to challenge powerful economic interests. His actions and policies left a lasting impact on India's industrial landscape, reflecting his dedication to protecting national interests and promoting economic self-reliance.
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Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape. George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy.
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Position | Top Traders in India |
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1 | Premji and Associates |
2 | Radhakrishnan Damani |
3 | Rakesh Jhunjhunwala |
4 | Raamdeo Agrawal |
6 more rowsJul 19, 2024
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Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape. George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy.
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Rakesh Jhunjhunwala |
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Alma mater | Sydenham College of Commerce and Economics The Institute of Chartered Accountants of India |
Occupations | Investor Stock trader |
Spouse | Rekha Jhunjhunwala ( m. 1987) |
Children | 3 |
5 more rows
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Rakesh Jhunjhunwala |
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Education | Chartered Accountant |
Alma mater | Sydenham College of Commerce and Economics The Institute of Chartered Accountants of India |
Occupations | Investor Stock trader |
Spouse | Rekha Jhunjhunwala ( m. 1987) |
5 more rows
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