"India's craving for foreign direct investment sums like $3 billion, $10 billion, etc is an act of foolishness. The country is not short of cash, but is short of wealth and a determination to create wealth," said C K Prahlad, the management guru and a professor at the University of Michigan Business School in United States.
The country has 500 times of the money that it is aiming at as FDI, he said.
Its safe buffer stock of food grains alone is to the tune of 60 million tonnes, or in value terms is worth over Rs 40,000 crore (Rs 400 billion), Prahlad said at the Partnership Summit in Hyderabad.
A phenomenal accomplishment by the Indians in the recent past, which has not received proper acclaim, which it deserved is the human resource management innovation it had done in custom software arena, he said.