For fast economic development of the country, India should open up its economy fully to foreign investment. But this should be a short term strategy. For long term sustainable development, India should develop technology, encourage Indian companies to invest abroad and export technology. India, being a large country with a population of over 1250 million should not be a regular importer of technology. According to World Bank data Finland with a population of about 5 million has over 7000 researchers per million of population. That is why it is able to develop, utilise internally and export new technology. China has about 1000 researchers per million of population. But India has only about 160 researchers/million of population. India should give top priority for increasing this number at least to the level of China viz 1000/million of population. This is what, India should do to become a developed country. Its dependence on other countries for technology should gradually decline. For sustainable development India should depend on R & D and not on foreign investment.
How long should India seek foreign investment for its economic development