Indian Land Banks in Africa – Neo-colonials
Apart from Indian companies buying out ‘western brands’ as well as heavily investing/buying mines, oil and gas fields in other countries, Indian companies are also buying land in Africa to grow agricultural products that can be exported to large markets including India. Companies and investment houses prefer the African route to agriculture as direct investment in this sector in India is fraught with bureaucratic hurdles. Also land is relatively cheaper in Africa and the fertile, contiguous nature of land - a company can get large tracts of land - is the other main driver. According to statistics provided by governments of various countries in east Africa, more than 80 Indian companies have invested about £1.5 billion (about Rs 11,300 crore ) in buying huge plantations in countries in eastern Africa, such as Ethiopia, Kenya, Madagascar, Senegal and Mozambique that will be used to grow foodgrain for the domestic market.
Africa continues to get colonized – albeit in a ‘modern’ fashion!
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