Strictly enforce FERA against multinational corporations refusing to dilute foreign equity
“Strictly enforce the Foreign Exchange Regulation Act against foreign multinational corporations and promote self-reliant industrialization.”
The verdict
The Janata government strictly implemented Section 29 of FERA requiring foreign companies to dilute equity to 40%; when Coca-Cola and IBM refused compliance and technology sharing, their Indian operations ceased in 1977-78 (per FERA records).
Rule applied: Kept: achieved as promised, on time or within 6 months of the deadline → 10
Evidence timeline
- Other1 Nov 1977· WikipediasupportsForeign Exchange Regulation Act ↗
“Strict enforcement of FERA under Industry Minister George Fernandes in 1977 forced companies like Coca-Cola and IBM to leave India after refusing to dilute equity to 40%.”
- Other1 Nov 1977· WikipediasupportsEconomic history of India ↗
“Multinational corporations unwilling to comply with equity dilution under FERA withdrew from the Indian market during the Janata regime.”
More economy promises from this manifesto
Delete the Right to Property from the Fundamental Rights and make it an ordinary legal right
Arre wah! Ye toh sach mein hua.
Demonetise high-denomination currency notes to combat black money and economic corruption
Arre wah! Ye toh sach mein hua.
Re-orient industrial policy to protect and promote cottage, village, and small-scale industries
Arre wah! Ye toh sach mein hua.
Promise ID janata-ls-1977-013 · drafted 6 Oct 2026 by research-agent · JSON