Mr Mittal takes over Arcelor

This was supposed to be a second part of this post.

Now Mittal bid to takeover Arcelor has raised a furor in Europe and there is a resulting reaction from India also.

First the reason for Europeans reaction, Mr Mittal has a reputation for turning around sick steel mills by restructuring and cost cutting, now the Europeans have since the turn of the last decade or probably even before taken a turn towards left. All the member states of EU have some form of welfare state. As such any downsizing is anathema; the governments in Europe are against it for the fear of downsizing. It shouldn’t be foreign ownership as “Ispat” owned by Mr Mittal is registered in UK very much a part of EU.

One of the charges against EU is of racism, I agree with it but it is subtle and only of marginal importance. The important issue here is that French and other politicians are afraid of any downsizing, which Mr Mittal might be doing.
In other words business wise Mr Mittal is a different texture than Europeans.
In my opinion Europeans idea of “Economic patriotism” is foolish and God’s way of eliminating the ignoramus.

However I don’t understand how Indian government comes into the picture.
I appreciate Mr Mittal acumen and entrepreneur skill. But the fact remains that he is a British citizen and as such it should be their responsibility. Moreover, I do not see any tangible or even intangible benefit to Indian government from this.

The only beneficiaries are stockholders of Ispat and Arcelor, while I do not grudge them their profit, I do not see why Indian government should sweat for him. Just because Mr Mittal was born in India, it doesn’t amount to anything.

He started business for sake of self interest (a fact I approve of) and so far in his business transactions he has pursued his interest only and not India’s interest. Certainly India doesn't owe anything to him.Why should Indian state work overtime for him?