Tradeoff between Foreign Direct Investment and Economic Growth

The FDI mantra is considered an all-purpose panacea for the ills of the economy and society. Unfortunately, there has not been much debate about the far-reaching implications of FDI in Indian economy and, particularly, how it can stifle economic growth. The debate only focuses on the so-called effect on employment and loss of "socialism". This paper tries to counter to the five arguments in favour of FDI by citing some research findings.