Local parity in the private sector is a questionable idea

If the Congress government was letting off a trial balloon, it got clear feedback: industry leaders and bodies, including Nasscom, have expressed concerns and shock over the proposal, arguing that it will discourage talent and investment from flowing into the state and also lead to capital flight. The government has said it will assuage industry concerns, but this should be done before moving forward with such legislation. While the government has made some exceptions for qualified talent, the very basis of the proposal seems shaky. This chauvinistic move is ultra vires the Constitution. It may help politicians pander to their voters in the short term, but it could have disastrous consequences for the economy. As such, it deserves to be thrown out in the larger interest of Karnataka.