Bajaj said that those accusing him of protectionism had misunderstood him. He categorically stated that he was against protection of inefficient private industry but he was worried about the possibility of wiping out of efficient Indian companies.

For globalisation the country need not be 100 per cent open and complete opening up is dangerous, he said. While investments in infrastructure and technology was welcome, it was not needed in host of other industries. Bajaj was against handing over majority holdings for obtaining technology. Technology was freely available in these areas without giving foreign companies a majority in equity. We want an environment conducive to preparing Indian MNCs, Bajaj added.