Should FII be allowed to keep investing uncontrolled???

Present economic growth is a result of opening indian markets to foreign investors and since then indian economy has really flourished. Industry growth rate has been substantial and other sectors as well have shown far more better performance than any other period. Point of concern is that whether this uncontrolled FII should be allowed in indian markets or no?? Is it that our economy is dependent on FII only and we are not capable of making our economy work at all??? Today there are more foreign investors in indian market as compared to indian investors.