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No big bang investments: CII
No big bang investments: CII. Industry body CII said, there has been no big-bang investments in the first year of Narendra Modi rule and issues on ease of doing business still need to be addressed.
New Delhi : Industry body CII said, there has been no big-bang investments in the first year of Narendra Modi rule and issues on ease of doing business still need to be addressed. As Narendra Modi government celebrates one year in office, however, it states that investments will gradually come in. CII President Sumit Mazumder termed as "ambitious" the government's aim of notching up the country's ranking to 50 on the World Bank's ease of doing business index.
Speaking to PTI on the one-year performance of the Modi government, Mazumder said: "What has not shown is, no big bang investments have come on the ground. But that will take time…How long it will take is difficult to tell, but based on my discussions with various people, we should definitely start seeing results by the third or fourth quarter of this year".
The CII President said he would like to see much more action being taken on ‘Ease of Doing Business’, to cut out the red tape. He further said that reforms will pick up pace, going forward. On big investments not coming in yet, he said: "Ease of doing business, until that is addressed, there is a great deal of reluctance because historically foreign investors have come here, tried for 3-4 years and gone back disenchanted.
"So, they must gain the confidence that the situation is different today. There is a time lag between the action being taken and investments coming in. I am hoping that by the third or fourth quarter we should start seeing results". Pointing out that in the last 4-5 years hardly any investments have taken place, Mazumder said it is a matter of concern even among Indian investors.
