PW Bureau
While noting that the improvement in India’s performance on the ease of doing business index was a crucial step, Schwab said that it is less than perfect
New Delhi: Even though India’s ranking on the ease of doing business index has improved, but Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), said that red-tapism and the lack of world-class infrastructure are the two main hurdles faced by foreign investors in India.
Schwab, who was in India on December 13 to speak on the forthcoming WEF in January 2019 in Davos, said, “I always hear foreign investors complain how difficult it is, particularly, the bureaucratic process which is the main impediment to business. However, once the business is here, they are very satisfied with working in India.”
According to the WEF founder, the other factor impacting the inflow of investments in India is infrastructure. As much as US$800 will be needed over the next 10 years to improve India’s infrastructure, he said.