Washington: ‘The private sector strongly feels that India is a difficult place to do business in India due to many regulations,’ said Jim Young Kim, World Bank President.
"This is the direct impression that many private sector players have and we know very well that the Indian government, especially the leadership knows this very well and they're moving in a direction to try to improve that," said Kim during the media round table.
Kim was highly appreciative of the top Indian leadership including Prime Minister, Manmohan Singh and Finance Minister, P Chidambaram. "The Central Bank (RBI) Governor, Rajan has already announced some financial sector reforms that I think (they) are very promising. The thing that strikes me is that when I speak with for example Finance Minister Chidambaram and, you know, Prime Minister Singh, they know exactly what needs to be done," added Kim. He even further highlighted that ‘India is very focused on improving its educational system’. We also know the fact that India is also investing in human beings, improving health outcomes and investing in education, is extremely important for economic growth.
"Indians also know that they need to make progress in their health systems as well. But I think that there is a lot that India can do to improve its business environment," asserted the World Bank President.
"The private sector has the strong sense that India is a difficult place to do business in because of so many regulations and government regulations that are a bit unpredictable," concluded Kim....