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Decision-making slow in India: Mittal

At the inauguration of the Guru Gobind Singh Refinery at Bhatinda on Saturday, Indian-origin billionaire Lakshmi N Mittal said decision-making in India is slow but he would not complain of policy paralysis.

Asked if the perception of policy paralysis in the UPA-government was responsible for slowdown in the economy and loss of investor confidence, Mittal said his philosophy was not to complain but to adapt to local policies.

'We have businesses all over the world. I tell my guys don't complain about the policies, try to adopt [the] policies. We don't complain. We have tried to adapt to local policies. We will all have to adjust to the new policies,' he told reporters after Prime Minister Manmohan Singh
formally launched his investment arm's refinery project.

But, he said, decision-making was slow. 'Surely things are moving slowly. There is no doubt. Process approvals are taking time. The biggest impediment is still infrastructure development.'

'For an emerging market like us, we should grow more. There is so much of potential,' he said, adding that India was growing slower than its capability as the European Union crisis has affected emerging markets.

Mittal, Chairman of ArcelorMittal, the world's biggest steelmaker, said European economy may take 2017 to reach pre-crisis level due to various issues.

'There was an impression a couple of years back that India as an emerging market was decoupled from global economy. But last global crisis has proved that we are not decoupled. There is a clear relation between global crisis (and) Indian economy,' he said.
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