Millennium Post

'India’s business environment complicated'

Singapore Prime Minister Lee Hsien Loong on Wednesday said India's business environment is ‘complicated’ for investors who want policy stability.

‘I think India's environment is complicated,’ Lee said at a meeting with India's industry leaders organised by Confederation of Indian Industry, Federation of Indian Chambers of Commerce and Industry and Assocham.

He said when investors take a decision they want stability and ‘they want to have reliable partner. They look at the prospect and possibilities. That's the way all businesses happen,’ he said answering a question on how to improve business climate in India. Some global industry associations and investors have expressed apprehensions over business environment in India following the announcement of controversial General Anti-Avoidance Tax Rules [GAAR]. Besides, retrospective tax as in the case of Vodafone has also added to uncertainty among some investors.

Asking India Inc to set up global base in Singapore, Lee said the countries have to ‘do a lot more to enhance bilateral relations’. 4,000 Indian companies are currently operating in Singapore.
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