Ratan Tata lashes out at 'venal' Indian business climate, slams govt
- Centre slashes petrol, diesel prices by Rs 2; Delhi rates go up due to VAT
- PM Modi launches Skill India, says war against poverty will be won
- Indian Army says drone shot down by Pak not its
- CBI arrests Karnataka Congress MLA Anil Lad in illegal mining case
- Swati Maliwal not even remotely connected to me: Kejriwal on DCW row
Ratan Tata, the outgoing head of the Tata business empire, has said that a lack of government support was preventing Indian industry from competing with China and lashed out at a "venal" business environment.
In interviews published ahead of his retirement as chairman this month, Ratan Tata criticised what he called a lack of coherence in government policy and said the Mumbai-based group's ethical standards had cost it business.
Tata, a sprawling conglomerate whose portfolio ranges from salt to software, has earned itself a global reputation for its eye-catching purchases of Western companies such as Jaguar Land Rover and Corus Steel.
Tata told the 'Financial Times' that his Group planned to look to other emerging markets for expansion and accused Prime Minister Manmohan Singh of forcing it to look abroad by failing to address complaints about bureaucracy.
Singh's government is currently steering a series of economic reforms through parliament which aim to open up sectors such as supermarkets, insurance and aviation.
But Tata, whose global sales total USD 100.9 billion, said investors were being deterred from India and complained that it still took the best part of a decade to gain clearance for major projects.
"Different agencies in the government have almost contradictory interpretations of the law, or interpretations of what should be done," he told the London-based newspaper.
"These are things which by and large would drive investors away in most other countries," he added.
Tata contrasted the Indian government's attitude towards its industrial sector with that of its counterpart China where Tata recently opened a Jaguar Land Rover factory.
"There's a great, marked difference (in) government support," he said. "If we had the same kind of encouragement to industry... I think India could compete definitely with China."
In a separate interview to Tata's in-house publication, Tata said his successor Cyrus Mistry would face a major struggle not to compromise the group's ethical standards.