Foreign companies see turnaround in India: CII Director General

Chandrajit Banerjee says process of clearances in India has been streamlined and predictability has been brought about in taxes, setting positive tone for foreign investments

Foreign companies see a "lot of turnaround" in India and a "lot of positive attitude" is building towards it, according to the Confederation of Indian Industry (CII) which held interactions with their counterparts of Germany and France over the last few days.

CII Director General Chandrajit Banerjee said the process of clearances in India has been streamlined and predictability has been brought about in taxes, setting the positive tone for foreign investments.

"We are seeing a positive attitude towards India. People are seeing a lot of turnaround stories. People are talking about how quickly they have been getting permissions and being facilitated to move fast on the ground in India," he told PTI.

He based his observation on the interactions he and other Indian business leaders had with their counterparts in Germany and France, alongside the visit of Prime Minister Narendra Modi to these two countries.

Banerjee, who was here in connection with the international Hannover Fair, said the top executives of Indian companies who held interactions with their counterparts in Germany and France are like ambassadors of India talking about the "turnaround situation" in India.

"There is a lot of positive attitude that is building towards India. We do see a lot more coming into India in terms of overseas investments," he said.

Asked whether he was suggesting that the investor sentiment has changed, Banerjee replied, "Not only the sentiment, one has to see results."

He said the sentiment had "changed sometime back" and "we are seeing results because they (foreign companies) are talking about how quickly they are getting permissions to start operating and doing business in India."

When pointed out that rules and regulations are still a problem in India, he said, "it is work in progress in many areas."

He said clearances have been streamlined to a "large extent".