'India should focus on implementing reforms to be competitive'

India should focus on implementing reforms and pass pending bills like GST to asssure foreign firms looking for signals that the government is serious, an expert said today.
"India needs to focus on competitiveness to be in the global markets and for inward investments" by implementing reforms, including land acquisition and Goods and Services Tax (GST), said Deborah Elms, executive director of the Singapore- based Asian Trade Centre which works between governments and companies.
"India still remains a huge attractive domestic market. Foreign firms will continue to work in and around India because it is an attractive market," Elms added, stressing that the country must become competitive for businesses.

But she cautioned, saying these foreign firms would be looking for signals from the government that they are serious about domestic reforms.
Elms also warned that it is "very hard to get a lot of foreign direct investment to come in when you don't have a lot of competitiveness or favorable competitive position".
"The blocking of parliament is denying the important decision that needs to be made (and) which are critical for the country," added Sandeep Shastri, Pro Vice-Chancellor, Jain University in Bangalore.

"In the present age of globalisation, it is very important that the government and leaders keep in mind the image that the country get outside (world)," he pointed out.

"The only way to achieve parliamentary functioning for the good of the economy is to make sure some consensus amongst the leaders of the (elected) parties," said Shastri, after addressing a workshop on "The State of Democracy in South Asia", at the Institute of South Asian Studies here today.
"It is creating a win-win situation...Something that leadership across the political board needs to work on," he added.
Shastri suggested that both the government and opposition parties should concede contentious issues but agree on pro-economic development national agenda.
He acknowledged the element of disenchantment and unhappiness with what is happening (with parliament not functioning), especially among foreign investors.