Billionaire Lakshmi N. Mittal on Saturday said that decision-making in India is slow but he would not complain of policy paralysis. “We have businesses all over the world. I tell my guys don’t complain about the policies, try to adopt...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 here. But, he said, decision making was slow. “Surely things are moving slowly. There is no doubt. Process approval are taking time. The biggest impediment is still infrastructure development,” Mr Mittal added.
Asked if the perception of policy paralysis in the UPA-government was responsible for slowdown in the economy and loss of investor confidence, Mr Mittal said his philosophy was not to complain but to adapt to local policies.
“For an emerging market like us, we should grow more. There is so much of potential,” he said.
Mr Mittal said India was growing slower than its capability.