Bureaucracy, corruption main hurdles for cos in India: Report

Bureaucracy and corruption are two main aspects affecting the ease of doing business in India, according to the Business Climate Survey covering Norwegian businesses in the country.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Dec 01, 2016, 09.36 PM | Source: PTI

Bureaucracy, corruption main hurdles for cos in India: Report

Bureaucracy and corruption are two main aspects affecting the ease of doing business in India, according to the Business Climate Survey covering Norwegian businesses in the country.

Like this story, share it with millions of investors on M3

Bureaucracy, corruption main hurdles for cos in India: Report

Bureaucracy and corruption are two main aspects affecting the ease of doing business in India, according to the Business Climate Survey covering Norwegian businesses in the country.

Post Your Comments

Share Cancel

| 1 Comments
Bureaucracy, corruption main hurdles for cos in India: Report
Bureaucracy and corruption are two main aspects affecting the ease of doing business in India, according to the Business Climate Survey covering Norwegian businesses in the country.

The poll also revealed that 62 percent Norwegian firms consider the present business climate favourable in India, whereas 75 percent consider the investment climate to be more favourable in the coming three years.

83 out of the 101 Norwegian firms registered in India participated in the survey.

Norwegian Ambassador to India Nils Ragnar Kamsvag told PTI that the survey reflects the mood among the Norwegian companies to invest in India, adding that it was "no surprise" that bureaucracy and corruption were the two "biggest hurdles" for Norwegian companies investing in India.

However, he mentioned that the survey was conducted before the Indian Government announcing demonetisation of higher denomination currency on November 8.

The poll observed that increasing salaries is the most critical issue among the workforce in India.

According to the survey, 70 percent Norwegian firms want to grow market for their line of business in India, while 68 percent believe that India is a strategic location for R&D.

Moreover, 55 percent companies believe that the Indian market is lucrative for start ups.

The survey was conducted by the Norwegian Business Association India (NBAI) & Royal Norwegian Consulate General, Mumbai in collaboration with the Commercial section of Royal Norwegian Embassy, Delhi for the first time, to assess the current and near future business climate for Norwegian companies with specific focus on the Maritime sector.

India has been described as the "only bright spot" on the global economic scenario. Norwegian companies have been present in India for long, covering areas like maritime, oil & gas, fisheries & aquaculture, ICT, health and renewable, among many others.

Maritime sector being the most important for Norway in India, the survey has a dedicated report about different aspects of this sector including inland waterways, coastal shipping, ship design & building, sustainable shipping etc.

The Norwegian maritime companies are very optimistic (96percent of them) about the sector growing in next 5 years.

However, they don't see any recovery in commercial shipbuilding. The survey revealed that defence shipbuilding provides a silver lining for the ship-building sector.

The growth in maritime sector will largely be driven by modernisation and mechanisation of ports; development of inland waterways and coastal shipping; sustainable shipping initiatives like promoting LNG fuelled vessels.

Buy, Hold, Sell ? Hear it first on M3
Bureaucracy, corruption main hurdles for cos in India: Report

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login