(IndustryWeek – AFP)
The Asian Development Bank on Wednesday urged India’s new government to cut stifling red-tape to draw foreign investment and get the country back on a high-growth track.
ADB President Takehiko Nakao, speaking after holding talks with India’s new right-wing premier Narendra Modi, noted the country’s economy posted near double-digit growth just a few years ago.
“To get back to a high-growth path of 8-8%, it’s crucial to implement investment-friendly reforms being initiated by the government,” and ease India’s bureaucratic red-tape, Nakao told reporters in New Delhi. Read more here.