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If India Wants to Grow, it Better Cut Red Tape Says Bank

Posted August 29, 2014

Under Economic Issues, International Trade Issues

(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.