UPA Government downplays Tata's angst over lack of support for investment
The United Progressive Alliance (UPA) Government on Saturday downplayed industrialist Ratan Tata's angst and ire over various policies and approach of the concerned agencies, compelling domestic investors to go abroad.
In an interview to an English Daily, Tata has lashed out at the UPA Government for its inaction that is driving investments away and accused Prime Minister Manmohan Singh of forcing domestic investors to look abroad by failing to address complaints about bureaucracy.
Minister of State in the Prime Minister's Office (PMO), V Narayanaswamy denied Tata's allegations and said that the latter is blaming the government without presenting any facts or figures.
"Foreign remittances are growing, the problem created by so called NGOs had made us to work overtime to build confidence. The sector globally is facing recession. Tata's claims are not based on any facts. Prime Minster Manmohan Singh is taking many steps to support the investors and industrialists," said Narayanaswamy.
Union Minister of Sports and Youth Affairs, Jitendra Singh also said that the government has always tried to attract investors and newly proposed foreign direct investment (FDI) in multi brand retail sector is a major step, which will invite more investors and more industries.
"Different states have their own policies, some are able to attract huge investment and some have failed to so. I think, a national policy is required to encourage investors and industries across the nation," said Jitendra Singh.
Ratan Tata had expressed his unhappiness over lack of government support to create an investors' friendly environment in India, saying that different agencies in the government have almost contradictory interpretations of the law, or interpretations of what should be done.