Over a third (37%) of all managers indicated they were re-assessing India’s investment risks due to policy or governance deficits.
The oft-erupting corruption scandals in India have hurt country’s image big time before the world community. During a survey conducted among the German investors, a vast majority (85%) of managers felt that the recent scams have sullied India’s global image.
They said that their policy issues weigh on India’s reputation. About 30% said the reputation damage for India was very high. Over a third (37%) of all managers indicated they were re-assessing India’s investment risks due to policy or governance deficits.
“Future investment decisions may be scrutinized more carefully if India failed to tackle these issues,” said General Steinruecke, director of the Indo-German Chamber of Commerce (IGCC) which conducted the survey. Almost 17% managers said the political deadlock, lack of reforms or regulatory uncertainty hurt India’s image. The survey was conducted among 175 German companies operating in India.
Interestingly, the same survey also revealed that the German companies find Indian workers efficient and dedicated. Hence they are hiring aggressively in India in order to meet their rising demand for products and services. More than one third (37%) intend to grow staff by 20% or more this year. One quarter (25%) plan to increase headcount by 10 to 20%.
CBI has to scan 85,000 pages for Balwa: With the Delhi high court’s denial of giving iPad to Asif Balwa, an accused in the 2G scam, CBI is now under pressure as to how they would scan 85,000 pages of the charge sheet.
“It will be a tedious task and will take lot of manpower and time,” a CBI official said.
Court reserves order on Behura’s bail plea: The special CBI court on Friday reserved its order on the bail plea of former telecom secretary Siddhartha Behura, an accused in the 2G spectrum case for June 3,who countered the conspiracy charge against him by saying he was implementing a policy backed by the prime minister.
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