'India must remove nightmarish rules to attract investments'

Well-known UK-based industrialist Lord Swraj Paul today said India should get rid of its "nightmarish" rules and regulations and hasten the decision-making process to attract more investments.

"There is a need to create more factories, because the demand is there. Today, India is attractive because potential is there in demand. It is not because this is the best country to invest. Rules and regulations are a nightmare for anybody," he said while delivering a lecture on 'Manufacturing in Difficult Economic Conditions in a Competitive Society'.

Lord Paul, who is also the founder of Caparo Group, further said foreign companies were investing in India with the hope that "rules which are suffocating will go".

"We need to hasten our decision-making process but that will attract some costs as well. If decision process has to hasten, it will come with some costs," he added.

Touching upon the issue of corruption, he said, "We have big issue of corruption, I think it is a national shame, though there is no easy solution. Every Indian needs to be party to make India corruption-free."