Mr Kumar Mangalam Birla at an interactive session in Kolkata on Friday. sns

statesman news service
KOLKATA, 28 JUNE: India needs to ensure an investor-friendly environment so that more investments flow into the country. Indian industrialists invest abroad because of the enabling business environment there, Mr Kumar Mangalam Birla, chairman of the Aditya Birla Group, said here today.
Speaking at an interactive session organised by the Calcutta Chamber of Commerce, Mr Birla, who took up the mantle at an age of 28 in 1995 from his father Aditya Birla after his untimely demise, said that Indian industrialists are not investing abroad at the cost of the domestic economy. India’s business environment needs to improve so that these industrialists can invest at home.
However, things are changing for the better now, he said. Giving an example of one of his projects in Brazil, Mr Birla said that the authorities there apologised for a day’s delay in the commissioning of the project. But here the environment is different.
Commenting on the present political scenario, he said coalition governments do not necessarily be averse to a business-friendly environment. Once the group finalises a decision on a particular policy it should stick to it till the end to give confidence to the investor, added.
Coalition governments cannot be blamed for stagnation in economy. Because, the country has seen coalition governments for quite some time. What is needed is political alignment, he said.
Asked why industry was critical about liberalisation when it was the greatest beneficiary of such policy, he said industry was within its rights to speak against the government for uncertainty in policy-making.
Mr Birla said indian industrialists are not making all their investments abroad. They are investing in the domestic sector also. But if the environment here was improved there would have been greater flow of investment.