Kumar Mangalam Birla now blasts India's policy inconsistency
New Delhi: Aditya Birla Group Chairman Kumar Mangalam Birla on Monday complained of country's inconsistency and lack of transparency in business policies.
The head of the USD 40 billion Group, Birla said India has the worst inconsistent and uncertain business policies among 36 nations in which the Group has presence.
"We are in 36 countries around the world. We haven't seen such uncertainty and lack of transparency in policy anywhere," he told Bloomberg TV India.
"Country risk for India just now is pretty elevated and chances are that for deployment of capital, you would look to see if there is an asset overseas rather than in India," he said.
India's policy uncertainty and lack of transparency had come under attack in the recent past from various quarters.
Birla's comments came as a surprise because he keeps a low profile.
A hugely diversified Aditya Birla Group generates over 53 percent of its revenues from overseas operations.
The Group was also in the news last week for stopping production at its two facilities in just four days.
Following announcing a lock-out at Hindalco's Silvassa plant in Dadra and Nagar Haveli on February 26 as workers' strike defied to die down, on March 1 Ultratech Cement shut down, albeit temporarily, its Awarpur plant in Maharashtra, due to workers' unrest.