New Delhi: Ratan Tata has lashed out at the Indian government for its inaction that is driving investments away, in an interview to the Financial Times.
The outgoing head of Tata group said lack of government support was preventing Indian industry from competing with China and rapped at a "venal” business environment.
Tata said investors were being deterred from India and complained that it still took the best part of a decade to gain clearance for major projects.
"These are things which by and large would drive investors away in most other countries," he told the newspaper.
"Different agencies in the government have almost contradictory interpretations of the law, or interpretations of what should be done," he added.
He also spoke about his disappointment with the Indian authorities by saying, "you may have the Prime Minister's Office saying one thing and maybe one of the ministers having a different view. That doesn't happen in most countries." He added, "You wouldn't have a seven- or eight-year wait to get clearance for a steel plant."
Tata said in the interview that his group planned to look at other emerging markets for expansion and accused Prime Minister Manmohan Singh of forcing it to look abroad by failing to address complaints about bureaucracy.
Tata is set to retire in December 2012 to be succeeded by Cyrus Mistry, the 44-year-old managing director of Shapoorji Pallonji Group.
First Published: Saturday, December 08, 2012, 00:05