Mumbai: A "slow pace" of approval process in India is inhibiting foreign investments, US Ambassador to India Nancy Powell said Monday.
"Slow pace of approval process sends mixed messages to American companies planning to invest here," Powell told a gathering of the Indo-American Chamber of Commerce here this evening.
Noting that Indian economy has grown at least 10 times since the 1991 liberalisation, Powell said "this could not have been possible without the help of multi-nationals and the business model adopted by the government".
"But there is even brighter future, provided the government improves its decision-making process, especially those of foreign investment proposals," she added.
Powell also complimented the recent government decision to allow increased FDI in various sectors like aviation and retail, saying such measures are "encouraging," and added that more such initiatives in defence collaboration, energy and financial sector are needed.
"If implemented, such measures can enhance the country's capabilities in these critical sectors," she said.
"India needs and deserves the best military services in the sub-continent for which the US is ready and prepared to help. Your security challenges are genuine and the US can help enhance your internal security, Powell said.
First Published: Monday, April 15, 2013, 23:42