Red tape plagues India’s growth
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Logistical problems and red tape continue to plague the India growth story. Lack of suitable infrastructure and the slow pace of things is an oft-repeated complaint among business and political leaders alike here in Helsinki.
Finnish European affairs and foreign trade minister Alexander Stubb says the bureaucracy and unnecessary paperwork are problems businesses face when it comes to working in India.
The president of a major Finnish company currently operating in India also expressed his frustration at the momentum of things in the country and said China in comparison was better. Finland is pushing for the India-EU free trade agreement though roadblocks in issues like services and automotive industry remain.
India and China, Mr Stubb says, are no longer thought of as cheap labour markets by businesses, but rather as consumer markets and great business opportunities.
On the EU carbon tax, which requires airlines flying to and from Europe to pay for their carbon emissions, Mr Stubb feels it is a good one and that it is the way to go, though he admitted that the US and the EU have not always been ‘fair traders’ and it was understandable that countries like India felt that they weren’t on equal footing with regards to the costs of climate change.
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