Corruption, poor governance, hurting India growth, survey says
Mor than three quarters of India's leading companies say the government's failure to check corruption and push reforms will hurt economic growth, a survey published Monday said.
Top executives at 57 of 75 firms surveyed by the Economic Times newspaper and the Federation of Indian Industry and Chambers of Commerce were unhappy about administrative performance, DPA reported.
"Some 80 per cent say that forget path-breaking reforms, even the pace of routine decision-making has slowed," the Economic Times said in its report on the survey.
"And 72 per cent have that sinking feeling that this crisis in governance is going to hurt economic growth."
Another survey of 43 company executives by the paper and research firm Synovate also published Monday showed a majority feared that India's growth could be derailed.
"The prevailing negative sentiment among domestic investors will have a bearing on the perception of foreign investors," it quoted federation president Harsh Mariwala as saying.
The Congress-party led coalition has faced several corruption charges in the past one year, including a 40-billion-dollar telecoms licensing scandal which has seen a former minister, a number of bureaucrats and telecom firm executives in jail awaiting trial.
Business executives said the developments were harming India's reputation as a financial centre.
The corruption scandals have triggered anti-graft protests even as opposition parties has stalled parliament proceedings and put the government on the back foot.