'Bureaucracy a stumbling block to investment'

LOPAMUDRA GHATAK / INDIATIMES NEWS NETWORK / Jan 9, 2007, 16:24 IST

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An unhelpful attitude of the Indian government and the painful procedures while applying in the capital market is holding the country back, says an NRI.

'Bureaucracy a stumbling block to investment'

NEW DELHI: The unhelpful attitude of the Indian government and the painful procedures while applying for shares, mutual funds, bonds and equities are holding the country back, says Dinesh C Maheshwari, a Singapore-based management and business consultant, who is here to attend the 5th Pravasi Bharatiya Divas in the Capital.
A frequent visitor to India, Maheshwari has attended all the three Diaspora meets in New Delhi.On the closing day of the jamboree, we caught up with him to know what he feels about the celebration and India
Q. This is your third visit at the Pravasi. Are you happy with PBD 2007?
A. It has been an okay experience. The government now has to decide what it wants to do or achieve with this gathering. It has to find out means to carry this forward. It has to look at ways to beef up interaction. There has to be ways of dialogue with the government, the government just can't keep throwing orders.

Q. Are you happy that both the Prime Minister and the Finance Minister said that PIOs and NRIs need to make emotional investments as well?
A. Emotional investment is welcomed. But we have to realise that not many NRIs are actually investing in India. They are all flocking to the US as returns are higher there. So unless NRIs feel satisfied with the monetary investments they have made, the emotional bonding won't happen so soon.

Q. What, according to you, makes NRIs shy away from investing in India?
A. Bureaucracy, bureaucracy and bureaucracy - that is the crux of the problem. The unhelpful attitude of the govt doesn't help. For NRIs wanting to make investment in India in the capital market via shares, mutual funds, bonds, equities, it is such a painful procedure. After filling up lengthy and illogical forms, the potential investors are hit by unnecessary delays.
Q. What can be done to tackle this?
A. Young India has to take a greater role in the decision-making process. The country's educated masses refrain from exercising their franchise very often. This has to change and unless this attitude is altered, there won't be any growth. We need better ministers, and entry to Parliament must be based on educational qualification.

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