L N Mittal blames government for policy inaction

Echoing the sentiments of corporate chiefs like N R Narayana Murthy and Azim Premji, UK-based NRI billionaire,  L N Mittal blamed the government for policy inaction, adding that India was potentially condemning millions to poverty by not helping industrialisation.

"Industrialisation is an important part of every major economy's development and by risking progress in this way, India is potentially condemning hundreds of millions to remain in poverty longer than previously anticipated," Mittal chairman and CEO of world's largest steel-maker ArcelorMittal said.

Addressing the World Steel Dynamics conference in New York yesterday he said, "The Indian government must concentrate on smoothening the path for foreign investors ...there are understandable challenges in India relating to land acquisition and raw materials, but nevertheless the government must find a way to overcome these road-blocks more swiftly."

ArcelorMittal is waiting for six years to implement its $ 30 billion project mostly in Odisha and Jharkhand states, due to problems related to land acquisition and regulatory issues.

Mittal's comments come at a time when India's ratings outlook was being downgraded by global rating agencies like Fitch and Standard and Poor's.

According to Wipro chief Azim Premji who was speaking to global investment analysts, the country was leaderless and Infosys co-founder N R Narayana Murthy described the state of affairs India finds itself in as sorry. (See: Government a mere spectator, not a driver: Murthy)