Lang Jia in the article, "India is still a minefield for investors" (June 10), seems to be lost in a minefield of his own imagination, not shared by investors into India.
In the year to March 31, 2015, India received foreign direct investment of US$35 billion, up 40 per cent on the previous year. In addition, foreign institutional investors pumped US$44 billion net into the Indian markets, up 241 per cent on the previous year. Clearly, international investors do not share the same dire view of India's prospects as Lang Jia.
India, like all fast developing markets including China, can be a challenging country in which to do business. Lang Jia lists a number of the issues that all investors, whether Indian or foreign, have faced in India: complex regulations, onerous labour laws, unclear tax rules, clogged courts and corruption.
The government of Narendra Modi has pledged to address these issues and make India a much easier place in which to do business. In his first year in power, he has made an impressive start, and clearly most investors believe in his commitment to change India for the better.
Like all business people, I would dearly love to see more progress faster: more competition, less regulation, better infrastructure, faster court processes and a more skilled workforce.
Lang Jia's article is a jumble of well-known criticisms of India. But, in addition, it has conjured up a wholly fatuous issue out of sections 396 and 397 of the Companies Act 2002, which updates the Companies Act 1956.
