| 2G verdict will make India a laughing stock: AG to SC |
| Posted on 17-07-2012 | 10:18:59 IST | DY365 Bureau |
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New Delhi: It is not only the President of the United States who thinks that the business environment in India is not conducive for foreign investment. India’s Attorney-General also appears to share the same sentiment.Casting apprehension on the Supreme Court order that mandated 2G spectrum to be auctioned, the AG invoked Barack Obama and said that the verdict will make India a ‘laughing stock internationally’. The hearing is going on in SC on government’s Presidential Reference in the same case. Noting that India prohibited foreign investment in too many sectors such as retail, US President Barack Obama had on Sunday cited concerns over deteriorating investment climate there to endorse another "wave" of economic reforms.Still sounding positive about Indian economy, "which continues to grow at an impressive rate," he had said that to some extent, India's slower growth is a reflection of the larger slow down in the global economy.Obama was careful not to be directly critical of the negative investment climate in India but cited the concerns of the American business community to make his points.Many in the American business community, "one of the great champions of the US-India partnership", have expressed concerns that the investment climate in India is deteriorating, he said."They tell us it is still too hard to invest in India. In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow," Obama had added.Obama noted that "there appears to be a growing consensus in India that the time may be right for another wave of economic reforms to make India more competitive in the global economy."Obama then went on to add, "and as India makes the difficult reforms that are necessary, it will continue to have a partner in the United States."
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