Report by OD bureau; New Delhi: CII notes the concerns raised by US President, Mr Barack Obama on India’s investment climate. The global investors’ perception on India has been affected due to the recent developments in Indian policy making. With the introduction of GAAR, which was intended to plug taxation loopholes, and the announcement on retrospective amendments to income tax law had affected business sentiments and investors’ confidence globally.
CII strongly feels that it is time to announce a few confidence building reform measures such as announcing increasing FDI caps in civil aviation, defence production and opening of FDI for multi brand retail. These will go a long way in correcting the perception about India globally, said Mr Adi Godrej, President, CII and Chairman, The Godrej Group.