Legal and regulatory impediments in India continue to be a source of “frustration” for investors looking to set up or expand operations in India, even as land acquisition and “regular delays” in Customs clearances remain problematic, the U.K. India Business Council (UKIBC) has conveyed to the Government of India.
The Council has urged India to take a “broader view” of priority sector lending norms for foreign banks operating in India and sought equitable tax treatment, while flagging rising instances of counterfeit product sales through e-commerce platforms as a deterrent for intellectual property (IP) owners.
With India and the U.K. working to seal a free trade agreement (FTA) soon, the Council has said making it easier to do business is as important as the trade pact to bolster trade and investment flows. Its recent submissions to the government, based on inputs from British firms operating in the country, include a laundry list of procedural, taxation and other areas that need intervention.
