Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world’s fastest growing economies, is struggling to decide what to do with the money.
The problem is not opportunity, he said. It is India. “Every large investment, there was no transparency,” Piramal said.
His dilemma is a worrying sign for India. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it is time to quit India. It has got to be easier to do business elsewhere.
India, still a beacon of relatively fast growth despite a troubled world economy, should be a magnet for capital. Instead, since the beginning of 2010, the amount that Indians have invested in businesses overseas has exceeded the amount foreigners are investing in India, according to central bank figures.
“India was going more towards capitalism than socialism,” Piramal said. “I think we’re going back. Capitalism went to too much excess. Corruption levels went to the extreme.”
1. mire v.
陷入 (xian4 ru4)
例: While Asia is overheating, US consumer confidence remains mired in depression.
2. red tape n. phr.
繁文縟節 (fan2 wen2 ru4 jie2)
例: Poor people have to go through a lot of red tape to get social welfare.
3. extreme n.
極致；極端 (ji2 zhi4; ji2 duan1)
例: Love and hate are two extremes.