Still too many barriers to business in India: Obama
NEW DELHI: US President Barack Obama said there were still too many barriers to doing business in India as he hailed moves by Prime Minister Narendra Modi to cut red tape. “There are still too many barriers, hoops to jump through,” Obama said in an address to a group of US and Indian CEOs in New Delhi Monday. “We hear this consistently from business leaders such as you,” Obama added, speaking alongside Modi. Meanwhile: Indian Prime Minister Narendra Modi promised US executives Monday that he would forge a “predictable and competitive” tax regime as he sought to shake off his country’s reputation as hostile to business. Speaking alongside US President Barack Obama at a meeting of American and Indian CEOs, the right-wing premier said the business climate had already dramatically changed since he came to power and the transformation would step up pace. “You will find an environment that is not only open but welcoming, we will guide you and work with you on your projects,” said Modi whose election win last May was largely founded on a pledge to overhaul India’s economy, according to a news agency.