New Delhi: The UPA government may have succeeded in saving its political skin by putting the Foreign Direct Investment (FDI) in retail on hold, but on the contrary it has failed to retain the confidence of India Inc. Given the episodic corruption and lackadaisical attitude of the government in implementing economic reforms, India Inc is keen on investing in foreign destinations.

Expressing his discomfort in investing in the domestic market, Piramal Lifesciences head Ajay Piramal said, “There are lots of investment opportunities in India but the cumbersome official procedures are big hurdles. The system lacks transparency.”

“It takes two years to set up a plant in China, while five years in India. Corruption and lack of transparency have hamstrung the pace of industrial sector of the country.”

According to a data released by the Reserve Bank, Indian industrialists have invested USD 40 million in foreign countries in 2010, which is alarming.

Chairman of Godrej Group, Jamshyd Godrej said, “The condition of industrialists in India is depressing. An honest investor cannot even start his business here as the political influence, corruption and red tapism discourage spirit.”

JPN/Bureau