Though the government has made significant strides easing regulations and processes in various areas, corruption and fear of persecution among the bureaucrats and enforcement of contracts continue to remain major hurdles for businesses in India. The issues were raised by participants during a discussion round in a session titled ‘India Means Business’, at the India Economic Summit, jointly organised by CII and World Economic Forum.
Kanika Dewan, President, Bramco, an international firm that deals in construction projects, design and supply of raw materials especially stone, granite apart from mining and quarrying activities, explained how corruption at every level was the key reason why most public-private-partnership projects (PPP) are stalled in India. She referred to a couple of airport projects her firm has worked on and said how cost-overruns are directly related to corruption, which triggers a vicious cycle of more corruption.