India Loses Preference from Information Technology Multi National Companies

The Chairman of Microsoft India Mr. Bhaskar Pramanik said “India is no longer a preferred destination for IT multinational companies (MNCs) due to variety of problems. Though Mr. Pramanik did not elaborate on the problems faced by the It companies in terms of investments and operations, he said that “other countries” were doing better than India.

He refused to name the ‘other countries” but said “India is no longer the preferred destination of MNCs. People are cautious about investments. There are a host of other challenges. The government has to talk about and address these challenges”. The Microsoft India Chairman was talking at reporters on the sidelines of Infocomm Summit.

Indian Loses Preference

The Microsoft India Chairman said “other countries are doing better on multiple counts,” he said when asked further. Calling the move to put on hold the decision to relax Foreign Direct Investment (FDI) norms in retail as ‘disappointing’ and ‘regressive’, Mr. .Pramanik said there was a need for more investments in the country.

“Whether this investment is coming locally or from outside, it doesn’t really matter. My belief is that FDI in any form is good. We have a corporate sector which is entrepreneurial and the State Governments are savy. We will be able to put in place all the checks that are needed.” Mr. Bhaskar Pramanik said.

The Microsoft India Chairman hoped that the Government of India would have a serious look at the various challenges faced by IT MNCs in India and try to find amicable solutions at the earliest to prevent further deterioration of investments from MNC IT sector.

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