Business leaders in Gulf region asked to invest in India

DUBAI: The rigidity of doing business in India is changing as it is opening up different sectors, an Indian businessman has said and asked Gulf business leaders to take advantage of the opportunity by investing in the country.

"Plans are underway in India to scrap archaic laws that hindered growth and new reforms to be introduced that will promote transparent and a free business environment," Chief executive of PineBridge Investments India, Siddhartha Singh said.

"Things are definitely changing and we are constructing a portfolio that takes into account 'good business model run by able and efficient management and the price we pay to buy a piece of that business'," said Singh who is in the UAE to meet potential investors.

"The rigidity of doing business in India is changing, as it is opening up different sectors. People are optimistic about India, particularly in the services sector because the country now has a stable government with a focus on infrastructure development, capacity creation and a credible central banker," he told Gulf Daily News.

Indian equity market is expected to register a growth of between 15-18 per cent per annum over the next three to five years and is attractive for GCC businessmen and non-resident Indians to invest their financial savings as the market will do well, he said.

Gulf Cooperation Council (GCC) member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.