London-based billionaires Hindujas said on Monday that they would make more investments worth billions in India as the policy measures initiated by the Modi government are creating a business-friendly environment in the country.
"The foreign investors are engaging the Big four audit companies to get information from India and so far the feedback is that the Modi's government has taken the right steps in attracting investment since they came to power in May last year," Business Standard quoted Prakash Hinduja, chairman of the Hinduja group of companies in Europe, as saying.
The investment plans from the Hinduja group comes at a time when a majority of Indian companies are following the wait-and-see approach in making new investments.
"Modi has created a buzz among foreign investors and they are waiting for the right opportunities to invest in," he said.
After assuming power in May last year, the Modi government has allowed more foreign direct investment (FDI) in defense, resolved retrospective tax issues and has taken measures to attract investments from overseas companies.
India's rank in the "Doing Business Report", released by the World Bank, has moved up by four notches to 130th position, giving a boost to Prime Minister Narendra Modi's push to make the country appear in the top 50 list in three years.
However, a slowdown in the global economy is restricting many foreign companies to postpone their investments in India.
Hinduja said that many Indian companies are not making investments "due to own problems such as high debt."
But, the Hinduja group companies are in the "investment mode," he said.
