New Delhi: With the US business community questioning “predictability” of policies in India, Prime Minister Manmohan Singh has hit out, suggesting that they were finding “faults and excuses” because of economic slowdown in this country.
“There have been US business concerns but very largely these are concerns which arise out of the slowdown of the Indian economy,” Singh said.
“When Indian economy was growing at the rate of eight to nine per cent, I think everybody was quite happy. Even when there were defects in our policies, they were overlooked, and when the economy slows down, people try to find faults and excuses,” he said.
Singh was talking to journalists on board his special aircraft while returning last night from the US where he held talks with President Barack Obama. Economic issues figured prominently during the talks.
The PM was asked the reasons for deterioration of Indo-US economic relationship with US businesses lobbying with the Obama government to investigate Indian trade practices.
The Prime Minister said Obama did not go in detail with him on the issue but understood India's concerns. “He did understand our concerns but he also said that it is time that the CEOs Forum on both sides sat together to discuss these issues and to find out the meeting ground,” he disclosed.
Singh's comments came against the backdrop of US India Business Council (USIBC) President Ron Somers saying that foreign companies were keen to enter the Indian market, but there needs to be “clarity and predictability” on issues of policy and taxation.