Policy flip-flops hampering Indias progress: USIBC

Cautioning that a weakened India will be bad for the world,new Chairman of industry body US India Business Council USIBC Ajay Banga has said policy flip-flops and unpredictable business climate are hampering the countrys progress and scaring away foreign investors.

Of late,we see the disturbing flip-flops on policy and increasing signs of an absence of a predictable investment and business climate, said Banga.

These factors and some others are hampering Indias progress and growth and scaring away foreign investment, said Banga,who is also president and CEO of credit card issuer MasterCard.

He warned that a weakened India is not only bad for India,its bad for the world. Make no mistake,the world needs a strong,stable,and prosperous India, said Banga.