India probably worst country to do business in: ICA

The mobile industry body also said that IGCR (import of goods at concessional rate of duty for manufacture of excisable goods) processes are very cumbersome in the country.

Indian Cellular Association (ICA) has criticised the business climate in the country saying cumbersome processes have emerged out of distrust between tax officials and customs authorities.
 
Attending an event organised by IAMAI, ICA National President Pankaj Mohindroo said there are a few countries India can compete with that too from the bottom. India is the worst country to do business, he added.
 
The mobile industry body president also said that IGCR (import of goods at concessional rate of duty for manufacture of excisable goods) processes are very cumbersome in the country.
 
He said that lack of ease of doing business is very upsetting to the industry.
 
Industry players raised concerns over huge capital getting blocked in bank guarantees given as assurance to customs that the items imported by them on concessional duty rates will not be retailed in the market and will be used solely for making mobile phones.  
 
(Source: Agency) 

Event date: 
Thursday, August 3, 2017

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