rediff.com
News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » India not as corrupt as China and Russia: Fitch
This article was first published 13 years ago

India not as corrupt as China and Russia: Fitch

Last updated on: March 8, 2011 08:55 IST


Photographs: Reuters

India is not as corrupt as China and Russia, according to the global credit rating agency Fitch.

The country, however, suffers from excessive regulation and tax laws, which is concern for foreign investors, Fitch group managing director for corporate rating Richard Hunter told PTI in an interview.

"We will certainly rank India well below Russia and China when it comes to concerns about corruption. Really big concern about India is regulation and tax treatment," he said.

. . . 

India not as corrupt as China and Russia: Fitch


Photographs: Reuters

These comments come at a time when the nation is facing a plethora of corruption cases relating to allocation of 2G spectrum, conduct of Commonwealth Games, allotment of flats in Adarsh Housing Society and Devas-Antrix deal.

Hunter further said that the recent corruption cases have not dent the confidence of investors in India, adding that "Corruption is certainly not a specialty in which India will win the gold medal."

. . . 

India not as corrupt as China and Russia: Fitch


Photographs: Reuters

However, he said, domestic and foreign investors are concerned about the burdensome regulatory regime in India.

"Corruption is something that does deter investors much more in China. There is respect for Indian legal system," he said.

Hunter said the rating outlook for most Indian companies is stable for the current year.

© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.