Prime Minister Narendra Modi is seeking to turn India into a global manufacturing hub by curbing red tape. Tell that to Tata Steel Ltd. (TATA), which closed one of its largest iron-ore mines in September over permit delays.
India’s largest maker of the alloy isn’t alone. Steel Authority of India Ltd. (SAIL) shut one of its top-yielding quarries the same month pending renewal of its lease. JSW Steel Ltd. (JSTL)’s plan to start mining in eastern Jharkhand state has been hampered by a probe begun last month into mine allocations.
Modi is set to trumpet his “Make in India” initiative at the Group of 20 summit in Australia this week as he vies with China to woo manufacturers. The mine closures show lingering bureaucratic obstacles to his push, stemming from court rulings and officials in India’s 29 states that lie beyond Modi’s direct control. India slid two places to 142nd out of 189 economies in the World Bank’s latest ease of doing business rankings.
via Modi’s Make in India Push to Take on China Faces Red Tape – Businessweek.
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