Decision making is slow in India: L N Mittal

BHATINDA, Apr 28: Billionaire Lakshmi N Mittal today said decision-making in India is slow but he would not complain of policy paralysis.�We have businesses all over the world. I tell my guys don�t complain about the policies, try to adopt...Policies... We don�t complain. We have tried to adapt to local policies. We will all have to adjust to the new policies,� he told reporters after Prime Minister Manmohan Singh formally launched his investment arm�s refinery project here.But, he said, decision making was slow. �Surely things are moving slowly. There is no doubt. Process approval are taking time. The biggest impediment is still infrastructure development,� Mittal added.Asked if the perception of policy paralysis in the UPA-government was responsible for slowdown in the economy and loss of investor confidence, Mittal said his philosophy was not to complain but to adapt to local policies.�For an emerging market like us, we should grow more. There is so much of potential,� he said.Mittal said India was growing slower than its capability as European Union crisis has affected emerging markets.Mittal, Chairman of ArcelorMittal, the world�s biggest steelmaker, said European economy may take 2017 to reach pre-crisis level.�There was an impression couple of years back that India as an emerging market was decoupled from global economy. But last global crisis has proved that we are not decoupled.�There is clear relation between global crisis (and) Indian economy,� he said.While the US economy appears to have come out of the 2008 crisis, the recovery in EU would be slow because of various issues, Mittal said.�My guess is that (for EU) to reach pre-crisis level of 2007, it will be 2016/17,� he added. (PTI)