The London Daily News

International News Desk

One of the rising economies of the so called BRIC nations India has been dealt a blow by one of its billionaires who has today said that "Every large investment, there was no transparency" in India.

Ajay Piramal who is thought to be sitting on a stockpile of cash has been deterred from making investments in his native India, in a worrying sign for India.

Indian corruption, bureaucratic red tape, unclear and changing government policies, has made many of the rising numbers of billionaires in India to question whether it's time to quit India. "It's got to be easier to do business elsewhere" said Piramal to The Times of India.

London has seen record numbers of Indian businesses acquire interests in British companies one of the most prolific is Anglo-Indian billionaire Lakshmi Mittal who has seen his company Arcelor Mittal become a global leader in steel and other industries.