Mistrust between government & businesses growing: Piramal

Mumbai: Businessman Ajay Piramal on Friday spoke out against the frequent raids, searches and lookout notices by various government agencies on corporates and blamed these actions for creating a "mistrust" among the business community.

The head of the diversified Piramal Group refused to comment on the media reports of Japanese investor SoftBank backing out of a proposed deal with his NBFC arm.

The comments on the business climate come at a time when many a too business leader, including L&T's AM Naik and others have been flagging these concerns.

However, the massive corporate tax cuts last week have resulted in more optimism.

It also comes at a time when regulators and enforcement agencies are very busy with actions like stopping Jet Airways founder Naresh Goyal from flying abroad, raiding Videocon group founders etc.

Piramal chose to make the concerns public at the World Hindu Economic Forum which began in the financial capital.