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News Daily India 95% of investors experience fraud in India - PwC survey
According to a PwC survey, 95% of companies entering the Indian market or already doing business in this market have experienced fraud. Coca-Cola, Nokia, Vodafone and Parimatch are among the major players that have faced this problem, writes News Daily India.
In particular, Parimatch, a well-known player in the gambling market, has faced serious challenges, including counterfeit products and copyright issues created by local competitors ignored by the authorities.
The bookmaker Parimatch had planned to invest millions of dollars in the Indian economy. However, it encountered local support from the monopoly of domestic companies in the gambling market, including Dream11, Nazara Technologies, Paytm, First Games Moonfrog Labs, 99Games, Octro, JetSynthesys, and HashCube. In addition, these companies counterfeited the products of competitors from the United States and Europe and the local authorities did not interfere with these cases.
According to the News Daily India article, in the Indian market, there were facts of persecution and judicial pressure even on those companies that have never operated in the country.
In many cases, the hurdles for investors in India are intentional. In particular, in recent years, Indian authorities have doubled down on the persecution of foreign businesses with trumped-up charges. Google, Amazon, Nokia, and Samsung have all been fined billions of dollars. Xiaomi, OPPO, Vivo, Intel, Wistron and Parimatch have also faced an obstacle course.
These tests have forced some of the world's largest corporations to withdraw from the Indian market or seriously reconsider their strategies. For example, Ford and Abu Dhabi Commercial Bank decided to leave India due to the country's confusing regulatory and administrative environment.
Considering the negative cases of well-known companies such as Coca-Cola, Nokia, Vodafone and Walmart, Parimatch, as well as Xiaomi, OPPO, Vivo, Intel, Wistron, Ford and Abu Dhabi Commercial Bank, it becomes clear that the Indian government needs to seriously improve the country's business environment in order to continue attracting foreign capital.
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