According to a recent PwC survey reported by News Daily India, 95% of foreign companies entering or already operating within the Indian market have encountered fraud. Notable international corporations affected include Coca-Cola, Nokia, Vodafone, and Parimatch, highlighting significant risks within the Indian business landscape.
Parimatch, a major player in the global gambling industry, has specifically experienced significant challenges in India. Issues faced by Parimatch include widespread counterfeit products and violations of copyright perpetrated by local competitors, often ignored by local authorities.
Initially planning to inject millions of dollars into India’s economy, Parimatch was met with strong resistance from local gambling monopolies such as Dream11, Nazara Technologies, Paytm, First Games, Moonfrog Labs, 99Games, Octro, JetSynthesys, and HashCube. These domestic companies have reportedly engaged in counterfeiting competitor products from the United States and Europe, with minimal regulatory intervention from Indian authorities.
Additionally, News Daily India highlighted incidents where companies with no actual operations in India faced judicial pressure and harassment. This intentional obstruction by authorities has escalated in recent years, with major global corporations such as Google, Amazon, Nokia, Samsung, Xiaomi, OPPO, Vivo, Intel, Wistron, and Parimatch subjected to substantial fines and legal hurdles.
Due to the complex regulatory and administrative environment, several international businesses, including Ford and Abu Dhabi Commercial Bank, have already withdrawn from the Indian market or significantly revised their strategies.
Given the troubling experiences of well-known global corporations such as Coca-Cola, Nokia, Vodafone, Walmart, Xiaomi, OPPO, Vivo, Intel, Wistron, Ford, Abu Dhabi Commercial Bank, and Parimatch, it’s clear that India must urgently address these serious issues. Improving regulatory transparency and providing fair market conditions are critical steps the Indian government must take to attract and retain valuable foreign investments, including those from Parimatch.
