While addressing a seminar on Asian Turmoil and its Implications and Lessons for India at the Indian Merchant's Chamber he said that the crisis-ridden Malaysia is attracing more foreign investments than India and it is a pity that massive reforms are not happening.

``People look at India with great attraction but the attitude is wait and watch,'' he said. The South East Asian countries will bounce back as they had achieved a foundation which India is lacking, he said.

There are numerous problems coming in the way of project implementation in the country and the delay in sorting these problems out is seriously hampering the prospects of the Indian industry, he said. Though there is much hue and cry over the need to develop infrastructure, the political will to push through thecore sector projects is conspicuous by its absence, he added.

High interest rates are biting into the projects and the institutions are willing to dole out money for financially sound companies, he said.

China's communist credentials does not deter it from attracting investments and it has been made possible by quick decision-making he said and added that India should take a cue from China.

What India needs is decentralised decision-making and massive reforms especilally in banking and financial sectors, he said and added that reduction in fiscal deficit will also help to push up the growth.

The Asian turmoil had led to increased imports into India especially in the field of chemical and fibres, he said. The last resort for the exporters from emerging markets will be the US, he said.