Scholar says India's market improving access for foreign investment

India has often been dubbed a "graveyard for foreign investment", with some Chinese companies there having faced hefty fines and regulatory disputes.

But an Indian economist says the measures are not aimed at any particular country, and believes the business environment is gradually improving.

Scholar ABHIROOP MUKHERJEE: "For example there are recently court cases and penalties against Meta, the parent of Facebook in India. I don't think it's a policy from India that we don't want foreigners to take their capital, out of our country. But we have certain rules and regulations. You know, we are not a completely open capital market type country. The government has been taking very concrete steps to improve the situation, to reform our financial markets to make sure we are a dynamic financial market."

Smartphone makers including Vivo, OPPO and Xiaomi have consistently ranked among India's market leaders.

But with a bigger footprint comes greater scrutiny.

Over several years, Indian authorities have frozen more than one billion US dollars in Xiaomi's funds over allegations including customs duty evasion and illegal overseas remittances.

Chinese automaker BYD was also fined by Indian authorities in July.

Sales have been held back by India's high tariffs, with BYD vehicles selling for roughly twice their mainland China price.

The economist said the key to further improving China-India economicand trade ties is greater people-to-people exchange and stronger mutual trust, allowing both sides to better understand the needs of each other's markets.