India’s buoyant growth has attracted international attention but multinationals wanting to enter retail sector are “frustrated” by local laws which limit ownership of foreign companies to 51 per cent, PricewaterhouseCoopers said here on Thursday.

In a report for World Economic Forum (WEF) here, it has pointed out that many of India’s successes have taken place in urban hotspots while rural areas have lagged behind. India faces constraints, many of which multinationals are just beginning to experience first hand, it said. “India has liberalised retailing at a controlled pace, frustrating the efforts of international players to gain a foothold in the country,” the report said. Many of India’s successes have taken place in “urban hotspots” like Bangalore and Mumbai while the countryside has lagged behind, it noted.

“India, is the focus of international business attention, due to its large and fast-growing economy, ” it said.