MUMBAI: Reserve Bank of India (RBI) Governor Raghuram Rajan widened his criticism of bad corporate behaviour to multi-national corporations that weave structures which help them avoid billions in taxes and said the policy obstacles in India are receding though it is a long way to go.The government and institutions like the RBI are under pressure to promote private enterprise to ensure that millions entering the job market find employment by providing level playing field for entrepreneurs without vested interests hijacking the agenda, said Rajan.“MNCs complain all the time about excessive taxation,’’ Rajan said at the Nani Palkhivala memorial lecture titled ‘Strengthening Free Enterprise’.“But, it is also true that MNCs across the world tend to find tax avoidance and sometimes tax evasion as appropriate techniques. Some corporations find that all their intellectual property is manufactured in Cayman Islands. I haven’t seen a lot of smart scientists sitting in Cayman Islands.’’Governor Rajan’s criticism of MNCs comes in the backdrop of firms such as Vodafone and Shell, among many, complaining about India’s retrospective taxation and claims the tax department makes. In fact, tax avoidance by companies such as Google, Apple and scores of global firms have led to new laws across the world. The US brought in a law to stop companies from merging with another in a different geography for tax benefits in a process called ‘inversion’.“We have to create tens of millions.. crores of jobs every year,’’ said Rajan. “We need to create those jobs because a good job is the best form of inclusion. There is tremendous pressure on the political system, and on the regulatory system to deliver those jobs. This is where democracy works through the democratic process coming out as a move towards easing way to growth and easing the way towards making it easier to open businesses.’’Indian businesses have to push towards improving the business environment rather than looking for special exemptions because a lot of work needs to be done to create a level-playing field for all, he said. “Having been in North Block and also at the RBI, sometimes you get the feeling the whole objective of these meetings with businesses was pleading for special dispensations,’’ said Rajan. “I think that is changing. A number of business organisations are focussing on frameworks on the environment, how to improve it.” He said the distressed assets market in India is uneven as courts focus on revival rather than resolution, benefiting promoters.Rajan expressed hope that the operationalisation of new bankruptcy code will provide a level playing field in distressed assets. India also faces issues of excessive market power and predation, Rajan said, alluding to the fact that small firms support job creation.Effective delivery of social programmes is also key to entrepreneurship , Rajan said. “Increasingly, enterprises of the future require employees to have decent education and health,” he said.