Modi woos US CEOs, says bottlenecks will be removed

SansadTV Bureau

modi3PM Narendra Modi wooed top CEOs in New York and pitched for investments in India. He outlined business opportunities and promised them that he will get rid of bottlenecks in the system to make the process of doing business easy.

PM also highlighted the measures taken by his government to bring about economic reforms in the last 15 months that increased investments in key areas like infrastructure.

“Roundtable with Financial Sector CEOs was a fruitful exchange of views on economic issues. Urged CEOs to invest in India in various sectors,” PM Modi tweeted.

“Highlighted steps taken by Govt. to improve business environment in India & how this translated into increased FDI & investor confidence,” the Prime Minister added.

In another tweet, the PM said that the CEOs were “very interested in India’s start-up sector. They appreciated steps taken by Govt. to make business easier.”

The Prime Minister “took on board” suggestions made by the executives and assured them that “work is already underway” to resolve concerns of doing business and investing in India. PM Modi assured the investors that “any bottlenecks which should not be there, will not be there.”

In return, the CEOs shared their concerns as well as experiences of doing business in India, said Vikas Swarup, the spokesperson of the External Affairs Ministry.

Some of the concerns raised by investors were bureaucracy bottlenecks, slow deregulation, taxation policies, bankruptcy laws and slow pace of infrastructure development.

In fact, the PM asked the CEOs to give him a detailed note on all the concerns raised by them to examine them in detail.

modi2PM Modi explained to the CEOs the benefits of liberalization of FDI in the insurance, railways and defence sectors. He also mentioned some specific sectors where there was great scope for innovative solutions in India, including insurance products for the agriculture sector and the health sector.

He listed defence manufacturing, electronic goods manufacturing, renewable energy equipment, railways and metros, Clean India and Digital India as sectors where immense potential existed for investment.

In his candid address to the CEOs, PM Modi laid emphasis on individual start-ups and entrepreneurs whom he referred to as the ‘personal sector’. He said they were as important as the public sector and the private sector in India.

“Many CEOs expressed keen interest in the Indian start-up sector, and showed willingness to invest in entrepreneurial ventures and innovative start-ups,” an official statement said.

PM Modi noted that a 40 per cent increase in FDI in India in the last 15 months was a trend contrary to what was seen across most of the world, the PMO statement said.

“I had a great meeting. There was a constructive dialogue in the spirit of collaboration. We are looking at India trying to get foreign direct investment…Indian people should know all the people are devoted to that, “said Jamie Dimon, Chairman/CEO and President of JP Morgan.

“There were many suggestions to improve access to the country. The Prime Minister was very open to those suggestions,” said Steve Schwarzman, the Chairman/CEO and Co-founder of Blackstone after the hour long meet.

“With a growing population, they have one of the highest levels of growth in the world. They have to reform government. So, things are lining up,” Schwarzman added while talking about how India should seize the opportunity presented by a slowing Chinese economy to become the driver of world economy.

(With inputs from PTI)