Business-friendly environment promised, seeks big ticket investments
Over a power-packed breakfast meeting with the captains of 11 large American corporations, Prime Minister Narendra Modi on Monday pitched for big-ticket investments to develop India’s infrastructure and create more jobs and enhance the quality of life.
“Infrastructure development is a big opportunity; it creates jobs and enhances quality of life of our citizens,” Modi told the CEOs.
Hosting a breakfast for 11 CEOs, including Indian-origin PepsiCo CEO Indra Nooyi, Google Chairman Eric Schmidt and Citigroup chief Michael Corbat, Modi said India is open-minded and wants the change, which is “not one-sided.”
listening to concerns raised by the business leaders, Modi assured them that his Government would address their issues and try to make the environment in India more business-friendly.
Describing the meeting as “excellent and very good”, all business leaders, including Nooyi and Corbat, said that the Prime Minister heard their concerns and listed out the priority areas of his Government to take forward the India story to higher levels. At the breakfast Modi also said he wanted to convert the Supreme Court judgement on coal allocation into an “opportunity to move forward and clean up the past.”
The Supreme Court last week quashed allocation of 214 out of 218 coal blocks allotted to various companies since 1993 terming it as “fatally flawed” and allowed the Government to take over operation of 42 such blocks which are functional.
Modi’s observation comes in the backdrop of concerns that the judgement would have an adverse impact on corporate sentiments and overall business climate. “India is open-minded. We want change. Change that is not one sided. Am discussing with citizens, industrialists & investors,” the spokesman of the Ministry of External Affairs Syed Akbaruddin tweeted, quoting Modi as having said at the meeting.
Those present at the breakfast meeting also included Mastercard CEO Ajay Banga, Cargill’s president and CEO David W Maclennan, Caterpillar’s Douglas Oberhelman, AES’ Andres Gluski, Merck’s Kenneth Frazier, Co-founder and Co-CEO of Carlyle Group David Rubenstein, Hospira’s Michael Ball and Warburg Pincus’ Charles Kaye.
Significantly, all companies already have considerable presence in India and their chiefs are believed to have expressed intention to further expand their engagements with the Indian Government and enhance their business presence in the country.
After the meeting, Banga said that the Prime Minister listed out areas like tourism, skill development and infrastructure as his key focus areas.
The over one-hour-long breakfast meet was followed by one-on-one meetings with six CEOs of Boeing, KKR, BlackRock, IBM, General Electric and Goldman Sachs.
This is the first extensive business engagement in the US of the Prime Minister, who will also attend business meets in Washington on Tuesday.
Significantly Defence major Boeing proposed greater business engagement with India. In a one-on-one meeting with Modi, Boeing CEO James McNerney said that the company wants to accelerate its engagement with India.
With nearly $87 billion annual turnover globally, Boeing is a major player in Indian Defence and aerospace sectors. Its engagement with India is nearly 70 year-long and Boeing jets are one of the mainstays of the country’s domestic and intercontinental commercial fleets.
US-based global technology giant IBM also expressed keen interest in participating in India’s newly-launched initiatives like Smart Cities and Digital India, as its CEO Virginia Rometty met Modi.
During her meeting with Modi, Romnetty discussed “software for Smart Cities and Digital India initiatives,” Syed Akbaruddin tweeted.
Financial services giant Goldman Sachs also said it is eager to participate in India’s growth story, as its CEO lloyd Blankfein met Modi and described him as a “charismatic leader”.
later former Clinton and his wife Hillary also called on Modi and discussed Indo-US relations. The Clinton couple had a 45-minute meeting with Modi, who was accompanied by External Affairs Minister Sushma Swaraj.
Both the Prime Minister and Swaraj warmly welcomed the Clintons and wished them on becoming grandparents. Swaraj warmly hugged Hillary.
Known for their love for India, Bill and Hillary were expected to discuss Indo-US engagements and the priorities of the new Government in this regard.
MEanwhile, showering effusive praise on Modi, former US President Bill Clinton also said that no one else before him had "knowledge and votes" to build a national economy.
Chelsea, the daughter of Bill and former Secretary of State Hillary, gave birth to daughter Charlotte last week.
The meeting comes in the backdrop of reports that Hillary may contest the US Presidential elections in 2016.
Modi later departed for Washington after addressing global thinktank Council on Foreign Relations.