Prime Minister Narendra Modi has said India has now emerged as a business-friendly destination, more so with the upcoming implementation of landmark GST beginning next month, while asking CEOs of top US companies to invest in the country.
According to PTI news report on PM Modi’s US visit, Modi, during his meeting with the CEOs of top 20 American firms, also said that India attracted the largest amount of foreign direct investment (FDI) as a result of the NDA government’s policies in the last three years.
In the round table interaction with the group that included Tim Cook of Apple, Sunder Pichai from Google, John Chambers from Cisco and Jeff Bezos of Amazon, he spoke about the reforms undertaken by his government, saying they numbered over 7,000, and were aimed at “ease of (doing) business and minimum government, maximum governance.”
“Interacted with top CEOs. We held extensive discussions on opportunities in India,” Modi tweeted after the meeting that lasted for about 90 minutes.
He said the world is now focused on India’s economy, especially in areas like manufacturing, trade, commerce, and people-to-people contact, due to a young population and a rising middle-class.
“The whole world is looking at India. 7,000 reforms alone by GOI for ease of (doing) business and minimum government, maximum governance,” Gopal Bagley, spokesman of the Ministry of External Affairs quoting the prime minister as saying.
India’s growth presents a win-win partnership for the country and the US, and American companies have a great opportunity to contribute to that, Modi told the CEOs.
“If America becomes stronger, India will be a natural beneficiary,” he said.
On the Goods and Services Tax (GST), Modi said its implementation is a complex task that may well turn out to be “a subject of studies in US business schools.”
“This shows India can take big decisions and implement them them swiftly,” he said.
During the interaction at the Willard Hotel, where he is staying, Modi gave a patient hearing to the wish-list of the top bosses.
The Prime Minister pointed out opportunities for tourism through developing hotels in “PPP (public private partnership) model” at 500 railway stations, Baglay said.
Modi said his government has focused on improving the quality of life of the people, and added that working towards this end requires a global partnership.
Therefore, he added, India is working on principles like ‘Minimum Government, Maximum Governance’, efficiency, transparency, growth and benefit for all.
“In concluding remarks, PM stresses imp of coopn 4 start up, innovation &tapping huge intellectual, edu & vocational training potential in India,” Baglay tweeted.
The CEOs lauded the Prime Minister’s initiatives of demonetisation and digitisation of economy and the GST, the spokesman said.
The CEOs also expressed support for ‘Make in India’, ‘Digital India’, ‘Start Up India’ and other flagship initiatives of the government.
According to Indian officials present at the meeting, several CEOs showed willingness to be partners in skill development and education initiatives in India. They also mentioned social initiatives being undertaken by their companies in India in women empowerment, digital technology, education and food processing.