Citing “problems” faced during the “pre-Modi period”, French business leaders have pushed for clear, transparent and stable rules as they evinced interest in investing in India and decided to set up with Indian companies five task forces in specific areas.
The problems were highlighted on Friday during a meeting Indian and French CEOs had with Prime Minister Narendra Modi and President Francois Hollande in Paris.
The meeting saw French companies expressing keen interest in investing in India and participate in ‘Make-in-India’ programme.
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“India has a problem the way business is done. But it all was pre-Modi period,” said Paul Hermelin, the head of French side of the CEO forum.
He underlined that for investments, a company needs “clear, transparency of rules. It needs stable rules.”
Heterogeneity is another area posing difficulty for foreign investors, said Hermelin, Chairman and CEO of Capgemini Group of France.
He said he was not wishing for any new reforms in India but only “10 emblematic programmes which could be implemented to demonstrate that projects can be completed.”
Hermelin said there needs to be a new relationship where “contracts are respected” and “carried in an excellent manner”.
Dhruv Sawhney, Chairman of Triveni Engineering and Industries, who represented the Indian side in the CEO Forum, said there is “new excitement” among the French companies about the new government in India.
At the meeting, the CEO Forum decided to set up five task forces on specific issues like defence and aerospace, green energy and waste management. The task forces will be formalised in one and a half month and report will be prepared in a few months later, he said.