In a bid to promote the soon to be implemented Goods and Services Tax (GST), Prime Minister Narendra Modi asked top american CEOs to invest in India as it is emerging as a “business-friendly destination” and that things will only get better once the game-changing tax reform is implemented. Modi was interacting with the CEOs of top 20 American firms at a round table meeting which was attended by CEOs including Apple’s Tim Cook, Google’s Sundar Pichai, Microsoft’s Satya Nadella, Amazon’s Jeff Bezos and John Chambers from Cisco among others.
PM Modi also spoke about the policies of the NDA government during the last three years and said that as a result of the successful implementation of these policies, India has attracted largest foreign direct investment (FDI). He also listed out the steps taken by his government since coming to power and next moves. “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 said in a tweet from inside the meeting, quoting the prime minister.
According to Bagley, Modi also told the CEOs that 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. Speaking about GST, Modi said that the implementation of the landmark tax reform could be a subject of studies in business schools across US. The prime minister patiently listened to the wish list of the CEOs during the hour-long interaction at the Willard Hotel, where he is staying. Other CEOs who attended the meeting were Shantanu Narayen from Adobe, Ajay Banga from Mastercard, David Farr from Emerson, Doug McMillon and Punit Renjen from Deloitte Global. Mukesh Aghi, president of the US India Business Council, was also present at the meeting.
Bagley posted a group picture of Modi and the CEOs and said,”strengthening the Indo-US economic partnership”. In a recent policy document, USIBC said the US-India commercial and strategic relationship supports global security, promotes economic growth and creates jobs for both countries and the global economy. “Today, as we witness a paradigm shift in the erstwhile global order, an opportunity has emerged for both countries to set new standards in bilateral ties that will be bound by their shared values,” USIBC said.
USIBC also said that both the countries have an opportunity to sync their regulatory and standards system for increased trade and investment since trade between the two nations has tripled over the last decade and has reached a historic high of nearly USD 10 billion in 2015.
Executive director of Indo American Chamber of Commerce of Greater Houston Jagdip Ahluwalia, said in a separate statement that both the nations share a very symbiotic relationship and the Indian Prime Minister’s first face to face meeting with President Donald Trump is important to strengthen their relationship. Ahluwalia added: “On behalf of Houston, the energy capital of the world and home of the world’s largest Medical Center the IACCGH and the strong Indian American community hope to welcome Prime Minister Modi to Houston in the not too distant future.”
With inputs from PTI