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Modi in US: CEOs express concerns, but still ‘bullish’ on India

The PM is said to have outlined “the sheer scale of development” and the investment opportunities they offered.

Written by Nirupama Subramanian | London, New York |
September 25, 2015 3:35:23 am
narendra modi, modi in USA, Modi in America, narendra modi, Narendra modi in USA, Modi CEOs meet, india news, world news, USA news, latest news Prime Minister Narendra Modi poses before a meeting with officials of top Financial institutions in New York on Thursday. (Source: PTI)

India’s tax laws, bankruptcy laws, bureaucratic red tape and the slow pace of de-regulation and infrastructure development were among the concerns raised by the US captains of industry during their meeting with Prime Minister Narendra Modi on Thursday. The business leaders were, however, said to be still “bullish” on India.

Among the eight participants in the “financial sector round table” were JP Morgan CEO Jamie Dimon, president of AIG International Peter Hancock, CEO and co-founder of Blackstone Steve Schwarzman, chief investment officer of New York State Common Retirement Fund Vicki Fuller and CEO of General Atlantic Bill Ford.

“It was a very good opportunity for the PM to listen to their experience of working in India, to see what concerns they had and how we can remove them,” said MEA spokesperson Vikas Swarup.


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They, however, appear to have plenty of concerns.

“De-regulation has not been as fast as they had expected. Some concerns remain on taxation policy. They also expressed concerns about the bankruptcy laws in India, and wanted to see a faster pace of infrastructure development,” Swarup said after the meeting, adding the CEOs remained “bullish” and were confident about India’s potential as an investment destination.

The PM is said to have outlined “the sheer scale of development” and the investment opportunities they offered. He pointed to the target of 30 km of road-building everyday as compared to the current 13 km, the building of 50 million homes 24×7 electricity supply; broadband connection to 600 villages, 50 big cities identified for metro construction and the potential for doubling the capacity and speed of the railways, which have been opened up for foreign direct investment.

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First published on: 25-09-2015 at 03:35:23 am
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