‘Upbeat’ CEOs feels Modi is ‘inaccurately assessed’
Forty-two CEOs of Fortune 500 companies with a combined net worth of $4.5 trillion were “upbeat” after a meeting with Prime Minister Narendra Modi, and expressed happiness and satisfaction at the changes being spearheaded by the government, said officials who participated in the interaction. “They felt that the initiatives being taken by the government were inaccurately assessed and reported, and appreciated the trend and direction in India,” said Indian Ambassador to U.S. Arun K. Singh.
“They were already convinced about the India story and most are already invested in India. Most of them will be looking at more investments in the country,” he said.
“Everyone was happy with the changes in India. Their only demand was that the changes be faster,” said Vikas Swarup, spokesperson of the Ministry of External Affairs. Mr. Swarup added that Mr. Modi assured the CEOs that the government believed in promoting the private sector, and was creating a “predictable and transparent governance structure.”
Several CEOs that The Hindu spoke with after the interaction with the PM echoed the same sentiments. Andrew Liveris, chairman and CEO of The Dow Chemical Company, said Mr. Modi “came across as a practical guy, and demonstrating the experience of running a state for several years.” On demands made by the participants at the gathering, he said: “We will want many changes not only in India, but here in the U.S. and in the entire world. But the general sense is that the government of India is taking earnest measures to improve the ease of doing business.” Arne Sorenson, CEO of Marriott International Inc said the “direction of changes in India was encouraging, but the changes could be faster.”
Mr. Singh said, at the meeting of the CEOs and at an earlier roundtable with media sector leaders, the participants and the PM emphasised the role of the digital technology in helping India leapfrog into an orbit of high growth. “The PM told the media leaders that digital technology can help in innovation, empowerment and democratisation.”
Mr. Swarup said there was no discussion on altering the FDI caps in new media industry in India at the meeting which was organised by NewsCorp headed by the Murdoch family. Father Rupert and son James Murdoch were at the meeting and so were heads of Sony, Discovery, Time Warner, A&E, VICE Media. “Mr. James Murdoch pointed out that about 40 percent of the world’s entertainment industry was present at the meeting.” “The only demand that they made was to speed up the roll-out of 4G technology that would enable the expansion of their business,” Mr. Swarup said. “The PM urged them to bring include democracy and development narratives in their businesses.”
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Source:Thehindu
PM Modi’s meeting with fortune 500 CEOs
