Modi woos CEOs, vows tax stability

Mangalore Today News Network

New York, Sept 29, 2014, PTI: Making a strong pitch to attract investments to India, Prime Minister Narendra Modi on Monday assured top US corporates of tax stability and a friendlier business environment.

Modi held meetings with a host of US corporate executives, including those from Boeing, PepsiCo, Google, KKR and GE.

Bullish on the potential of the Indian market, the corporates have expressed keenness to strengthen their engagements with India, especially at a time when the new government is rolling out various initiatives such as the “Make in India” campaign. “It is my conviction that tax stability is essential for confidence building,” Modi told the CEOs.

His assertion comes at a time when some multinationals are caught in legal wrangles over tax matters in the country.

Wooing the corporates, Modi said he wants to convert the Supreme Court judgment on coal allocation into an “opportunity to move forward and clean up the past”.
The observation comes amid concerns that the ruling could negatively impact investor sentiments and the overall business climate.

During his meetings with the captains of corporate America, the prime minister also pitched for big-ticket investments to develop India’s infrastructure, create more jobs and enhance the quality of life.

Reflecting India’s bullishness, US conglomerate GE’s CEO Jeff Immelt described the country as a great place to invest in and said it is looking to make more investments.

After meeting Modi, Immelt said: “GE is a long term investor in India. We look forward to more in the future.”

Describing Modi as a “charismatic leader”, Goldman Sachs chief Lloyd Blankfein said the financial services major was eager to participate in India’s growth story.
Defence major Boeing’s CEO James McNerney said the company wants to accelerate its engagement with India.

Technology major IBM’s CEO Virginia Rometty evinced interest to participate in initiatives related to smart cities and digital India.

World’s largest asset manager Blackrock’s CEO Laurence Flik conveyed to Modi that it would host a global investors meet in India next year.

After meeting Modi, Indian-origin Indra Nooyi, who is PepsiCo’s chief, said: “He answers questions brilliantly and is very focused on improving India. So, we are thrilled to be working with him.”

Another India-origin CEO Ajay Banga, who is at the helm of Mastercard, said the prime minister was a good listener. He also expressed confidence that Modi would execute plans the way he did as Gujarat chief minister. The prime minister also held meetings with private equity giant KKR’s CEO Henry Kravis.