Thu. Mar 28th, 2024

Global CEOs said doing business in India has become far easier in the last three years as Prime Minister Narendra Modi’s government has proactively tried to cut India’s red tape to woo foreign investments. Structural reforms like the introduction of the goods and services tax (GST) and the government’s relentless focus on digitization and infrastructure have also thrown up new business opportunities, the CEOs told Modi on Monday evening at a private dinner. Fifteen CEOs spoke about their experiences with case studies and gave feedback, said people present at the meeting.

Recently appointed Hitachi chairman Hiroaki Nakanishi and his counterpart from ABB both mentioned that the modernization of India’s infrastructure has meant big orders from the private and public sectors.

Modi’s call for inclusive growth had many takers. Pepsi CEO Indira Nooyi informed the gathering that the beverage and foods major began sourcing raw material and fruits from Indian farmers after the Prime Minister requested her company to engage more with them.

Modi’s plenary speech did cite digital warfare as a key global challenge. In line with this, Reliance Industries chairman Mukesh Ambani said five flagship government programmes including Digital India are transforming the landscape for big business as well as first-generation entrepreneurs.

Microsoft’s Satya Nadella said those present would want India and its PM to lead the dialogue on the threat of nation-state cyber attacks as it has done on climate-change negotiations. He said the world desperately needs a cyber equivalent of the Geneva Convention.

Modi told the CEOs that apart from the focus on ease of doing business, he wants to make it easier for everyone to live in India and travel and work freely.

“He wasn’t talking down. In fact, he paid personal attention to individual CEOs. That’s what makes the difference and makes you feel wanted,” said a top Indian industrialist.

By megha