From Lalit K Jha and Yoshita Singh

New York

Prime Minister Narendra Modi has said governance reform is his number one priority, during a meeting with a group of top American CEOs with a collective net worth of USD 4.5 trillion.

“Reform in governance is my No 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability,” Modi told over 40 CEOs of Fortune 500 companies over a dinner as he presented a page-long fact sheet of the steps taken by his government in the last one year.

Among the CEOs of Fortune 500 companies attending event were Lockheed Martin Chairman and CEO Marillyn Hewson, Ford President and CEO Mark Fields, IBM Chairman Ginni Rometty, Pepsi Co Chief Indra Nooyi, and Dow Chemical Chairman Andrew Liveris.

Some of the CEOs attending the dinner described it as “report card,” adding that this reflected the great transparency of the Modi Government.

“Please continue to do more what you are doing. May be slightly faster,” External Affairs Minister spokesperson Vikas Swarup said.

Briefing reporters after the day long meetings, Indian Ambassador to the US Arun K Singh said the comments made by some of the CEOs was that a lot of progress has been made in the last one year, but it has been inaccurately assessed and reported.

During the meeting, the Prime Minister said the foreign direct investment (FDI) all over the world has fallen but in India it has increased by 40 per cent.

“This reflects confidence in the Indian economy,” Modi said.

During the meeting, Swarup said the Prime Minister listened from each one of the CEOs present in the room on what their plans are for India and what are the problems they are facing and how that can be resolved.

“By and large the mood was very upbeat. There is general consensus that the Prime Minister is effecting change in India. The only thing all the CEOs said is that please make that change faster,” the Indian diplomat said.

Modi told the CEOs that fundamentally he believes in deregulation, the government should allow the private sector to develop and that he is for predictable, transparent and accountable governance.

Giving a sense of day long interactions that the Prime Minister had with the corporate world, Singh said that it came through clearly that most people felt that this was a very good moment for India in the global context.

“If you look at the global trends, this was the unique opportunity to move ahead, attract capital and finds moments in terms of market access and ability to produce both for domestic and for exports,” he said.

“There was also a sense that the unique position of digital technology today and in the coming period provided a special opportunity for India with its strength in this sector,” Singh said.

The Indian talent, which is contributing in a major to the development of this technology in a global context, could provide a very special opportunity for India to leapfrog technology and to move ahead in terms of economic strategies, he said.

“There was support and appreciation expressed for the make in India program, the skills India program and the work related to smart cities, the focus on renewable energy. Some emphasis on the needs in the infrastructure sector and appreciation for the way in which the concept of smart cities has been approached,” Singh added.

Modi has undertaken reforms, we need more: top US CEOs

From Lalit K Jha and Yoshita Singh
New York

Indian Prime Minister Narendra Modi has carried out some significant economic and governance reforms after coming to power last year, but needs to do more, top American CEOs have said here after meeting him.

Kicking off his second visit to the US in one year with a meeting with eight of the top 10 financial entities in the US, including JP Morgan and Blackstone, Modi outlined efforts made during the last 15 months to increase investment in key areas like infrastructure.

Modi, who kicked off his second visit to the US in a year with a meeting with eight of the top 10 financial entities in America including JP Morgan and Blackstone, outlined efforts made during the last 15 months to increase investment in key areas like infrastructure.

Some of the CEOs, after the meeting, said on Thursday that they were satisfied with the progress of the reform.

“The government has already undertaken a massive amount of reforms. Key message from the US companies was keep doing what you are doing. I had a great meeting, there was a constructive dialogue in the spirit of collaboration. We are looking at India trying to get foreign direct investment,” J P Morgan CEO James Dimon said.

“Our goal is to make sure that we are seeing enough change so that we feel we are comfortable in investing our capital.

We would continue to watch and wait. For the amount of time he has been in office, there has been a lot of changes he has made. So clearly more to come, but as a potential investor, we are optimist,” said Vicki Fuller of New York State Common Retirement Fund after her meeting with Modi.

When asked if she is satisfied with the pace of economic reforms in India, Fuller replied in positive, “Yes I am.”

Black Stone CEO Stephen A Schwarzman said that he felt the Prime Minister was open to the suggestions the CEOs put before him to improve access to the country.

“There are various, in terms of ability of US companies to take IPOs, the ability to have more capital going to rural areas,” he said when asked on the kind of reforms US companies would like to have in India.

“I think, things tend to overshoot. People tend to get exceptionally excited. I am hopeful as is everyone that things would be on track,” Schwarzman said.

US industry seeks predictability in India’s reforms: Banga
From Lalit K Jha and Yoshita Singh
New York

Seeking “predictability” in India’s economic reforms, MasterCard’s Indian-American CEO Ajay Banga, representing the top US firms having businesses in India, said he would like to see improvement in ease of doing business.

“Predictability is the most important thing. There has been a lot of progress but people still want to see more,” Banga said on the sidelines of his meeting with Prime Minister Narendra Modi yesterday.

Banga met Modi in his capacity as chairman of US India Business Council, the apex business advocacy group of American businesses having footprint in India.

“I want to see improvement in GST. I want to see ability to buy land. I would like to see improvement in the ease in doing business. Because these are all important,” he said.

“He (Modi) has made progress. He has improved the levels of FDI (Foreign Direct Investment). In the last year India’s credit ratings have improved. Growth is in good shape. The fiscal deficit is in better shape,” Banga said.

Last year, members of the USIBC said that in the next three to five years they would be putting in USD 48 billion.

“To make all that happen, certain things need to fall in place,” Banga said as he listed out a few things like GST in India.

“But there has been progress. Would I like to see more. Of course, I would like to see more,” he said, adding that all businessmen want to get things done immediately.

For India to generate a million jobs a month, India needs a combination of manufacturing, tourism and infrastructure, Banga said, adding that infrastructure is not just airports and roads, it is also skills and the right kind of environment to do business.

Modi dines with Fortune 500 CEOs
From Lalit K Jha and Yoshita Singh
New York

Indian Prime Minister Narendra Modi has dined with over 50 CEOs from the Fortune 500 companies while continuing his pitch that India is open for business.

The dinner event, organised by the prestigious Fortune magazine, was attended by some 47 top US CEOs on Thursday.

Four-time Michelin-starred Chef Vikas Khanna has prepared all organic meal for the occasion.

As the CEO dinned over an all organic meal prepared specially for the occasion by Khanna, Modi continued with his pitch that India is open for business.

The Prime Minister said India is ready to welcome them (CEOs) with both hands and it is the right time for them to come and invest in the world’s largest democratic country.

Fortune Editor Alan Murray moderated the discussion.

Served on the menu plate of the CEOs were sandalwood saffron sherbet, pomegranate pangria with tandoori pineapple, paneer ravioli, thandai chicken, Mizoram black rice khichdi, saffron sheermal, mango-ginger soup and coconut rice creme brulee.

Among the CEOs of Fortune 500 companies who attended the dinner were Lockheed Martin Chairman and CEO Marillyn Hewson, Ford President and CEO Mark Fields, IBM Chairman Ginni Rometty, Pepsi Co Chief Indra Nooyi and Dow Chemical Chairman Andrew Liveris.

Citigroup Chairman Michael O’Neill, MasterCard CEO Ajay Banga, Boeing International President Marc Allen, Goldman Sachs President Gary Cohn, Blackstone President Hamilton James, SanDisk co-founder Sanjay Mehrotra, Harman International Chairman Dinesh Palatal and Time Inc CEO Joe Ripp were also present on the occasion.

At the start of the dinner, Vikas Swarup tweeted Modi’s first official day in New York began and ended with business CEOs.

Before the start of the dinner, the CEOs had group picture with Modi.

PTI