On Prime Minister Narendra Modi’s breakfast meeting with CEOs of big US companies

Ahmedabad, 29 September 2014

Prime Minister Narendra Modi today said “infrastructure development is a big opportunity; it creates jobs and enhances quality of life of our citizens”, as he wooed CEOs of large American companies to invest in India in key sectors including infrastructure.

Hosting a breakfast for 11 CEOs, including PepsiCo CEO Indra Nooyi, Google Chairman Eric Schmidt, Citigroup chief Michael Corbat, Mastercard CEO Ajay Banga, Cargill’s President and CEO David W MacLennan, Caterpillar’s Douglas Oberhelman, AES’ Andres Gluski, Merck’s Kenneth Frazier, Co-founder and Co-CEO of Carlyle Group David Rubenstein, Hospira’s Michael Ball and Warburg Pincus’ Charles Kaye, Modi said India is open-minded and want the change, which is “not one-sided”.

“India is open-minded. We want change. Change that is not 1 sided. Am discussing with citizens, industrialists & investors,” the spokesman of the Ministry of External Affairs Syed Akbaruddin tweeted, quoting Modi as said at the meeting.

The Prime Minister told the business leaders that “infrastructure development is a big opportunity; it creates jobs and enhances quality of life of our citizens.”

Listening to concerns raised by the business leaders, Modi assured them that his government will address their issues and try to make the environment in India more business- friendly.

Modi told CEOs that it is his conviction that tax stability is essential for confidence building.

Describing the meeting as “excellent and very good”, all business leaders, including Nooyi and Corbat, said that the Prime Minister heard their concerns and listed out the priority areas of his government to take forward the India story to higher levels.

“(We) want to convert the Supreme Court judgment on coal allocation into an opportunity to move forward and clean up the past,” Modi told the CEOs.

The Supreme Court last week quashed allocation of 214 out of 218 coal blocks allotted to various companies since 1993 terming it as “fatally flawed” and allowed the Government to take over operation of 42 such blocks which are functional.

Modi’s observation comes in the backdrop of concerns that the judgment would have an adverse impact on corporate sentiments and overall business climate.

BlackRock to host global investors meet in India next year

World’s largest asset manager Blackrock will host a global investors meet in India next year, CEO Laurence Flik conveyed to Prime Minister Narendra Modi on Monday.

With total asset under management of over $4 trillion, US-based BlackRock has investments in over 100 countries and offices in 30 countries including India.

The BlackRock CEO called on the Indian Prime Minister on Monday and expressed his keen interest in expanding engagements with India.

“In response to PM @narendramodi call for investments, Black Rock to host global investors meet in India, early 2015,” External Affairs Ministry spokesperson Syed Akbaruddin tweeted. In India, BlackRock also operates a mutual fund, among other activities.

Also:

In videi above: PM Modi meets the CEO of General Electric Jeffrey R. Immelt in New York

IBM CEO Virginia Rometty met PM. Discussed software 4 “Smart Cities” and Digital India Initiative.

Boeing wants to accelerate engagement with India – James McNerney, CEO of Boeing told PM

-PM Modi also met the CEO of Kohlberg Kravis Roberts.

-Modi ji is taking right steps, if he implements them India will be on a different development trajectory: Ajay Banga

-After the breakfast meeting, Ajay Banga of MasterCard told NDTV that PM Modi highlighted two priorities – to generate jobs and improve the quality of lives of citizens.

-Mr Modi spent 90 minutes with 11 top CEOs.