From Lalit K Jha and Yoshita Singh
New York, Sep 25 (PTI) As top American CEOs held no punches about
the "obstacles" in ease of doing business in India, Prime Minister
Narendra promised to fast-track the decision-making process, acknowledging
that "the world is not going to wait for us".
At a dinner hosted by Fortune magazine where 42 CEOs of manufacturing
and infrastructure sectors were not "shy" in referring to a host
of obstacles, he asked them to take advantage of the huge opportunities of investing in India.
"Please continue to do more of what you are doing. May be slightly
faster," CEOs of American companies with a collective networth of
USD 4.5 trillion, told the Prime Minister.
Fortune Editor Alan Murray, who moderated the discussion, said
complicated regulations, excessive permitting, confusing bureaucracy,
poor infrastructure and overlapping local taxes were raised by the
CEOs who urged the Prime Minister to "pick up the pace of change".
They praised the Prime Minister's efforts to improve the climate
for business, while highlighting the obstacles. One of them said,
"It is not an easy place to do business."
The Prime Minister acknowledged their concerns and pledged to
speed up efforts to reduce the role of the government in business.
"The world is not going to wait for us. I know that," Modi
said, according to a newsletter issued by Murray.
"The high turnout of the CEOs highlights the prime position
India holds in today's global economy. With China slowing, India's
7.5 per cent growth rate makes it the fastest growing major economy
in the world today and many of the CEOs cited plans to expand there,"
Murray added.
External Affairs Ministry spokesperson Vikas Swarup told reporters
after the meeting, "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 CEOs present at the meeting included 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