Invites corporates to teach entrepreneurship in India; Prime Minister would meet Google Executive Chairman Eric E Schmidt, Citigroup CEO Michael L Corbat, MasterCard President and CEO Ajay Banga, Pepsico Chairman Indra Nooyi among others today
New York : A stable business environment and investment in human resources are some of the issues highlighted by a group of Indian-American corporate leaders during a meeting with Prime Minister Narendra Modi who invited them to come to India and teach business and entrepreneurship.
In the over one hour-long meeting at a hotel where Modi is staying, the distinguished Indian-Americans discussed with him ways to enhance their contribution in human resource development and research activities. The group of around 10 top Indian-Americans including Chairman and CEO of Symphony Technology group Romesh Wadhwani, Cognizant CEO Francisco D’Souza, President and CEO of Adobe System Shantanu Narayen, President, University of President Houston Renu Khator, Harvard Business school Dean Nitin Nohria, CEO Harman International Inc Dinesh Paliwal, Corporate Vice President of Microsoft’s Developer Division S Somasegar and President of Carneig Mellon University Subra Suresh.
Official sources said they were very upbeat about opportunities for growth in India and made various suggestions about possible avenues for consideration. They also spoke about usual requirements for stable business environment and need for investing in human resources in India.
Emphasising on his ambitious ‘Make in India’ as well as the ‘My Govt Digital Platform’ projects, Modi spoke about the importance he places on the digital initiatives and innovations as well as research. He invited them to come to India and teach during their vacations.
Keen to attract investment to India, Modi would be meeting as many as 11 top corporate honchos over breakfast today. They include Google Executive Chairman Eric E Schmidt, Carlyle Group, Co-Founder and Co-CEO David M Rubenstein, Cargill President and CEO David W MacLennan, Merck & Co CEO Kenneth C Frazier Hospira Chairman John C Staley Citigroup CEO Michael L Corbat, Caterpillar Chairman and CEO Dough Oberhelman, MasterCard President and CEO Ajay Banga, Pepsico Chairman and CEO Indra Nooyi.
The Prime Minister would also be having one-on-one meetings with six other senior executives. Besides Goldman Sachs Chairman and CEO Lloyd C Blankfein, Modi would be meeting Boeing Chairman and CEO W James McNerney Jr, BlackRock Chairman and CEO Laurence D Fink, IBM Chairman and CEO Ginni Rometty, General Electric Chairman and CEO Jeff Immelt, among others. He will participate in a business meet, to be organised by USIBC, that is expected to be attended by 300-400 businessmen in Washington on September 30.
Meanwhile, Frank Islam, Member of Industry Trade Advisory Committee in the Obama Administration said that Modi’s US visit will mark a new era in bilateral relations between the two nations especially on the economic front.
Born in Azamgarh district of Uttar Pradesh and raised in Aligarh, Frank said the past couple of years have not been “very smooth”. “The US, especially American businesses, have been dismayed by the pace and direction of the economic reform in India in the past two to three years. Many in Washington feel that, on the reforms front, India has regressed, especially in the last year of the Manmohan Singh government,” he said.
Modi’s visit to the US to boost bilateral ties and deepen economic relations will give a fillip to investment flows from institutional investors into the Indian markets, says a top Indian fund house Reliance Mutual Fund.
“I believe that the investors who have been sitting on the fence and those looking for an emerging market opportunity would now begin putting their money directly into India, while funds from other emerging markets are also likely to be reallocated to our markets,” Reliance MF CEO and mutual fund industry body AMFI’s Chairman Sundeep Sikka said. Sikka, who was here to attend India Investment Forum organised by Institutional Investor Forums ahead of Modi’s 5-day US visit from September 26-30, said that he saw a huge interest among the investor community here for Indian markets.