US CEOs Seek Faster Reforms; PM Promises Speedier Decisions

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oi-Staff

By Super

| Updated: Friday, September 25, 2015, 12:29 [IST]

Top American CEOs have sought "additional steps" to speed up economic reforms in India, to which Prime Minister Narendra Modi promised to fast-track the decision-making process as he asked them to take advantage of the huge opportunities of investing in the country. "Please continue to do more what you are doing.

May be slightly faster," the 42 CEOs of American companies with collective networth of USD 4.5 trillion, told the Prime Minister. "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," External Affairs Minister spokesperson Vikas Swarup told reporters after the meeting. During the 'Roundtable with American Inc', the Prime Minister listened to each one of the CEOs present in the room about their concerns and plans for India and how these issues can be resolved, he said.

Inviting the US companies to set up manufacturing units in India, Modi told them, "Reform in governance is my No 1 priority. We are for simplified procedures, speedy decision making, transparency and accountability." He also listed the sectors that have been opened up in India for investment and said that "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 while interacting with the CEOs from the manufacturing and infrastructure sectors. 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.

From Lalit K Jha and Yoshita Singh New York, Sep 25 (PTI)