‘US CEOs will bet on India in a way they haven’t done before’
In June, when Prime Minister (PM) Narendra Modi visited the US to meet President Donald Trump, both sides pledged their commitment to the US-India strategic partnership, with Trump underlining that the relationship between the two countries had never been
Much has been written about the special US-India relationship. But, in purely economic terms, it hasn’t really lived up to expectations. What are your views?
A strategic partnership between the US and India has potential. It is just like the potential “digitisation” had eight years ago. But, it was only in the past three years that it really took off. I’ve always felt, not just in the past three months, like my peers, but years ago, that the most important strategic relationship for the US should be with India. And I felt that for India too. It’s like the prediction I made three years ago — bet on India, bet on the PM's vision. He has an ability to outline a very clear vision of what’s possible. He understands that no one can do it alone. The government and business must work together with citizens. The meeting (between Modi and Trump) was better than what you saw in the press. The press said it was really good. In back channels, both sides were very impressed and comfortable on how this could be a win for both sides. I was with CEOs when they met the PM. Three years ago, most CEOs wouldn’t have come. They would have sent someone else. But now they were on board with what the PM wanted to do. He listened to everyone and they are going to bet on India, on this relationship, in a way they haven’t done before.
Therehavebeensomecomplaints abouttheslowpaceofreformsinIndia. Whatareyourviews?
Now, it’s the reverse. In the section with CEOs, the PM pushed us to give more criticism. When we made a decision to manufacture in India, we shared with the PM all our concerns. He had the courage to change things. And, at a remarkable speed. Now, the government, by its very nature, tends to move slow. That was part of the safety valves of the past. But now, it’s all about speed. He (Modi) demonetised currency (quickly). I find that it’s tremendously interesting that India moved from what I would have defined as a slow follower to a fast innovator. And now people are saying that, at times, India is moving too fast. Now, we have to continue to move.
Whatarethereformsyouarepushingfor in India?
The first thing you have to do with any government is to outline what you think is possible. You start with what are the government’s priorities. Where can business play a role in that. And then figure out, in each of those categories, what can you really make a difference in. So, if your priority is to make in India, we were very candid that here are the things that you have to change and they changed it. There’s still room for improvement. We opened our manufacturing here, which we wouldn’t have done three years ago. Now to become an exporter, we need a much better supply chain. People don’t understand the impact of the goods and service tax on the economy, and I’m surprised at the critics. People don’t grasp how important that move was.