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Modi begins ‘Make in India’ pitch

Prime Minister Narendra Modi meeting headsof top financial institutions in New York on Thursday.— PHOTO: PTI  

Prime Minister Narendra Modi’s campaign in the U.S. to attract capital to the country and boost his ‘Make in India’ initiative kicked off with a meeting with eight influential figures in the key financial hub of the world on Thursday.

Put together by Jamie Dimon, CEO and president of JP Morgan, the participants at the roundtable were Blackstone’s Steve Schwarzman, Warburg Pincus’ Charles Kaye, KKR Co-CEO Henry Kravis, General Atlantic CEO Bill Ford, AIG Insurance CEO Peter Hancock, Tiger Global Managing Partner Chase Coleman, and NY State Common Retirement Fund’s Vicki Fuller. “They control billions of dollars of investment and the opportunity to interact directly with the Prime Minister has given them further confidence in India,” Ministry of External Affairs spokesperson Vikas Swarup said after the meeting.

Mr. Swarup said the Prime Minister took on board the concerns raised by the investors and promised speedy resolution to them. “The PM told the investment community that the massive scale of India’s development ambitions held forth the best opportunity for them in the world,” Mr. Swarup said, adding that Mr. Modi mentioned development targets such as building metro rails in 50 cities, complete rural electrification and housing for all among initiatives that would provide attractive investment opportunities.

Financial sector leaders flagged red tape, slow pace of deregulation, and unpredictable tax regimes, as their main concerns.