Breakfast with CEOs, Modi sweetens investments in India

Keeping business at the centre of his diplomacy, India’s Prime Minister Narendra Modi met CEOs of 11 top companies of the United States over breakfast.

Among those present were Google’s Eric Schmidt, PepsiCo’s Indira Nooyi, David M. Rubenstein of the Carlyle Group, Citigroup CEO Michael Corbat, Doug Oberhelman of Caterpillar Inc, Michael Ball of US-based global pharmaceutical company Hospira Inc and Kenneth C. Frazier of Merck and Co.

At the meeting the Prime Minister made a forceful pitch for mega investments to develop India’s infrastructure and create more jobs and enhance the overall quality of life.

“India is open-minded. We want change. Change that is not one sided. I am discussing with citizens, industrialists & investors,” tweeted Syed Akbaruddin, Spokesman for India’s Ministry of External Affairs, quoting Modi.

Breakfast was followed by one-on-one meetings with six other CEOs – W. James (Jim) McNerney Jr, Chairman of Boeing; Laurence D. Fink, CEO of American multinational investment management firm Black Rock; GinniRometty, President and CEO of IBM; Jeffrey R. Immelt, Chairman and CEO of General Electric; Lloyd Blankfein, Chairman and CEO of Goldman Sachs, and Henry Kravis, CEO of American private equity fund Kohlberg Kravis Roberts and Co (KKR).

Bringing in more investments into India, particularly in the manufacturing sector has been a key priority of the new administration in Delhi.

Before his visit to the US, Modi had successfully launched the ‘Make in India’ initiative which pitches to make India a manufacturing hub, and create the right environment for business growth and development in various sectors.

It aims to increase the share of the manufacturing sector to 25 percent of the GDP from the present 15 percent that envisages an annual growth of 10 percent.

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