Modi pushes 'start-up' promotion at financial sector round-table
25 September 2015
Prime Minister Narendra Modi today outlined his vision for ''Start-Up India, Stand-Up India,'' even as he made a strong pitch for increased US investment in various sectors in India.
Addressing a round-table of financial sector CEOs, the prime minister said along with the public sector and private sector, he was laying emphasis to individual start-ups and entrepreneurs – whom he referred to as the ''personal sector.'' He said start-ups and innovation had been at the heart of the IT revolution.
Modi was chairing a roundtable meeting with top American CEOs from the financial sector, which included Jamie Dimon, chairman, CEO and president of JP Morgan; Steve Schwarzman, chairman, CEO and co-founder of Blackstone; Charles Kaye, co-CEO of Warburg Pincus; Henry Kravis, co-chairman and co-CEO of KKR; Bill Ford, CEO of General Atlantic; Peter Hancock, president and CEO of insurance firm AIG; Chase Coleman, co-founder and managing partner of Tiger Global and Vicki Fuller, chief investment officer of NY State Common Retirement Fund.
The CEOs expressed appreciation for the steps taken by the Prime Minister to improve ease of doing business, and his various initiatives including his push for infrastructure development and Digital India.
Many CEOs expressed keen interest in the Indian start-up sector, and showed willingness to invest in entrepreneurial ventures and innovative start-ups. The CEOs mentioned taxation issues and residual bureaucratic bottlenecks as some of the concerns that still existed with regard to investment in India.
The prime minister expressed satisfaction that all the CEOs at the roundtable had not only spoken about India's possibilities, but also voiced their confidence in them. He noted that they had articulated their concerns clearly.
Modi highlighted India's economic successes over the last 15months. He said FDI in India had increased substantially over this period, a trend contrary to what was seen across most of the world, and this showed increased investor confidence in India.