Business leaders heap praise on Indian PM Modi – citing improving business conditions
India’s equity markets are booming under Narendra Modi as he plans to lure more foreign investment
Indian Prime Minister Narendra Modi has received praise from global CEO’s over improvements that have made India a better place to do business in.
At a private meeting ahead of his Davos address, over 64 CEO’s representing $3.6 trillion in market cap spoke with Modi and senior Cabinet colleagues and explained that the government’s actions in cutting red tape, introducing structural reforms like the goods and services tax and a focus on digitisation and infrastructure had created new business opportunities, according to sources present at the meeting.
In his address at the World Economic Forum, Modi said India was working toward becoming a $5 trillion economy by 2025, saying the country was “removing the red tape and laying out the red carpet”, referencing a move to become more business friendly.
PwC chairman Bob Moritz said: “The global business community is in awe of the progress that the Modi government has achieved in terms of reforms and getting business ready.”
Speaking to journalists at Davos, Union Minister Piyush Goyal said: “We have been the fastest growing large economy for the last three years and clearly people see a huge investment opportunity as India develops its infrastructure. With a $2 trillion investment trust, we are looking at infrastructure, I don’t think there is a comparable opportunity in the whole world.”
Meanwhile in Indian equity markets today, the NIFTY50 index continues its superb run upwards and pushed even higher through the 11,000 mark, topping out at 11,105.95 points before retreating to 11,086 at the close. The index has had a stellar month (see the chart below) and looks set to continue its bullish run into 2018 off the back of great corporate results and more confidence in India’s economy from global investors.
Related: World Bank praises India
The Invstr chart shows the great performance of the NIFTY50 over January
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