Modi woos American corporates; promises tax stability

New York: Making a strong pitch to attract investments into India, Prime Minister Narendra Modi today assured top American corporate honchos of tax stability and friendlier business environment in the country.

Modi, who is on his maiden visit to the United States as Prime Minister, held meetings with a galaxy of American corporate executives, including those from Boeing, PepsiCo, Google, KKR and General Electric. Bullish on the potential of the Indian market, the corporates have expressed keenness to strengthen their engagements with India especially at a time when the new government is rolling out various initiatives such as 'Make in India' campaign. "It is my conviction that tax stability is essential for confidence building," Modi told American CEOs. His assertion comes at a time when some multinationals are caught in legal wrangles over tax matters in the country.

Wooing the corporates, Modi said he wants to convert the Supreme Court judgment on coal allocation into an "opportunity to move forward and clean up the past". The observation comes amid concerns that the ruling could negatively impact investor sentiments and overall business climate. During his meetings with captains of corporate America, the Prime Minister also pitched for big-ticket investments to develop India's infrastructure and create more jobs and enhance the quality of life.

Reflecting the bullishness about India, US conglomerate General Electric's CEO Jeff Immelt described the country as a great place to invest in and said it is looking to make more investments there. After meeting Modi, he said, "GE is a long term investor in India. We look forward to more in the future". Describing Modi as a "charismatic leader", Goldman Sachs chief Lloyd Blankfein said the financial services major was eager to participate in India's growth story. American corporates, including technology major IBM, have expressed interest to participate in diverse initiatives of the Indian government including those pertaining to smart cities.