Predictability of Policy should be the NaMo Eco mantra in the US

As Prime Minister Narendra Modi arrives here in the US on a trip to step up economic diplomacy with the US to boost the 130 billion $ trade between the two countries, the captains of the US industry expect Modi to deliver on his promises and bring in clarity on consistency and predictability.

The chairman of the US India Business Council, Ajay Banga, who has played a pivotal role in organising key meetings of Modi with the Fortune 500 CEOs, will play host to the Prime Minister at a USIBC reception in Washington on October 30, showing the US business was looking forward to the trip.

Banga, Chairperson of the US India Business Council and President and CEO of Master Card told NewsMobile in an exclusive interview that the visit will be a defining moment in critical partnership between the US and India.

“ I think we will look back on this visit as a defining moment in a critical partnership between the US and India. The PM’s message of transparent government, rolling out the red carpet rather than the red tape, and his focus on creating the right climate to boost investment is something that American investors need to hear,” said Banga, one of the leading American Indians who has been at the forefront of promoting better economic linkages with India.

However, he echoed the sentiment that many here in the US would tell you. “They will clearly want to see the actions that deliver against these thoughts but the promise itself is a great start to establish trust and belief,” Banga added.

Clearly, the foreign investors from the US expect a level playing field and a favourable investment climate, “I would want to see progress on providing clarity and consistency and predictability of policy.. That’s been the issue that led to the ennui and angst investors have felt for the past few years,” he said.

Asked on what are the areas that can help the India-US economic relations grow on a growth freeway he said, “Progress on FDI, progress on being open to capital and innovation and skills from around the world will be the key. I think the thorny issue of Intellectual property , specifically in pharma, will need to be begun to be addressed respecting the needs of the Indian market and public while recognising the importance of IP. There are many others – speedy clearances for stuck projects for instance, itself would provide a very visible sign of progress,” he said.

Asked for his advice on what should be the PM’s economic mantra here, he said, “India needs to generate 12 to 15 million jobs a year. To do that it needs to boost its manufacturing capability, its tourism attractiveness and infrastructure for both of these to happen – hard infrastructure in roads and bridges and power etc but also soft infrastructure in education and skills and the like.

This is clearly what is in the mind of the Prime Minister, and now it remains to be seen how effectively the Prime Minister communicates this message to his interlocutors in the US. While in the US, Modi will be meeting top corporate czars including the heads of GE, IBM, Boeing, Google and Goldman Sachs.

(SAURABH SHUKLA IN NEW YORK)