Smart policy and execution are big positives for India: Jane Fraser, CEO of Citigroup

Indian global capability centres (GCC) of multinationals are no longer built to lower costs but create critical innovation hubs that Fortune 500 companies are increasingly harnessing to enhance competitiveness in their biggest revenue-generating markets worldwide, said Jane Fraser, chief executive officer of Citigroup.

India's perfect policy prescriptions, cast-in-stone execution schedules and an unmatched ability to deliver development on a gigantic scale make it a unique investment destination, Fraser told ET in an interview.

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"The move from more of a cost arbitrage in India to now looking at it in terms of innovation from our Indian tech centres - they are drivers of our business strategy,'' she said. "Citi is doing a huge amount of work in transformation globally. That is all happening here in India.''

India, with its science and engineering talent, is fast becoming the hub of global service providers for multinational corporations. These centres not only provide software services, but their remit also extends to artificial intelligence, machine learning and automation.

There is "very smart policy and execution that is supporting investment, that is supporting growth, that is supporting much more self-sufficiency within India", said Fraser. "That's pretty unique. I don't hear that in many countries. There isn't that much competition when it comes to the ability to have scale. Vietnam has done an exceptionally strong job, but it has capacity constraints.''