PM Narendra Modi invites US CEOs to invest in India, says GST will be a game changer

NEW DELHI: Prime Minister Narendra Modi on Sunday pitched the implementation of the Goods and Services Tax amendment as not just a sign of his government's unflinching commitment to reforms, but also an unprecedented exercise that should be a subject of research in American business schools.

In a free-wheeling roundtable with 21 top US CEOs ahead of his meeting with US President Donald Trump on Monday, Modi said: "India's growth presents a win-win partnership for both India and the US. US companies have a great opportunity to contribute to that."

He emphasised that close to 7,000 big and small steps have been taken by his government for ease of doing business in a bid to attract investments and make it easier for foreign companies.

"Implementation of the landmark initiative of GST could be a subject of studies in US business schools," he said, referring to the upcoming mammoth rollout effort. The PM then went on to list some specific opportunities like developing hotels through public-private partnership around 500 railway stations in India. He said "efficiency, transparency, growth with benefit for all" were the mantra of reform for his government.

Further, officials said, the PM called for cooperation among startups for bringing in innovation to "tap the huge education and vocational training potential in India".

The CEOs present included Apple's Tim Cook, Walmart's Doug McMillon, Caterpillar's Jim Umpleby and Google's Sundar Pichai. Besides, Mariott International chief Arne Sorenson, Johnson & Johnson's Alex Gorsky, MasterCard's Ajay Banga, Warburg Pincus' Charles Kaye and Carlyle Group's David Rubenstein also attended the session at the Hotel Willard Intercontinental in Washington ahead of Modi's summit meet with President Donald Trump on Monday.

The prime minister gave a hearing to the executives, whose chief concerns included the macroeconomic scenario in India since demonetisation, and job creation, given PM Modi's focus on 'Make in India'.

Meanwhile, Modi will be the first foreign dignitary invited for a dinner on Monday to the White House under the Trump administration. The White House has said it was "seeking to roll out the red carpet" for PM Modi. President Trump has tweeted that PM Modi is a "true friend" with whom he has "important strategic issues to discuss".