Modi Impresses Top Multinational Executives

There seems to be a great deal of support for the Narendra Modi government among multinationals. Speaking to the media at the conclusion of the Second Internet of Things World Forum in Chicago, John Chambers, chairman and CEO, Cisco said: "I am extremely optimistic about this leadership change in India and the future of the country. I think Prime Minister Modi is going to be a great leader."

 

Chambers said that he is quite bullish on India and expressed confidence that Prime Minister Narendra Modi has the capability of taking decisions and delivering. He expressed hope that India will grow at 7-8 per cent. Another factor that he pointed out in favour of India is that 76 per cent of the GDP is internally generated. As a result among emerging market he is betting the most on India, adding, "I have been very public in my comments that emerging markets are going through some tough times."

 

Asked if there is perceived change in business confidence, he said, "Most of the challenges that existed in India was self-inflicted. So I think you are going to see great economic opportunity and good environment for business if they execute it right.”

 

Meanwhile, Wim Elfrink, Cisco's Executive Vice President for Industry Solutions and Chief Globalisation Officer pointed out that there is a huge opportunity for the company in large projects like the Delhi Mumbai Infrastructure Corridor.

 

Over the past few years, Cisco has invested into India in a big way.  Although the company gets about 2 per cent of it’s $48 billion global revenues from India, it is confident of growing the share. It expects to garner 5 per cent of its revenues from the Indian market in the next five years with business growing over 20 per cent.

 

"The change in government I think Prime Minister Modi is going to be a great leader...I am extremely optimistic about this leadership change in India and the future of the country," he said at the Internet of Things (IoT) Conference here.

 

"I see an openess to really make a difference," he said.

 

The three-time Gujarat Chief Minister steered the BJP to a landslide victory in general elections in May, with the party winning a majority in Parliament. It is the first time since 1984 that a single party has won a majority on its own.