GE chairman and CEO Jeffery Immelt flagged reforming the Indian bureaucracy as one of the biggest changes that he would want to see in the country though he said that he was enthused by the steps that the Narendra Modi government has taken to attract manufacturing and investments into the country. Immelt, Head of the $148 billion company and rated as one of the top CEO’s across the world met the PM but hinted that things are beginning to change but reforming a permanent bureaucracy is very tough.
Regulation not being conducive to the major investments that needs to be made in the country and, as a part of that, you just need to open transparent markets. That’s what the government has to do and that’s the promise,“ he said, adding that businesses too have to do their bit to create jobs and improving the quality of life for the people.
He outlined top sectors including railways, oil and gas, healthcare,renewable energy and military aviation, which he thought would attract GE’s investments into the country . Immelt added that the optimism and hope riding on Modi stands out globally , though the growth strategy charted out by the Modi government needs better pricing in the oil and gas sector, besides lowering power subsidies.
For GE, which has 21 plants in India, Railways is perhaps the single major opportunity with the GE CEO watching the outcome of the tender for building a locomotive unit that has been bid out several times in the past but is yet to be awarded.
Jeff Immelt who is known for ‘straight talk ‘ said that GE looks forward for a conducive environment to invest manufacture and employ with the minimum bureaucratic baggage.
About Jeff Immelt : http://www.ge.com/in/about-us/leadership/jeff-immelt
IndianBureaucracy.com hopes that the regulatory norms are worked out so that the corporates can do their businesses smoothly.