India is indeed open for business

I’m excited to be back in India this week, speaking at the Global Business Summit in New Delhi. India is an incredible country, with great diversity, energy and opportunity. It is positioned to be one of the world’s fastest growing economies for at least the rest of the decade and is one of the most popular topics of conversation for the CEOs and business leaders I meet with.

India’s rise was evident last month at the World Economic Forum’s annual meeting in Davos. Prime Minister Modi delivered an impassioned speech about India’s commitment to building their economy through globalization, setting the tone for the week in the snowy Alps. As the Prime Minister spoke about the future of India and its role in the global economy he sent a powerful message that really struck a chord about the benefits of globalization and the importance of India on the global stage.

The Prime Minister rightly expressed concern that globalization is ‘losing its luster.’ Global economic growth has not been as inclusive as it needs to be and widening inequality is unquestionably a cause for concern. But he also emphasized that globalization has enabled incredible progress around the world – including in India, where it has contributed to GDP tripling in the past 20 years. Globalization has spread innovation, shared technology, reduced poverty, hastened economic growth and enabled progress.

So, the focus has to be on making globalization work better, in a fairer way for more people. There are number of things that need to be done, and I know these are things that are very much priorities in India – from access to education and technology, creating an entrepreneurial environment and improving infrastructure.

We’ve seen tremendous progress in India in recent years – changes that have improved the wealth of the nation and India’s 1.3 billion citizens. As PM Modi said in his speech in Davos, the red tape that used to stymie business in India is now being replaced with a welcoming red carpet. It’s the right message for India and for business leaders at home and abroad, and something that I and my colleagues in India have seen first-hand: FDI is at record highs, India has moved up the World Bank’s Ease of Doing Business rankings, and changes in corporate law and monetary policy have built credibility with international companies.

The rhetoric and reality are stacking up in India. The continued commitment to “Minimum Government and Maximum Governance” are being brought to life with key reforms such as the simpler, unified national tax regime. Huge investments are being made in India’s ports and transport infrastructure, and the just-announced Mumbai-Pune hyperloop is one of many such private-public sector innovations the country needs and deserves.

India’s projected growth rate of 7% this year will be the envy of every other major global economy. India has a young population, an expanding middle class and a world-renowned tradition of science, technology and engineering excellence combined with a thirst for digital innovation, so the potential for sustained growth is real.

India continues to follow a bold and optimistic path, undertaking transformative reforms to create a stronger, more inclusive business environment and society.

Put simply: India is positioned to be a global economic powerhouse. But I believe India also has the opportunity to be a leader in reinvigorating globalization to be more inclusive. I’m hugely excited to be in India again this week to contribute to these timely discussions and to support India as the country starts to achieve its full potential.