Make in India, Modi urges global investors in US

New York, Sept 24: Prime Minister rendra Modi on Thursday made a strong pitch to global investors to "Make in India", saying India remained a fast growing economy even in the current global crises, offering immense potential for investments.

"Our economic growth rate last year was 7.3 percent. There has been a 40 percent increase in foreign direct investment (FDI)," the prime minister told chief executives at the roundtable on fincial sector in New York.

He also said that the Intertiol Monetary Fund (IMF), the World Bank and ratings institutions such as Moody's have maintained that the economic climate in India was bound to improve further.

Among the CEOs present at the roundtable were Jamie Dimon, chairman, chief executive and president of JP Morgan; Steve Schwarzman, chairman, chief executive and co-founder, Blackstone; and Charles Kaye, co-chief executive, Warburg Pincus.

Other leading figures at the roundtable were Henry Kravis, co-chairman and co-chief executive, KKR; Bill Ford, chief executive, General Atlantic; and Peter Hancock, president chief executive, AIG Insurance.

Chase Coleman, co-founder and maging partner, Tiger Global; and Vicki Fuller, chief investment officer, NY State Common Retirement Fund, were also present.

During the hour-long interaction, Modi also outlined steps taken to simplify the country's tax laws and in attracting investments, domestic and foreign, especially in infrastructure.

He said much had been done to ease doing business in India.

Soon after the meeting, US investors said the interaction was fruitful and that the prime minister was evocative in sending out his message.

"Overall, I was very pleased with the comments of the PM. India is very attractive to us," said Vicki Fuller, chief investment officer, NY State Common Retirement Fund.

Jamie Dimon, chairman, chief executive and president of JP Morgan said: "It was a great meeting with PM and very constructive as well."