Siemens CTO Roland Busch has said that India is climbing up the ladder and Prime Minister Narendra Modi is pushing the right buttons for growth.
Siemens CTO Roland Busch has said that India is climbing up the ladder and Prime Minister Narendra Modi is pushing the right buttons for growth. Bullish on India, Roland Busch praised India for pushing tenders faster that were hanging around for many many years. “We see that some tenders, mobility area for example, which were hanging around many many years are being pushed through now,” Roland Busch told CNBC-TV18 in an interview.
“This was one of the blocking points which were hindering India from developing faster. You are working on the high-speed connection…climbing up on ease of doing business, very good sport,” Roland Busch said. Siemens is a European conglomerate which in 2015 announced an investment worth 1 billion euro in India to add 4,000 jobs to its existing workforce of 16,000 in the country.
In October this year, India’s recent reforms like Insolvency and Bankruptcy Code (IBC) pushed India up 30 ranks on World Bank’s Ease of Doing Business index. In the World Bank’s latest ‘Doing Business’ report, India ranked 100th for the first time, firmly aided by the implementation of reforms in as many as eight out of 10 fronts, including the crucial ones such as starting a business, paying taxes and resolving bankruptcy.
Following the jump of Ease of Doing Business index, rating agency Moody’s also upgraded India to Baa2 from Baa3 last week, saying reforms like the Goods and Services Tax, Aadhaar, IBC et al made India’s investment environment favourable.
Morgan Stanley is also bullish on India and has said the country is expected to become USD 6 trillion economy — third largest in the world — in the next 10 years. The global brokerage firm has identified the GST implementation as a disruption to smaller businesses leading to job losses, but said subsequently it is going help lower the public debt. Morgan Stanley has said India’s political stability, privacy debate over Aadhaar and other judicial decisions will remain crucial to India’s growth, however, country’s digitisation drive would give the economy a great push.