It has been a very eventful year so far, with many reputed market voices hailing Narendra Modi-led government’s policy reforms such as demonetisation and GST, even as the short-term efficacy of these decisions remains under scrutiny with the fall in Apr-Jun quarter’s GDP growth to 5.7%, concerns over widening fiscal deficit and nearly 99% of the discontinued currency notes making their way back into the system, as evidenced by RBI data.
While there may be naysayers, top businessmen from India and around the world have backed Prime Minister Narendra Modi on his policy decisions, while viewing India as a marquee investment destination. We take a look at what these stalwarts have to say while speaking about Narendra Modi’s decisions.
Ratan Tata, Chairman Emeritus of Tata Sons, in a recent interview aired on CNBC TV18, had this to say about Narendra Modi: “He is able, capable and innovative enough to look at India afresh. I, for one, am optimistic that India will be the ‘New India’ that he has promised.”
Jamie Dimon, CEO of the United States’ largest bank JPMorgan Chase, in an interview with CNBC TV18, said this week: “Prime Minister (Narendra Modi) has done some very smart and tough things to do. It’s amazing that he has created a majority — the tax he put in place, finishing the biometric, bankruptcy laws, real estate — these are the things that are setting the road to have better growth forever.”
Anand Mahindra, Chairman and MD of Mahindra Group, said this week that the Indian Prime Minister is clearly communicating India’s direction, by his commitment to solar energy.
John Chambers, Cisco’s celebrated Executive Chairman told CNBC TV18 in August: “Under Prime Minister Modi’s leadership, India has become a fast innovator… I am a huge believer in him.”
Jim Rogers, the world renowned investment guru, used these words to express his feelings on passing of the crucial GST earlier this year: “On GST, I am amazed, shocked and stunned,” he told the Mint newspaper. Jim Rogers, the co-founder of Quantum Fund, who had decided to exit his India positions back in 2015, said this year that he would consider coming back to India because of the things Narendra Modi is doing. “If Modi continues doing stuff like GST, then not just me, everybody has to pay a lot more attention to India,” he said.
Marc Faber, popularly known as Dr Doom, has repeatedly reposed his faith in the Indian Prime Minister, and in an interview to CNBC TV18 earlier this year, used these words for Narendra Modi: “A leader (who) is gradually implementing reforms against the opposition from vested interests and corrupt government officials.” The author of the Gloom, Boom & Doom report expects Narendra Modi to be re-elected in 2019 on the back of his development agenda, as told to ET Now last month.
Mark Mobius, the legendary investor who is Executive Chairman of Templeton Emerging Markets Group, told Bloomberg television in a recent interview: “I think he’s (Narendra Modi) doing very well in the face of terrific odds.” Speaking about GST, he said: “Just to get the tax reform through was quite an announcement.”