Home / World / A powerful group of US CEOs meets Modi and voices concerns over growth in India

A powerful group of US CEOs meets Modi and voices concerns over growth in India

Indian Prime Minister Narendra Modi held a meeting at United Nations Headquarters in New York on September 24, 2019, on the sidelines of the United Nations General Assembly.

Saul Loeb | AFP | Getty Images

As the US-China trade battle continues, several powerful New York US CEOs meet India's Prime Minister Narendra Modi behind closed doors.

India's growing middle class and 1.3 billion inhabitants make India an attractive country destination for American companies.

The opportunity to expand into India is so great that top executives such as JPMorgan CEO Jamie Dimon, Bank of America CEO Brian Mohniyan, IBM CEO Ginny Rommetty, and Blackstone's Steve Schwarzman have joined 36 other executives with modes reported CNBC.

But just like the odds, the challenges are big too.

CEOs are said to have used the meeting to express their concerns.

Nisha Biswal, president of the US India Business Council, told CNBC after the meeting that "It was a really good conversation."

"I mean, you have some of the biggest CEOs in America, the Prime Minister spent almost two hours listening to many of the ideas and problems, and I think people were pretty open about some of the things that they did think that India has to do it and he was very receptive to hearing it, "said Biswal.

The timing of the meeting has come when India's economy slowed to a 6-year low and unemployment has risen sharply.

According to sources, during the meeting with Modi, the Indian leader tried to calm down concern about the slowdown. [1

9659002] "I think the Prime Minister, when he came in, had these CEOs … a bit skeptical of the economic slowdown, but he raised the mood and you could see that they were excited, positive and willing to do more in them invest the country, "said Mukesh Aghi, CEO of the US India Strategic Partnership Forum at CNBC.

India's business team is considering raising international money by pursuing consistent policymaking, improving access to Indian retail banking and providing liquidity to the bond market by providing more capital for infrastructure and other projects.

Another point of contention for American companies is e-commerce.

A recent e-commerce decision announced by the Indian government has challenged Walmart's and Amazon's growth in the country. Managers, however, remain confident that this will be the case. Be relaxed in the future.

"We had a great discussion, I'm glad we came to the meeting, we have a tremendous opportunity in India, it's great to have this kind of dialogue," said Doug McMillon, CEO of Walmart Meeting in New York with CNBC.

Asked if India would change its e-commerce regime, McMillon responded, "We have to wait and see." He also urged Modi to sign a trade agreement and fight the trade with Washington

Experts say that all advances in trade are welcomed by US companies trying to increase their market share in India.

Sources near India Government says a meeting between Indian trade officials and USA [officialTitleInsertPeterNavarrohasbeenfoundinNewYorkertheBothApprovedHoweverinthenearfuturea"limitedtradeagreement"hasannouncedthattheUSfarmerswillgetbetteraccesstotheIndianmarketplace[19659019]
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