 "Investors keen on India; Govt restoring confidence: Kochhar")
Helped by the government's consistent steps to improve business environment and remove growth hurdles, investor sentiment towards India is seeing a sea change and would soon yield significant investment flows, top banker Chanda Kochhar said.
"Yes, there is a sea change in investor sentiment towards India. India has always had strong potential, and now the new leadership of the country has given investors the confidence that we will act to realise this potential," the ICICI Bank chief said.
Kochhar, who has been attending WEF Annual Meetings in Davos and other global summits for a long time, said the confidence in the India growth story is seeing a major uptick this year and would soon start yielding results.
According to her, the country is also now focusing on infrastructure development.
"It is not just power and roads but urban development, water, sanitation, smart cities, railways, rail and port connectivity and so on - these can be big opportunities for foreign investors.
"I believe that India's long term growth story is strong and foreign investors are keen to be a part of it," she added.
Asked about World Bank chief Jim Yong Kim's recent remarks that India is one of the few bright spots in an otherwise mediocre global economic outlook, Kochhar said that hearing such views is "quite common" today.
"There is a lot of foreign interest again in India with the new government in place. We believe that the Indian economy is expected to grow at a healthy rate over the next decade, driven by robust growth in domestic consumption and investments. As I mentioned, I think everyone, both domestic and foreign, would want to participate in this growth," she added.
On whether the banking sector and its corporate clients are satisfied with the pace of the new government delivering on its promises, Kochhar said: "Seven months is a short time..."
"... But I think that the Prime Minister (Narendra Modi) and his government have articulated their commitment to growth-friendly policies, administrative efficiency and ease of doing business, as well as ensuring macro-economic stability and maintaining fiscal discipline.
"Yes, there is a sea change in investor sentiment towards India. India has always had strong potential, and now the new leadership of the country has given investors the confidence that we will act to realise this potential," the ICICI Bank chief said.
Kochhar, who has been attending WEF Annual Meetings in Davos and other global summits for a long time, said the confidence in the India growth story is seeing a major uptick this year and would soon start yielding results.
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"India is a large consumption market and is expected to get bigger - making it an attractive destination for foreign companies," Kochhar told PTI in an interview.
According to her, the country is also now focusing on infrastructure development.
"It is not just power and roads but urban development, water, sanitation, smart cities, railways, rail and port connectivity and so on - these can be big opportunities for foreign investors.
"I believe that India's long term growth story is strong and foreign investors are keen to be a part of it," she added.
Asked about World Bank chief Jim Yong Kim's recent remarks that India is one of the few bright spots in an otherwise mediocre global economic outlook, Kochhar said that hearing such views is "quite common" today.
"There is a lot of foreign interest again in India with the new government in place. We believe that the Indian economy is expected to grow at a healthy rate over the next decade, driven by robust growth in domestic consumption and investments. As I mentioned, I think everyone, both domestic and foreign, would want to participate in this growth," she added.
On whether the banking sector and its corporate clients are satisfied with the pace of the new government delivering on its promises, Kochhar said: "Seven months is a short time..."
"... But I think that the Prime Minister (Narendra Modi) and his government have articulated their commitment to growth-friendly policies, administrative efficiency and ease of doing business, as well as ensuring macro-economic stability and maintaining fiscal discipline.