'India became an investment destination under Modi'

India has ‘suddenly’ become a promising investment destination for foreign companies looking to do business here, after the new government led by Prime Minister Narendra Modi took over, according to Nitin Nohria, dean of Harvard Business School (HBS).

He was speaking to reporters after delivering leadership lessons to top bureaucrats from power, coal and renewable energy ministries. India-born Nohria imparted lessons on leadership qualities to senior bureaucrats of the rank of joint secretary and above in an interactive session organised by energy minister Piyush Goyal.

“The first Indian dean of HBS flew in to Delhi to give us a sense of what leadership is all about,” said Goyal said after the session. Goyal himself is pursuing an HBS programme, Owner/ President Management,  according to his website.

The interactive session lasted for about one-and-a-half hour. Nohria said the country is going through a historic transition in leadership.

“These transitions are important events. We cannot imagine economic development without power and coal. Better leadership inspires others,” he said.

On being asked what he thinks about the business sentiment in India, Nohria said the country has an “amazing moment of opportunity in terms of international business sentiment.”

According to him, people are happy with the clear mandate of the new government. Nohria pointed out that China and Japan have become less attractive for foreign investors - another factor that makes India a promising investment destination.

“But, people will wait for six months to see if the initial excitement translates into direct action. It is guarded optimism,” he said.

The interactive session followed last month’s lecture by author Chetan Bhagat, organised by the ministry for “employees with permanent job with no motivation” with the objective of improving productivity and bringing out new ideas to streamline government processes.