Want reforms in India to be executed better, faster: Jeff Immelt

Chairman and CEO of GE said that Modi's vision for the country makes it much 'more investible'

Calling for measures to make it easier to do business in India, Chairman & CEO of US-based diversified conglomerate GE, Jeff Immelt, today said Prime Minister Narendra Modi's reform programmes need to be executed better and faster to attract overseas investors to India.

"It is never easy but it is always fun (in India). As time goes on, we see great opportunities for a market of this size. We want it to be easier to do business with," Immelt said during an interaction with journalists here.

While giving a thumbs up to Modi, whom he met earlier in the day, Immelt said: "We believe that Prime Minister Modi's vision is the right vision and what we expect is just execution -- better execution, more execution, faster execution."

Stating that Modi's vision for the country makes it much 'more investible', he said: "I think it allows us to think of the country (for the) long term."

Reiterating that overseas investors are observing 'symbols' of real changes happening in India, Immelt said in his 33 years of association with GE and frequent trips to India this was the first time he actually felt things were really happening on the ground.

"This is, kind of, may be the fifth time, I personally have been on Indian real modernisation programme. I am an old hand on bidding for projects, this is the first time I actually think it is going to take place.

"So I view that is a giant symbol to the outside world to say there is real progress...There are big symbols outside investors are looking for where progress is made," he said.

Giving an example of the power sector where he would like to see reforms happening, Immelt said at some point of time there has to be "less subsidisation of local electricity prices" in India.

"... Have to go to more market pricing. That's going to allow reinvestment, that's going to allow more production," he said.

While acknowledging that it is an 'easy thing for a CEO to say but very hard thing to do politically', he said "those are the kind of things we would like to see."

He also pointed out the need to reduce bureaucracy and put aside the practice of "17 stamps on government document" in this digital age.

Immelt said "there are only a few things that is keeping the country (India) from being truly great. We are that are that close!"

He pointed out "few reforms, ability to get more into the villages; more healthcare, more electricity and more water to the people in the country" that would transform India.