Reforms in India need to be executed better, faster: GE CEO Jeff Immelt

New Delhi: Calling for measures to make it easier to do business in India, Chairman & CEO of US-based diversified conglomerate GE, Jeff Immelt, Monday 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.

Sharing views with Indian business leaders who expressed

concerns over lack of pace in reforms, Immelt said "it is good that people agitate for the reforms to be fast. I think that is great, and we should and I should" but added one should also look back to realise how far the country has moved forward.

"There is no perfect environment anywhere. I just would like to see the reforms that Mr Modi has started, which I think is absolutely in the right direction, to continue to evolve and change," Immelt said.

When asked about the inability of the government to push through key reforms like the GST and amendment to land acquisition law, he said: "We just have to keep pushing. This government has been in office for a year. It is important for private sector to continue to push for these things and not to give up on it...We want it to happen. I still want to see this government play out."

Immelt said Modi on his shoulder is carrying a burden of hopes and has also set expectations which are difficult to meet.

"The PM has such hope on his shoulders, the hope of a nation, the hope of a world. I don't think we have seen anything like it," he said.

When asked if GE was planning to make fresh investments in India, considering its focus on manufacturing here, he did not give a specific figure but said it will be substantial.

"For us in India 500 million dollars is not a lot. If we are really building up in India, as great as it can be, and moving more manufacturing here, the number has to be substantial," he said.

Stating that GE invests much more than every year, Immelt added: "...If India was going to grow like what we think it can grow then we are going to invest that amount of money to ensure that these projects continue to come through."

Earlier this year, GE had announced a USD 200 million investment in its multi-modal manufacturing facility in Pune. This facility delivers localised products and solutions for Indian customers while also feeding GE's global supply chain. These investments supported the growth and development of over 1,000 suppliers in India.

In India since 1902, GE is present in energy, healthcare, infrastructure, aviation and financial services sectors with over 13,000 employees.