India needs quick and continuous decision-making: Kochhar
Davos: Ahead of the NDA government’s first full budget, ICICI Bank chief Chanda Kochhar today said investors are looking for ‘continuous and quick decision-making’ as also for the capital investment plans of the government in various areas including infrastructure.
Here to attend the World Economic Forum Annual meeting, Kochhar said everyone is also looking forward to the finalisation of the GST legislation and further steps to improve ease of doing business and enhance investments.
“In terms of major policy moves, I think what everyone is looking for is the finalization of the GST legislation and the timeline for its implementation.
“This is expected to enhance ease of doing business and improve growth,” ICICI Bank’s MD and CEO told in an interview.
“Further, we are expecting steps to enhance investment to fuel growth in the economy. We will also be looking for capital investment plans of the government particularly in areas of infrastructure, railways and so on.
“How the government balances the growth imperative with fiscal consolidation will be a key area to look at, ” she added.
Kochhar, however, said that “what people are looking for today is continuous and quick decision-making and things will depend not just on the budget but on day-to-day actions.
“I think a lot of good work is happening,” she said. Investor sentiment towards India is seeing a sea change and would soon yield significant investment flows, she added.
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, 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.
Kochhar, who heads the country’s largest private sector bank, said the government has recognised the importance of foreign capital and its role in bringing in technology as well as international linkages.
This is reflected in decisions like allowing foreign investment in defence, increasing foreign ownership in insurance (subject to parliamentary approval) and 100 per cent foreign direct investment in railways and addressing challenges in the coal sector and land acquisition procedures, she added.