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US industry seeks predictability in India’s reforms: Banga

Ajay Banga

New York : Seeking “predictability” in India’s economic reforms, MasterCard’s Indian-American CEO Ajay Banga, representing the top US firms having businesses in India, said he would like to see improvement in ease of doing business.

“Predictability is the most important thing. There has been a lot of progress but people still want to see more,” Banga said on the sidelines of his meeting with Prime Minister Narendra Modi yesterday.

Banga met Modi in his capacity as chairman of US India Business Council, the apex business advocacy group of American businesses having footprint in India.

“I want to see improvement in GST. I want to see ability to buy land. I would like to see improvement in the ease in doing business. Because these are all important,” he said.

“He (Modi) has made progress. He has improved the levels of FDI (Foreign Direct Investment). In the last year India’s credit ratings have improved. Growth is in good shape. The fiscal deficit is in better shape,” Banga said.

Last year, members of the USIBC said that in the next three to five years they would be putting in USD 48 billion.

“To make all that happen, certain things need to fall in place,” Banga said as he listed out a few things like GST in India.

“But there has been progress. Would I like to see more. Of course, I would like to see more,” he said, adding that all businessmen want to get things done immediately.

For India to generate a million jobs a month, India needs a combination of manufacturing, tourism and infrastructure, Banga said, adding that infrastructure is not just airports and roads, it is also skills and the right kind of environment to do business.

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