Paris: At the India-France CEO meet, the co chairperson Paul Hermelin who is the CEO of the Capgemini Group said whatever problems that the French companies had with regard to investment in India and obstacles in setting up companies there was during the pre-Modi period.
The comment drew smiles in the room of high powered executives, who echoed the sentiment expressed by Hermelin and the India co- chair: Dhruv Sawhney. The two said that there was an unprecedented level of attendance in the forum, this being the seventh one, probably due to renewed interest in India after the new government came into office with the agenda of making economic development a major goal.
The CEO forum met Prime Minister Narendra Modi and President Francois Hollande and apprised them about setting up of five joint time bound task forces, which would submit a report in three months time about the progress made in the field of cooperation. The task forces comprise of private sector companies that have potential to invest in India. The task forces are on green energy, water and waste water management including urban waste, life sciences which included patented drugs and moving expertise to third countries like Africa, defence and air-space and institutional and infrastructure finance.
Herelin suggested starting 10 emblematic projects that could deliver results soon so that it could be indicative of the new energy in India-France relationship. He suggested that working on the 100 smart cities project was a doable proposition for the French companies.
President Hollande said, "I invite French companies to invest heavily in India." He listed several areas where the French businesses could benefit immensely by investing in India.
Hollande also said that his government had set aside two billion euros for development and cooperation projects in India. He spoke about metro railway projects, smart cities, defence cooperation, urban development, space, energy, life sciences, skill development as areas where France and India can cooperate on a large scale.
Speaking to the CEOs of India and France, Prime Minister Modi assured the forum that the suggestions put forward by them would be tackled immediately by the government. He said that his team would `examine and take policy decisions and administrative decisions so that wherever we can we will help` in doing business in India.
Prime Minister Modi welcomed France`s invitation to Indian businessmen to set up businesses in France.
"We don`t want Indian business houses to be restricted to just India, we want them to be multinationals," he said. Mr. Modi`s advice to the Indian CEOs was `to learn from the French in innovation, risk taking capacities and efficient work culture`.
Mr. Modi struck a light note when he said that the French companies had no option but to come to India.
"You may produce all you want, but where will you sell it? You have to come to India, we are the largest market. And another reason to come is because everybody has reposed confidence in the Indian economy. Whether it be World Bank, IMF, Moody, they are all speaking in one voice. They also say that India is the fastest moving economy," he said.
Prime Minister Modi said that France and India were natural allies because both are democracies which value democratic traditions and sustainable development for all its citizens.
President Hollande also spoke about shared democratic values of the two countries. He said while one country had to go through a revolution to become a democracy, another had to earn it and had now become the largest democracy in the world.
Prime Minister Modi promised the French CEOs ease in doing business in India.
"I promise you the same work culture, transparency that you have here. You will feel `at home` and once you feel that how can you not work there? You will get a red-carpet welcome in India. It is my duty to provide you that if you come to India. And I will not be found wanting in that," he said.
Mr. Modi also had a word of advice to the French business leaders.
"You are known for your manufacturing skills, your innovations. But think about it, what will be your biggest issue 20-25 years from now? You will need skilled work force. And that can come only from India. We will have the youngest population ready to work in your companies so why not invest now and train the workforce for your industry requirements a decade or more from now? If you invest in skill development in India today, in training youth in India today, your companies will benefit soon enough," he said.
