Chanda kochhar at Davos: Spelling out the Nation’s Demands from the Budget

The MD and CEO of India’s largest private sector bank- ICICI bank, is at Davos for the World Economic Forum, and is sharing her interpretation of the nation’s economic pulse. The NDA government is to announce its first full budget, and Kochhar threw light upon the investors’ expectations and demands.

In her opinion, investors are looking for “quick and continuous decision making and things will depend not just on the budget but on day-to-day actions.”

"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."

In terms of new policy formulations and contemplations on the governments end, she reveals that everyone is rather keyed up about the GST legislation, and is looking forward to having it on the roads. They’re looking forward to the government’s plan of its execution. She feels that GST will “enhance ease of doing business and improve growth.”

Furthermore, she said, "How the government balances the growth imperative with fiscal consolidation will be a key area to look at."

She is happy about how much leverage the Modi Government is giving to foreign investments, thus paving the way for bringing in technology and international linkages- like allowing foreign investment in defense, increasing foreign ownership in insurance (subject to parliamentary approval) and 100 percent foreign direct investment in railways and addressing challenges in the coal sector and land acquisition procedures.

"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. Investor confidence in the Indian market is increasing, 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.

Original Source: Deccan Chronicle

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