The opposition charge of “NRI Prime Minister” does not seem to be sticking if we go by Assocham’s perception survey results. Prime Minister Narendra Modi’s visits to the US, Australia and Japan among other countries has helped significantly change India’s perception as a promising and stable investment destination among global investors, 77 per cent of the respondents in ASSOCHAM’s survey of trans-national companies said.
The perception survey was done by ASSOCHAM’s newly opened foreign offices including in the US and Australia sensing the mood of the multi-national companies which have either already established presence in India or are seriously considering looking at India.
“Over 71 per cent of the senior level functionaries of these firms said that India tops the chart among the emerging countries as an investment destination. As many as 53 per cent said that India could even overtake China as an investment destination in terms of growth potential,” the survey said. China is slowing while India will catch up fast, it noted.
An overwhelming 89 per cent of the respondents said it is the leadership in India which has made all the difference in the perception of global investors, helped by continuous domestic growth story.
“There was an across-the-broad consensus about the Prime Minister Narendra Modi being a very good communicator and who is able to establish a contact with the global community with as much ease as he is able to do at home,” it said.
Equally important was their observation about the credibility of his promises. Over 73 per cent of the 161 respondents spread across the US, Japan, Australia, Singapore , Malaysia and the Middle East said Mr Modi will be able to deliver on his promises on ease of doing business, improving basic infrastructure and on debottlenecking the policy issues.
His attention to small details and capacity to take decisions quickly was something which stood out in the survey reports from different regions. There was a lot of appreciation in the US they way Mr Modi ironed out differences with the US on the issue of WTO agreement on trade facilitation and food security.
Mr Modi’s intense engagement with the NRI communities in the US and Australia has resulted in the Indian expats becoming the brand ambassadors of the country’s revival path.
In Japan, the points most noted about the Prime Minister’s leadership were his priorities to infrastructure projects, including modernization of the Railways. Bringing in of Mr. Suresh Prabhu, who has established an image of being a doer, in the Railway Ministry, was noted particularly in Japan, Singapore and Australia.
The ASSOCHAM reports from Australia indicated that the companies based in Australia want to build on the Prime Minister’s flagship programmes of smart cities, cleaning Ganga and improving urban infrastructure.
“The message that went about across different countries was that the new government in New Delhi wants to engage widely with the world, spreading the message of India story. The results would be there in much more visible form in the next few months. However, the results in the financial markets are already visible in terms of the sensex touching new highs on the back of foreign inflows. While dollar is shooting up against major international currencies like yen, Indian rupee remains stable”, notes the survey.