'Modi has done a remarkable job'

Prime Minister Narendra Modi has done a remarkable job of marketing the country to attract foreign investments, said Suresh Krishna, below, chairman of TVS & Sons, the holding company of TVS Group.

But the Centre would need to address the issues related to taxation and policies, among others, to improve the momentum, he added.

In an interaction with Business Standard, he said, “Where Modi has done well is, he made himself visible among foreigners.

“He has done a fantastic marketing job, and that is very important if you want to attract foreign investments.

“Modi has done one of the most outstanding jobs among all the Prime Ministers.”

Krishna, who took over as the chairman five months ago, has chalked out a growth plan for the group.

He wants the company to clock 15 per cent growth annually.

He also wanted more private companies in the group to open doors for public and first one, he hinted, would be PEs-backed TVS Logistics.

“Investors are coming in because they can not afford to miss India.

"After China, India is the biggest market and a fast growing one. India looks very good and I am optimistic for the next 20 years,” said Krishna.

“India is moving ahead in the right path. I don't expect big bang reforms to be announced as long as reforms are in the right direction and keep coming.

“As long as foreign investors take cognizance of the fact that reforms are happening, India is not stagnating,” he said.

He also said the group would continue to focus the ‘sunrise’ automobile industry and grow at around 15 per cent annually.

Currently, 95 per cent of the group’s revenue comes from the auto sector.

With a combined turnover of more than over $6.5 billion, the TVS Group employs a total workforce of around 39,000 employees.

“The automotive industry in India is a sunrise industry and it has great future for the 10-20 years. We have huge internal market,” said Krishna.

By and large 95 per cent of TVS’ effort goes into supply to domestic and international automotive companies.

“The group can only grow, it cannot stagnate,” said Krishna. Growth has been very good and it will be better, he said.

Image: Prime Minister Narendra Modi. Photograph: Adnan Abidi/Reuters