US entrepreneurs applaud Modi on his election victory

The next Prime Minister, Narendra Modi’s unprecedented win in the 2014 general election has sent positive feelers to entrepreneurs and technocrats associated with The Indus Entrepreneurs (TiE).  

TiE is a non-profit making trade group dedicated to fostering entrepreneurship and IT innovations in the US.  

In an interaction with Rediff.com, various TiE members expressed hopes of revival in the Indian economy after the formation of the new government.  

On the sidelines of the TiE Silicon Valley 2014 conference, Venkatesh Shukla, TiE Silicon Valley president told Rediff.com, “Modi has worked up his ranks to reach where he is today.”  

Its sheer hard work that today he is going to become the 14th Prime Minister of India, he added.  

Shukla further said that there is a wave of optimism amongst the entrepreneur community.  

Businessmen and companies who are keen to do business with India expect reforms in taxation regime, implementation of big-ticket projects along with new investor friendly policies, said adding. “ Modi will have to create conducive environment for global firms who want to expand footprint in India. He should also promote small businesses.”  

He further pointed out that there should be a mechanism by which a company can avoid going to the court where it takes years to settle any matter pertaining to the business contract or any other related issue.  

Romesh T Wadhwani, founder, chairman and CEO of Symphony Technology Group told Rediff.com,  “The US and India should further strengthen business ties between them and should focus on a more balances agenda with regards to bilateral agreements.”  

Giving his perspective on the limited number of H1 visas issued by the US government, Wadhwani said that the current policy on visas benefits few companies.

There should be a broader framework to address this concern, he said.  

It is an appropriate time for India nd the US to formulate policies that will go a long way in building economic and geo-political relations between the two countries.  

Wadhwani condemned the erstwhile Indian government for not creating  sufficient jobs for the Indian youth. 

Kanwal Rekhi, managing director, US-India Venture Investor echoed the same sentiment as Wadhwani. “ The Modi will government deliver what it has promised,” he said.  

Despite there being talks that the Modi government will not favour FDI in retail, Rekhi said, “It will happen, the new government is focussed on growth. India is a large market and favourable policies will help business communities grow.” 

Vish Mishra, venture director at Clearstone Venture Partners told Rediff.com, “I hope more foreign investment will flow into India and files will not get stuck due to red-tapism.”  

Entrepreneurs in the US also hope that more Indian companies are allowed to get listed overseas. 

“We hope more Indian companies get listed on Nasdaq.,” added Mishra.  

I hope that the US-India relationship will strengthen after the new government comes to power, hopes Mishra.