Indian PM Modi seeks investments in India’s infrastructure and the BGBF was the place to start

The Bloomberg Global Business Forum (BGBF), which is held in New York, traditionally, in the third week of September, when the high-level United Nations General Assembly takes place, is proving to be an effective platform for world leaders to address the top representatives of America Inc.

Comparisons between the BGBF and the World Economic Forum (WEF), Davos, Switzerland, become inevitable: both events have their charm, appeal and, also, drawbacks. While the WEF is a far bigger and internationally established venue located in the picturesque snow-capped Alpine region, it seems to be bursting at the seams, with participants sometimes “looking lost” and struggling to maintain the overview of their objectives as delegations of high-ranking dignitaries, senior government officials, experts and business leaders descend on Davos for a couple of days in January. 

The BGBF, by comparison, is smaller in size but offers greater compactness, affording the participants an opportunity to talk serious business and get their message across to the gathered business leaders. 

Courting America: India Comes a Calling

That the BGBF is evolving into an effective platform to court America Inc., was demonstrated by Indian Prime Minister Narendra Modi who as the keynote speaker at this year’s BGBF held on September 25, made a strong investment pitch, harping on the virtues of India’s “4 Ds” – democracy, demography, demand and decisiveness – that would greet U.S. investors in India.

Modi’s address at the BGBF was a slight shift from the original script:  the broad theme at the BGBF was climate change but the Indian Prime Minister dwelt on what he called the “golden opportunities” awaiting U.S. corporations interested in doing business and investing in India.  The Bloomberg group’s chief executive and founder, Michael Bloomberg, sitting next to Modi, moderated the conversation with the Indian Prime Minister, extracting information about India’s reform course that would interest U.S. investors. 

While the highly-publicized “Howdy Modi” rally held earlier in Houston, Texas, which attracted over 50,000 guests - President Donald Trump also attended it – was, essentially, a display of support from the burgeoning Indian diaspora, the BGBF turned out to be an important business event where Modi could address CEOs and others representing a wide spectrum of industries.

Sprinkling his speech with metaphors –  the speech was delivered in Hindi amid an occasional burst of English - to highlight investment opportunities for U.S. companies, Modi said that this was “only the beginning”, adding that “today’s India is in a unique position.  If you want to invest in a market where there is scale, come to India. The Indian government respects the business world and wealth creation.”  India, offers, as Modi put it, a “very business-friendly environment”.