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Davos 2023 Day 3 Takeaways: Policy continuity will lead to investing continuity

Day 3 of the World Economic Forum continued to find optimism in the Indian growth story, but BQ Prime focused on things that India needs to do to attract global investment and keep the domestic engine chugging.

Ingka Group’s Deputy Chief Executive Officer and Chief Financial Officer, Juvencio Maeztu, spoke about the need for a stable policy framework as the principal need for a large global brand to increase its investment quotient in India.

Corporate honchos from Anil Agarwal of Vedanta to Anish Shah of Mahindra & Mahindra to Rajan Mittal of Bharti Enterprises spoke about their expectations from the Indian government in the upcoming Union Budget 2023 and beyond it.

Here are the key takeaways:
Rajan Mittal, Vice-Chairman, Bharati Enterprises
Mittal is hopeful that the government will lower taxes, but in the same breath, he said that Indian companies need to realise that the government cannot keep on giving all the time.

Anish Shah, Chief Executive Officer, Mahindra & Mahindra
Shah said the policy framework was “fine” and hoped that the government would continue doing what it does to encourage capex and attract investments.

Anil Agarwal, Founder Chairman, Vedanta Resources
Calling the 21st century “India’s century”, Agarwal said he was very hopeful that the investment momentum around India would continue. He believed that the semiconductor investment by his firm, including those by other large firms, would help create jobs in the country, which was the need of the hour.

Deepak Bagla, Chief Executive Officer, Invest India
Bagla stated that the corporations he and his group have spoken with are all optimistic that India will provide stable policy and that the country’s leadership will provide direction for world politics.

Rishi Kapoor, Co-Chief Executive Officer, Investcorp
An intriguing statement was made by Kapoor, a global asset manager who handles funds worth over $50 billion. He said that “global investors and firms were very happy with the recent policy decisions (of the Indian government) and the continued security of those policies, on which India would only build”. Bloomberg

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