Referring to the power sector where GE sees a huge potential, Immelt said he would like to see reforms happening.
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The chairman and CEO of General Electric Jeff Immelt on Monday said that there were only minor regulatory niggles which was holding up further investments by the multinational in India including those in nuclear energy.
For all homes to be electrified by 2024, as announced by Mr. Modi, Mr. Immelt said, the distributors must earn enough money. He said that if there was market pricing for gas, there would be more investment and production. “It is a very important project for us and has been hanging fire for the past fifteen years. Having said that, things are not awful by any means”. The company is interested in working in the commercial and military aviation fields as well as interest in the energy sector with renewable energy, gas and oil being the main points of concern.
In January, Modi and U.S. President Barack Obama unveiled a plan centered on insurance aimed at breaking the stalemate, but India stopped short of softening the liability law.
“I have been a GE person for 33 years and this is the fifth time I am seeing momentum in India but it is the first time I think it will take off…” Immelt remarked that India’s speedy evolution into an attractive manufacturing base is something General Electric Company (NYSE:GE) can not afford to disregard. The healthcare sector, which is at a nascent stage, would also offer tremendous opportunities in the future. In India the Competition Commission of India had earlier approved the deal.
Immelt has been campaigning to revive the agency after its authorization expired at the end of June, blocking the bank from writing new loans and trade guarantees.
Diversified USA conglomerate GE ruled out participating in India’s civil nuclear programme citing “risks” over liability issue despite the country reaching an understanding with the American government.
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For GE, which has 21 plants in India, including 11 it got as part of the takeover of Alstom, resulting in a combined output of $2.5 billion (over Rs 16,000 crore). “If we are really building up in India, as great as it can be, and moving more manufacturing here, the number has to be substantial”, he said.
