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PM Modi meets top leadership of Goldman Sachs, pitches for more investment in India

Prime Minister Narendra Modi with the top leadership of Goldman Sachs (Image courtesy: @narendramodi)

Prime Minister Narendra Modi met the top leadership of Goldman Sachs Group Inc. in New Delhi and highlighted the opportunities India offers for global firms.

“Had a fruitful discussion with the members of the Board and key leadership of @GoldmanSachs. Highlighted India’s vast potential for growth, fuelled by recent reforms and a conducive business environment. Also spoke of how India’s offers several opportunities for global firms,” PM Modi tweeted after the meeting on Wednesday evening.

The 12-member Goldman board is visiting India for its first meeting in more than a decade and it comes close on the heels of PM Modi’s meetings with the top corporate leaders in the US who have announced major investments in India during his visit.

These included Amazon CEO Andy Jassy Tesla Inc.’s Elon Musk, Apple Inc. Chief Executive Officer Tim Cook, Alphabet Inc. Chief Executive Officer Sundar Pichai and Microsoft Corp. Chief Executive Officer Satya Nadella.

Several investments were announced during his visit, including Micron Technology Inc. investment of over $800 million toward a $2.75 billion semiconductor assembly and testing facility in India. Amazon has committed to invest $26 billion in India by 2030 and will “support startups, create jobs, enable exports, and empower individuals and small businesses to compete globally, Jassy said.

Goldman Sachs economists see a high growth trajectory of 6 to 7% over the next three years and the investment bank has deployed over $7 billion in capital in India since 2006, according to its website.

“A great deal has happened in the world and I think looking at India, people see opportunity…It’s especially exciting as businesses around the world continue to diversify supply chains and think differently about where there is growth and where they can do business,” Goldman Sachs CEO David Solomon told the Economic Times in an interview.