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    Two BRIC nations on life support as India stands tall: GE's John Rice

    Synopsis

    Amidst uncertain and floundering global economic conditions, India continues to stand tall, says GE, Vice Chairman, John Rice.

    ET Online
    NEW DELHI: Amidst uncertain and floundering global economic conditions, India continues to stand tall, says GE, Vice Chairman, John Rice.

    Speaking at the Global Business Summit, Rice says, "At the recent World Economic Forum at Davos, everyone wanted to know about what we really thought about India and can it be as good as it sounds. My answer to that question was a yes. If five years ago it was all about BRICS, today 2 of them are on life support and India stands tall," said Rice.

    GE has been in India for about 100 years and have about 20,000 employees. Rice says the company's new multi-modal manufacturing facility at Pune employs 400 workers and is in sync with the government's Make in India policy. "This facility is important as we export 50 % of what is produced here. The true test of Make in India is what it can do for the local economy, but also how we can be competitive on global scale," says Rice.

    He adds that for GE there are lots of favourable tailwinds and opportunities for the company to invest. The company has also recently won the bid to modernize the rail locomotive sector and is undertaking a 200 million dollar investment in Bihar . "This government has made it happen and this successful tender means India is open for business," says Rice.

    Rice,however, concludes that there is still work to be done as benchmarks for comparison is global and not where India stood earlier. "The frictional cost of doing business here is still intimidating at times. Taxes, paperwork, permits can be improved. My view is work still need to be done. "


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