Prime Minister Narendra Modi on Monday said he wants to convert the Supreme Court judgment on coal allocation into an “opportunity to move forward and clean up the past”, as he wooed CEOs of large American companies to invest in India in key sectors including infrastructure.
Hosting a breakfast for 11
CEOs, including Indian-origin PepsiCo CEO Indra Nooyi, Google Chairman Eric Schmidt and Citigroup chief Michael Corbat, Modi said India is open-minded and want the change, which is “not one-sided”.
Listening to concerns raised by the business leaders, Modi assured them that his government will address their issues and try to make the environment in India more business- friendly.
Describing the meeting as “excellent and very good”, all business leaders, including Nooyi and Corbat, said that the Prime Minister heard their concerns and listed out the priority areas of his government to take forward the India story to higher levels.
“(We) want to convert the Supreme Court judgment on coal allocation into an opportunity to move forward and clean up the past,” Modi told the CEOs.
The Supreme Court last week quashed allocation of 214 out of 218 coal blocks alloted to various companies since 1993 terming it as “fatally flawed” and allowed the Government to take over operation of 42 such blocks which are functional.
Modi’s observation comes in the backdrop of concerns that the judgment would have an adverse impact on corporate sentiments and overall business climate.
