New Delhi: Tom Nides, vice-chairman of top investment-banking Morgan Stanley, has said that Prime Minister Narendra Modi has successfully managed to send out a strong message to US and Europe that his government is serious about reforms.
Praising the Prime Minister and his efforts in making India an easier place to do business, Nides, in an interview to Economic Times, said, "I think he (Modi) has all the elements to be enormously successful. Obviously, people want to see things delivered and that's a government's job to do so."
Nides also said that the opportunities here are phenomenal and that the Prime Minister is setting the stage for long-term growth in India.
"He (Modi) has made enormous amount of statements vis-a-vis opening markets to outside investors. He has sent a clear message on the importance of the rule of law and strengthening of contracts. He understands that he can't be just talking to the world. I think what he is sending is the right message, between the mixture of fiscal discipline which is important, and opportunity, which people need," he said.
"All indications from the perspective of the West are that he is setting the table for the long term. He is not making short-term decisions to get instant gratification," he added.
While terming India a very important country, economically and politically, Nides further said that without being heavily invested in India, no one, including US, can't be in a global capital market.
"The reason we want to be here is we know that you can't be in a global capital market without being heavily invested in India. And you have to play long-term. This is a very important country, for political stability in the region, as well. Not only important economically, but politically, too. It is a complicated neighbourhood in which you live and having a very stable democracy is attractive," he said.
On corruption, Nides opined that he has seeing a dramatic change in how the bureaucracy deals with business leaders.
"Clearly, there is an understanding that the Prime Minister's office has zero tolerance for corruption. It takes a lot of time," he said.
