In what can only be described as a remarkable display of charisma and questionable intentions, Indian Prime Minister Narendra Modi recently graced the business roundtable in Sydney, aiming to captivate the attention of top CEOs with his grand promises of business opportunities and reform trajectories. While the event may have left some awe-struck, others were left scratching their heads, wondering if this was merely another attempt to attract foreign investments to a country plagued with bureaucratic hurdles and an unpredictable economic climate.
During the roundtable, Modi passionately elaborated on the so-called “business opportunities” in India, conveniently sidestepping the persistent challenges faced by foreign investors. It seems that the Prime Minister’s gift for storytelling overshadows the reality on the ground, where red tape and corruption have become synonymous with doing business in India.
Despite these glaring obstacles, Modi extended a warm invitation to Australian businesses to invest in the country. Perhaps he hopes they will overlook India’s dismal ranking in ease of doing business and the numerous cautionary tales from past investors who were burned by false promises and a lack of transparency.
Critics argue that Modi’s appeal to foreign businesses is nothing more than a calculated political move, aimed at boosting his image and deflecting attention from the mounting domestic issues. While the Prime Minister basks in the limelight of international engagements, the everyday challenges faced by Indian entrepreneurs and small businesses are largely ignored.