Martin Sorrell, chief executive of WPP, the global marketing and communications giant, has expressed his hope that with Narendra Modi leading the country, India can “get it’s mojo back.”
Speaking in Mumbai, Sorrell said that a lot needs to be done to improve Brand India. He added that while Brand India has a lot of positives, it has quite a few negatives as well. One of the negatives he spoke of was India’s low FDI, which, he added, had direct correlations with poor performance in other sectors –tourism, infrastructural development, investments, education and technology.
“FDI into India is far lower than that into China. Here, India”s poor brand image has a part to play. China will be the world”s largest economy in the next few years, and its good image shows in terms of FDI flows.”
“I think, the prime minister has already indicated willingness not only to think about those casino online issues but also to actually to do something about it,” he said.
India’s restriction on FDI in key sectors has been a cause of concern for Indian businesses looking for investment, and foreign investors wanting to invest in India. On August 18, the president of Japan’s chamber of commerce had written to India’s Commerce Secretary Amitabh Kant, asking for easing restriction on FDI inflows. This follows reports that the Indian automobile sector witnessed a decline of 85 per cent decline in foreign direct investment (FDI) to only USD 73 million during April-May this fiscal year.
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