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International companies keen to invest in 'super-fast growing' India: Standard Chartered CEO
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International companies keen to invest in 'super-fast growing' India: Standard Chartered CEO
Sep 13, 2023 10:57 AM

Standard Chartered CEO Bill Winters highlighted the interest of international companies in investing in India in an exclusive interview with CNBC-TV18. He underscored the positive outlook on the Indian market, saying, "We are delighted with our business in India." He pointed to the strong corporate presence the bank maintains here, serving large Indian corporations.

"We have a very strong corporate business, serving large Indian corporations, who very importantly, are investing increasingly into India — and that wasn't always the case... some of the big Indian groups were as inclined to invest outside as inside, that has changed and resources are coming back into this super-fast growing economy."

"We are very happy to support that. I think we have a big market share with those companies. International companies are also stepping up their investment in India," he said.

"You can look at FDI statistics from month-to-month and see a very erratic story. But every indication we have is that international investors are very keen to tap into the Indian consumer market, to the Indian infrastructure developments, to Indian technology, by investing in the country and that's a very important part of our business is serving those foreign companies on the ground in India," he said.

Standard Chartered, with a history of 165 years in India, is actively investing in digitisation to enhance its operations. Winters noted Stanchart's contribution to the Indian government through healthy tax payments.

While raising concerns about the high taxes imposed on foreign banks operating in India, he acknowledged India's welcoming stance towards long-term foreign players.

"We are very happy with our Indian business. It wasn't always thus. There were times in our corporate history (when it was) quite difficult in India. But I think the combination of economic reforms that have been introduced by a succession of governments, but obviously accelerating under the current government, and the fact that India is just in the right place in terms of its embracing technology, (has worked)."

Winters mentioned that Standard Chartered is increasing its investments in India, with a big focus on technology. Their most substantial investment in India revolves around technology, including innovations tailored for SMEs.

"India has been quite welcoming to long-term foreign players, if I can call us a foreign bank, but one which has made a strong local commitment. We have doubled down, we had been here for a long time, and we have got a particularly strong franchise. So we are increasing our investment in India, we will continue to increase our investment," he said.

Standard Chartered has established an in-house SME platform in Bengaluru, which has witnessed substantial success, he said, adding that it plans to expand this platform to different markets. Winters also mentioned the bank's substantial portfolio of fintech investments and praised the exceptional tech competence available in India.

(Edited by : Shoma Bhattacharjee)

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