Thaindian News

Bangalore, Sep 26 (IANS) General Electric (GE) chief executive Jeffrey R. Immelt Monday heaped praise on Indian entrepreneurship for its contribution to the Indian growth story.

“India has great entrepreneurs and their contribution to the economic growth has been spectacular. I am inspired and encouraged by the private sector’s entrepreneurial drive, talent and resources,” Immelt told reporters here on his first visit to Bangalore.

Declining to comment on the growing disillusion of India Inc with corruption and deficit governance, Immelt said there was need for more transparency and involvement of the private sector in ramping up the infrastructure needs of the country, especially in meeting the increasing demand for energy, water, transportation, connectivity and healthcare.

“The success of the private-public partnership (PPP) model is a positive development for India. A lot more can be done through interface with the government and people should be brought on board to address the challenges,” Immelt noted.

Lauding the private sector for its significant role in India’s Gross Domestic Product (GDP) growth rate, the $150-billion global firm’s chairman said the spirit of entrepreneurship in India was praiseworthy as not many countries could boast of such ability.

“Private sector in India has moved faster than we anticipated. It has invested substantially in diverse sectors and forayed into those areas that were hitherto in the public sector domain. It’s growth is a part of India’s success story as it made a lot of difference in improving the living standards and meeting the aspirations of over a billion people,” Immelt said citing the contribution of the private sector in telecom, energy, healthcare and services.