Well-known Silicon Valley entrepreneur Vish Mishra says Prime Minster Narendra Modi’s re-election for a second five-year-term bodes well for the country and its future development, but a few critical tasks like job creation and poverty removal lie ahead for him.
The renowned Venture capitalist said while there were many accomplishments on the part of Modi in the previous five years, including foreign policy success, and getting recognition of India as a major regional and world power, “structural problems” like unemployment and poverty remain to be firmly addressed.
“They can only be addressed by economic development through massive infusion of capital which India has to obtain by way of more foreign direct investments into the country, and I see this to increase to over $100 billion annually because investors will now see more stability India,” Mishra told India Abroad, adding that this FDI amount is still insufficient to fuel jobs growth.
Mishra, who has been Venture Director at Clearstone Venture Partners, an early stage venture capital firm focused on IT investing with offices in Santa Monica and Palo Alto in California, and Mumbai, India, said he also sees more infusion of venture capital from abroad rising to over $50 billion from the current base of $10 billion.
“This is bound to give rise to innovation economy, given the vast talent and expanding mind-set and ecosystem in India,” Mishra told this correspondent.
Mishra said it was very heartening to see a huge turnout of Indian voters “both in terms of absolute numbers — 600 million — and also percentagewise which is 67 percent of any democracy in the world.”
Mishra, who visited DC during the Modi’s visit to the U.S. capital to meet with President Trump in June 2017, said the U.S. India relationship should get better on political, economic and cultural front and bilateral trade and cooperation should rise over the next five years.
“Overall, I remain very optimistic about India’s future after Modi’s re-election.”