Since 2006, Goldman Sachs has invested nearly $7 billion in India of proprietary as well as client capital that it manages, and continues to see opportunities, given the growth prospects, said its top executive.
"A great tech ecosystem coupled with innovation has developed here in India and that is also an important part of our business. So, the role of India will only grow bigger," said David Solomon, chair and chief executive of the Wall Street bank, in an exclusive hour-long conversation with ET, during his maiden trip to India since taking over the top job in 2018.
Covering wide ranging topics including India benefitting from the ongoing geo-political flux, the reformist agenda of the Narendra Modi government, the possibility of a US recession, the future of global high finance in the era of cryptocurrencies and blockchains and even the valuation of global technology stocks, Solomon, incontrovertibly, one of the most nonconformist investment bankers who loves to DJ and will be performing alongside millennial icons Dua Lipa, Doja Cat at the Lollapalooza music festival in Chicago this July, emphasised that the growth momentum in India makes him "quite bullish" on the bank's local franchise. "Over the next three to five years, will only get more significant," he said.
Supply Chains
Goldman Sachs was recently part of the merchant banking consortium that advised the government on the initial public offering of LIC, the biggest-ever share sale and have been involved in several marque transactions including Tata's acquisition of BigBasket, Reliance NSE -0.46 % acquisition of JustDial, ArcelorMittal's buyout of Essar Steel.
"We think positively about the system here, particularly the extraordinary talent ecosystem," said Solomon. "The government is currently easing the bureaucracy to make doing business simpler. The changes in the bankruptcy laws are an example of that progress and I think the positive direction has to be good for economic growth and participation, which in turn will bring about more investment."
Read more at: https://economictimes.indiatimes.com/markets/stocks/news/india-is-an-attractive-investment-opportunity-goldman-sachs-ceo-david-solomon/articleshow/91877713.cms