British multinational banking giant Barclays on Friday said that it was unfair to judge the NDA government on the basis of just 100 days.
“To judge a government and its performance on the basis of 100 days or 120 days is unfair, more times needs to be given, expectations are very high from and if things don’t change in the next one and half to two years, there will be discomfort for investors,” Kevin Wall, chairman, corporate banking, UK, Barclays told HT.
Wall said that “the mood was incredibly positive” and there was hope that Prime Minister Narendra Modi will be able to deliver the same at the centre that he did in Gujarat as the chief minister.
With the government easing foreign direct investment (FDI) norms in various sectors and the newly launched Make in India campaign, there will be a further boost of FDI from the UK, Wall said, adding that Barclays would follow its customers. “India is a critical market for us,” he said.
At present, Barclays in India have 1,500 employees, of whom 1,000 are in the back office — the administration and support department of a company.
Wall, however, said that Barclays has no plans to enter the retail segment. “The Indian banks are very strong and have huge networks, so it is naïve for us to come in … you either need to acquire or partner with a domestic bank to make it a success and then it would require huge capital,” he said.