Michel Sapin, addressed Indian and French CEOs at FICCI
Mr Michel Sapin, Hon’ble Minister of Finance and Public Accounts, addressed Indian and French CEOs at FICCI.
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- Mr Michel Sapin, Hon’ble Minister of Finance and Public Accounts
New Delhi, 25 January 2016
Mr Michel Sapin, Hon’ble Minister of Finance and Public Accounts of France, was on a visit to India as part of the official delegation with H.E. Mr. François Hollande, President of the French Republic, who was on a State visit.
On this occasion, in a first on his India visit, Mr Sapin addressed a gathering of Indian and French businessmen on Monday, 25th January 2016, at FICCI.
Mr Michel Sapin, one of the most experienced Finance ministers in the world and an esteemed leader, has held the portfolio of Minister for Finance and Public Accounts since April 2014. Starting his political career as Deputy Minister for Justice from May 1991 to April 1992, Mr. Sapin was next appointed as Minister for Finance till March 1993. He also served as the Minister for the Civil Service and State Reforms from March 2000 to May 2002 and then Minister of Labour from May 2012 to March 2014.
Mr Sapin has represented the Indre constituency from 2007 to 2012, and has served as President of the city Argenton-sur-Creuse, as Departmental Councillor of Indre and as Municipal Councillor of Nanterre from 1989 to 1994. From 1984 to 1985 Mr Sapin was Vice President of the French National Assembly.
Mr. Sapin has been a member of the Socialist party since 1975, and was the Secretary of the Party from 1983 to 1984.
Mr Sapin’s writings include “ La France peut s’en sortir ” co-authored with Jean Arthuis in 2012 and “ L’Etat en Mouvement ” in 2002.
Linked to 394 major French conglomerates, there are now 1051 establishments or French entities in India, which are subsidiaries of either the companies or the groups based in France. These numbers are undergoing a constant increase as the research data is from the year 2013, which actually reflects the data of 2012, and gives us a list of 750 establishments linked to 350 parent companies. According to current estimates, French companies in India today employ around 3,00,000 people (2,40,000 in the year 2013), have a turnover of more than 20 billion USD (18.5 billion USD in the year 2013) and have a minimum stock investment portfolio of more than 20 billion USD (17 billion USD in 2013).
In the next five years, the 400 main French companies that have already invested in India plan to invest another 10 billion USD in India. They contribute to the training and education of more than 5,00,000 Indians in the country every year. French companies are fully in line with the “Make in India” and the “Skill India” policy and are strongly involved in the Smart Cities Mission in India.
Practically all the big French groups are now present in India: 38 of the CAC 40 groups are also present in India, many since a long time. The only two big groups that are either not present in India, or do not have significant operations in India are Kering (formerly Pinault-Printemps) and Unibail-Rodamco.
Since 2000, SMEs have also started establishing themselves in India, with their number today standing around 50 to 70. They are mostly present in the mechanical (AESA, ATS, Dosatron, Euroslot, PKB, Rabourdin, SEEB), electronics (Elno, Icape, NSE, SELP, Sicame) and pharma-chemical (ATC, Aptar, Charabot, Fiabila, Kermel) sectors. In order to successfully establish themselves in India, these SMEs require a competitive advantage in a challenging market, and sufficient means to overcome the challenges faced during the starting phase.
Since 2003, 10 to 30 new French establishments are being set up every year in India. These new companies are usually specialists in one line of business; sometimes they are very specific and thus help in the growth of the Indian market. The share of SMEs in these new establishments is increasingly significant as they covered 50% of the new establishments in 2013. As far as stocks are related, they are yet to contribute in a significant way.
There is an ever-growing presence of independent French entrepreneurs in India. The group’s size stood at 180 according to a study commissioned by the Regional Economic Service of the French Embassy. Small in number, they are mostly engaged in consultancy, hotels and restaurants.