Nooyi also said that India is a “huge bright spot in the world economy because it’s outside of geopolitical issues… and its people.”
PepsiCo ex-CEO Indra Nooyi
Despite large-scale tech layoffs that have hit millions of US workers, Indra Nooyi, the former CEO of PepsiCo, said “it’s a small part” of America’s economy and she remains optimistic about the country’s prospects. She also said that India is seen as the most strategic partner for the US today.
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“We have a record low unemployment rate that we haven’t had in 70 years. The country is fine. In my own state of Connecticut, there are 100,000 job openings of all kinds. Sure, some tech companies have laid off, and they had to. They have built too much and hired too much and are now reducing themselves to what they need. But that’s a small part of the American economy, the rest of the country is doing well,” Nooyi said in an interview with The Indian Express on the eve of the Express Awards for women entrepreneurs, which are presented on Friday.
“The Infrastructure Act will create a lot of jobs, the CHIPS Act will create a lot of jobs. I’m extremely optimistic about the US and its prospects; We are in good times already, better times are yet to come for the US,” added Nooyi. “We’ve always had cycles of hiring, productivity changes, layoffs, and rehiring. It’s a cyclical thing that’s ongoing and very predictable, almost secular.”
Nooyi also said that India is a “huge bright spot in the world economy because it’s outside of geopolitical issues… and its people.” As global supply chains shift from one major country to another, people, particularly in the western world, are looking to countries with large populations, skills and infrastructure to fill the gap, she added.
“If India can get its investments in infrastructure right – and I see all the things you’re doing, which is great – it could be unbeatable over the next decade or two. India is now viewed as the most strategic partner for the US, without exception,” she said.
Nooyi, who retired from PepsiCo in early 2019 and has since focused on enabling young family starters to have children while pursuing paid work, also said inadequate childcare disproportionately affects women’s labor force participation.
© The Indian Express (P) Ltd
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