Dubai, Feb 17 (IBNS): Union Minister for Commerce and Industries Minister Anand Sharma on Sunday met a group of investors and businessmen in Dubai, assuring them about India's determination to rationalize and simplify the FDI procedure.
Speaking at the India Business Meet in Dubai, Sharma outlined the recent policy initiatives in that direction like Invest India, e-biz, FDI reforms and asked investors to take full advantage of these initiatives.
“I share your concern in delay in clearances. We are working seriously in that direction. The first meeting of the Cabinet Committee on Investment examined projects in the oil and gas and decisions will be taken in 30 days flat,” said Sharma.
Sharma also emphasised that “we need to go back to 9 percent growth. Once things improve, we need to have double digit growth and sustain it for at least two and half decade. This is important from the point of view of sustained growth and social needs of providing jobs to a young population.”
The Minister said he was was optimistic about India`s growth story and said that the fundamentals of the economy are strong.
Sharma also agreed with the need of the investors to be assured of stability and predictability of tax regime. “The Government is working on it and goods and services tax is being pushed with all sincerity”, he added.
Keeping in mind the immense possibility of the economic engagement between the two countries, Sharma also announced the establishment of a High-Level Task Force, co-chaired by Sheikh Hamed Bin Zayed Al Nehayan and himself “to develop avenues of catalysing greater investments on both sides.”
“I am leading a strong delegation for the first meeting of the task force from India to take the cooperation to a new level”, said Sharma. He also welcomed the Abu Dhabi sovereign wealth funds to invest in the Indian economy.
Sharma also said that the growing synergies between the businesses of both India and United Arab Emirates and the welcoming investment climate have encouraged the private sector to enhance their engagement to a higher level.
Sharma added that the two economies have the advantage of geography enabling them to become natural partners.
“Our economies are also defined by complementary strengths. It is these complementary strengths, which we must build upon as two people bound by ties of history to write a new essay of economic partnership in the 21st century,” stressed Sharma.
Sharma conveyed to the business leaders from both the countries that India “views UAE as our gateway to the Gulf region to serve the region in its immediate and extended neighbourhood in Iran, Iraq, in the Northern Africa and the CIS countries.”
The Minister was of the view that India considers the Gulf Cooperation Council region of strategic importance to India Sharma said that the bilateral trade between India and the GCC region was above USD 145 billion in 2011-12, which five years ago was barely USD 67 billion, registering an increase of over 116%.
“I expect that with the kind of dynamism which has been shown in our trade established with UAE, this year we will early cross USD 175 billion," he said.