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Thursday , February 9 2023

Fast-growing India on way to becoming world’s next growth engine, says IBPC

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‘India offers 100% FDI, ease of doing business improved’

Dari Ali Al-Rasheed Al Bader during panel discussion.

KUWAIT CITY, Dec 5: India, as a fast-growing nation that also ranks as the world’s largest democracy, is an intriguing market for overseas businesses and investors. In recent years, the country – which has a population of more than a billion – has seen a surge in economic growth and now ranks as the world’s fifth-largest economy by GDP. Indeed, India’s GDP growth has been the highest in the world in the past decade, regularly achieving annual growth rates of between 6-7%. India’s economic growth has been exceptional in recent years.

Buoyed by a robust democracy, key structural reforms, private consumption, and a rise in government investment, India has achieved a high macroeconomic stability ranking (with a score of 90 out of 100 and ranked 41 out of 141 economies) in the World Economic Forum’s (WEF) Global Competitiveness Index. To highlight India’s position as a lucrative market for overseas business opportunity, the Indian Business and Professional Council (IBPC) Kuwait organized a panel discussion under the title ‘India – World’s next growth engine’ at Jumeirah Beach Hotel, Kuwait on Sunday, Dec 4, 2022.

IBPC officials with Smt Smita Patil

Growth engine
Dari Ali Al-Rasheed Al Bader, Chairman of Kuwait-based Asiya Investments, Siddhartha Bhaiya, Managing Director of Mumbai based Aequitas Investment and Gurvinder Singh Lamba, Chairman of IBPC, attended the panel discussion, to highlight India becoming the world’s next growth engine. The panel discussion was inaugurated by Smt Smitha Patil, Charge d’Affaires at the Indian Embassy. In her address to the delegates she said that in the last few decades, India is slowly and steadily reclaiming our space, and it is time the world looks at India. In the coming decade, India will be driving one-fifth of the total global growth, she said.

“There is a clear political will and certain leverages India is enjoying today, unlike the past where we faced political instability. This has been clearly translated on the ground to make India a favorite destination for inwards FDI,” Smt Patil said. Dari Ali Al-Bader shared how Asiya Investments became part of India’s growth story with their own investments in India for over a decade. “We have made major investments in the hospitality sector and Green energy sector in India, both of which are considered growth sectors in India as the country stands to benefit from an expansion in the economy and a growing middle class.

“Dari Al-Bader said. Asiya Investments, owns six hotel properties in India across Chennai, Hyderabad, Pune, Jaipur and Ahmedabad in addition to land parcels in Mumbai and Indore. “India offers 100% FDI, and today the ease of doing business in India has also improved,” Dari Al Bader said. “The biggest factor on India’s growth story today is our focus towards education,” said Siddhartha Bhaiya, Managing Director of Mumbai- based Aequitas Investment. The quality of people India exports to the world is phenomenal. In every big company around the world, Indians occupy the senior post. “Manufacturing is one of the sectors I bet in the coming decade,” Siddhartha Bhaiya said. The kind of support the Indian government is offering to manufacturers is unparalleled. Today if you want to set up a manufacturing plant in India, the state government is fighting each other to offer you all benefits. Some states are also offering 50% capital support,” he stated. India also made a big move in the digital space, the panel opinioned. You can travel across India without carrying any cash in your pocket. Even the autorickshaws in a village take UPI payment. You don’t need to visit any bank branch for any of your banking needs. The window of opportunity India offers is unparalleled, the panelist said.

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