- Sunday, February 23, 2025
By: Shubham Ghosh
THE Indian economy is expected to come back stronger with a potential for rebuilding on a scale which has not been seen for a long time, Indian Ambassador to the United Arab Emirates (UAE) Pavan Kumar on Saturday (26) said at the 39th Annual International Conference of the Institute of Chartered Accountants of India in Dubai.
Stressing on India’s economic turnaround after the pandemic, Kapoor said most rating agencies like Goldman Sachs, Barclays and Moody’s continue to predict a double-digit growth for India for the 2021-22 fiscal while the Reserve Bank of India is backing its earlier estimate of 10.5 per cent growth for one of the top ten economies of the world, Khaleej Times reported.
About India attracting its highest-ever annual FDI inflow of more than $81 billion during the 2021 fiscal, Kapoor said, “This was an increase of 10 per cent over the previous financial year. Of this, the Abu Dhabi-based Sovereign wealth fund, Mubadala, and Abu Dhabi investment Authority, Adia, together invested $4.12 billion into India last year. In terms of FDI alone, the UAE has now put in up to $11 billion into India, which makes it the eighth largest investor in terms of FDI.”
The diplomat stressed on India-UAE relations in economic and commercial sectors to say that they contribute to the stability of a bilateral relationship that is rapidly diversifying and deepening.
“Even though our trade figures last year would have come down somewhat, given the curbs and lockdowns, both countries are constantly working on new ideas to further expand our bilateral trade. The pandemic has not been a barrier to our cooperation at all. On the contrary, it has strengthened our resolve to work even more closely. We’re also eagerly looking forward to participating at Expo2020 in a big way,” he said.
On non-resident Indians with UAE resident visas stuck in the country because of suspension of economic flights to the Emirates, Kapoor said recovery from the pandemic and a gradual easing of restrictions on international travel would create an opportunity for the Indian workers to return.
