Prime Minister Narendra Modi on Sunday laid out the many reforms in the economic sphere which he said are significantly improving the ease of doing business in India.
He was addressing business leaders from the Gulf Cooperation Council (GCC) in order to boost India’s trade and investment relations with the Gulf nations.
At a meeting here with GCC corporate leaders, Modi outlined the changes that had resulted in India climbing 30 places last year in the World Bank Ease of Doing Business rankings to break into the top 100 countries. Modi is on his second visit to the UAE, on route from an Indian Prime Minister’s first visit to Palestine. The trip comes at a time of tensions within the GCC caused by a standoff between Qatar and some members led by Saudi Arabia.
“Taking India story to the business leaders! (Modi) painted the vision of a new India and shared the ease of doing business in India with the business leaders from GCC countries,” External Affairs Ministry spokesman Raveesh Kumar tweeted following the meeting here.
Earlier, Modi met the United Arab Emirates (UAE) Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.
“Strengthening our comprehensive strategic partnership! … The two leaders had an engaging discussion on expanding cooperation in trade and investment, defence and security and people-to-people contacts,” Kumar added.
On Saturday, India and the UAE signed five MoUs, including in the areas of energy and railways, following delegation-level talks headed by Modi and Crown Prince of Abu Dhabi and Deputy Commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al Nahyan here.
While the UAE is one of the largest suppliers of crude oil to India, it is also the 10th largest investor in India in terms of foreign direct investment, having invested an estimated $8 billion.
As of 2016-17, India-UAE trade stood at around $52 billion, making India the largest trading partner of the UAE. The UAE the fourth largest trading partner of India.