MUMBAI // Indian business leaders in the UAE are upbeat on prime minister Narendra Modi’s economic progress as he completes two years in power.
“The world has once again woken up to India as a vibrant and promising economy,” said BR Shetty, the founder of Abu Dhabi-based UAE Exchange and healthcare group NMC. “I am truly impressed by the way our prime minister has strengthened foreign relations.”
He said Mr Modi’s “various progressive initiatives” including his Make in India campaign, aimed at transforming India into global manufacturing hub, were helping to drive India’s strong economic growth.
“My entity, BRS Ventures, has invested in India significantly across healthcare, financial services, tourism, education,” Mr Shetty added. “The fertile business environment and investor-friendly policies initiated by the government have been the strong reasons behind these investments”
Mr Modi came to power with the Hindu nationalist Bharatiya Janata Party in a landslide victory in 2014, taking office on May 26 of that year. He won over many voters with his pledge to boost India’s economy.
Mr Modi in his earlier role as chief minister of Gujarat had successfully grown the Indian state’s economy by turning it into a business-friendly destination, raising hopes that he could replicate this at a national level.
“In his two years in power, prime minister Modi has made significant strides in improving India’s business environment and is laying a steady foundation for economic reforms,” said Neeraj Agrawal, the executive director of Crescent Enterprises.
Mr Modi has been actively targeting foreign markets to attract investment, with a series of high-profile trips to countries including the United Kingdom, the United States, Japan, and China. He visited the UAE last year and in February Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, conducted a three-day visit to India as the countries continued their efforts to boost trade and investment relations.
India’s GDP has picked up and the country has become the world’s fastest-growing economy, although there has been some scepticism about the figures after the methodology of calculating the country’s GDP was changed last year.
“India is a country of youth and it is important to meet their aspirations,” said Niranjan Gidwani, the deputy chief executive of electronics retailer Eros Group. Mr Modi “has identified this and many of his government’s initiatives are geared to not only create jobs but also create entrepreneurs. Under his guidance the country is definitely moving ahead.”
K Muralee Dharan, the managing director of Abu Dhabi-based Southern Franchise, which has restaurant brands including India Palace and Southern Fried Chicken, said that there were limits on what could realistically be achieved in two years, but he said Mr Modi’s decisions so far had “given him a lot to look forward to in terms of Modi’s policies”.
“Modi’s approach is positive with a sharp focus on the development of India,” he said. “Even though the land bill hasn’t been passed yet, the initiative and its purpose must be applauded. I look forward to seeing this being implemented in the near future along with stringent control of the parallel economy of black money.”
He added that he also liked the prime minister’s efforts to promote India as an investment destination.
There have been some concerns that Mr Modi has not yet passed long-awaited reforms on land acquisition and a goods and services tax, but the recent passage of a new bankruptcy law for India and Mr Modi’s visit to Iran earlier this week have been well received by the business community.
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