GCC-India alliance can stimulate India’s growth

This post was originally published on 20 January 2015.

Dr. R. Seetharaman, CEO of Doha Bank, highlighted the FDI and remittance trends of India at Airtel – Economic Times Global Business Summit, which was held on 16-17 January 2015 at Taj Palace, New Delhi.

Dr. R. Seetharaman participated in the Panel session “Redefining India: Unlocking the Nation’s potential” and on the Strategic Round table “Banking and Investment reforms to boost economic growth”.

Speaking at the Panel session Dr. R. Seetharaman gave insight on Indian economy and highlighted the FDI and remittance trends of India. He said “FDI inflows into India from April to Oct 2014 has surged by 26 percent to $17.34 Billion when compared to same period previous year. Power sector attracted $486 million and Construction development attracted $ 645m.

India had attracted $28bn FDI in 2013. India’s 2014 Budget opened up the railway infrastructure segment for foreign direct investment. In Oct 2014 in a boost to cash-starved real estate industry, the government relaxed rules for FDI in the construction sector.”

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“India needs to attract more FDI in its infrastructure and require a strong regulatory framework where laws and contracts are to be properly enforced; rights and responsibilities are well defined. GCC remained the largest source of remittances to India in 2013 accounting for 35 per cent of the total remitted amount of $71 billion in 2013. India’s currently attracts more remittances than FDI and hence the remittances should be channelised into various infrastructure projects through investment schemes.”

Dr. R. Seetharaman gave solutions to Unlock India’s potential through the revival of India’s infrastructure. He said “A single window system can reduce the delay and make the life easy for any entrepreneur including a foreign entrepreneur. Open the bidding stage to as many investors as possible.”

“It’s important that the process is transparent and favouritism to be avoided. The Government has already pitched India’s story in Japan and China and more such efforts to be pursued. India needs to further develop its debt market with further measures. In Public-Private Partnership projects (PPP) India should develop sector-specific regulatory mechanism and bring more traction to power projects,” he continued.

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