Investments can be successful if Intentions are right – said BJP spokesperson Sambit Patra
Dubai, March 17th 2017: India’s leading English News Channel, TIMES NOW, a part of India’s largest media conglomerate, The Times of India Group in association with Emirates NBD held the second Emerging India Forum 2017 on 14th March 2017s. The event which took place at Crowne Plaza Dubai saw over 250 of the most influential and industry stalwarts from various sectors. The special guests of honour at the event included Sambit Patra, the National Spokesperson from the BJP, Swaminathan Aiyar the renowned economist among other distinguished panelists Tim Fox, Group Chief Economist & Head of Research and Gary Dugan, Chief Investment Officer, Emirates NBD
The event kicked off with an inaugural note by Naveen Chandra, Head – International Business, Times Network followed by the key note speech by Tim Fox, Group Chief Economist & Head of Research, Emirates NBD where he emphasized on the longstanding relationship between India and UAE. “The linkages between the UAE and India in the fields of trade, business, and finance are very strong, longstanding, and most importantly growing, especially as they are benefiting from a relationship being deepened at the very highest levels between the two countries,” he said.
Following the addresses by the dignitaries, an opening panel discussion was conducted which covered topics such as – As the world faces new geopolitical shifts, is India a Safe Haven for investments? How can Indo-UAE trade benefit from the new emerging World Order?
The opening panel discussion witnessed presence of eminent personalities like Swaminathan Aiyar, Economist and Consulting Editor, Economic Times, Gary Dugan, Chief Investment Officer – Wealth Management, Emirates NBD, Vicky Kapoor, Associate Editor, Khaleej Times, Nimish Makvana, Honorary Director – UAE Chapter ICAI – Dubai Chapter and the discussion was moderated by Paromita Chatterjee, Consulting Editor, ET NOW.
Speaking on the future investment opportunities in India, Gary Dugan said: “The developed world faces many challenges in the coming years, which will only highlight more starkly the quality and scale of the investment opportunity in India. If the Indian government can continue to enhance through reform, the young population and spirit of entrepreneurship there will be good years ahead for the Indian economy and asset markets.”
“There is a no productivity growth happening in the world today. Only the top 10% of the economy benefit from this increasing productivity and common man does not benefit in any way. Jobs that used to exist are non-existent these days. For the economies to grow, more jobs need to be created. Everyone wants to get themselves a college degree to get white collar jobs. No one wants to do blue collared job. But the economy cannot survive this way”, commented, Swaminathan Aiyar.
“Despite the fluctuating oil prices, together, UAE and India can become two power houses together”, stated Vicky Kapoor
“De-monetization initially did create a panic in the minds of the NRIs but was very bold move and helped to jump start the digital economy. India will benefit eventually out of this drive towards an honest and moral society”, commented Nimish Makvana
The session concluded with the thought that through strong relationships between countries and by tapping on each other’s strengths, the economy can survive any unforeseen situations.
With India on the threshold of a digital revolution and government announcing a slew of measures to convert the Indian economy into a digital cash less economy, Emerging India Forum wrapped up the event with a closing India panel discussion on the topic - The conversion of the Indian economy into a digital cash less economy and whether this has impacted various sectors and their investment potential?
The panellist for the India panel discussion were Sambit Patra, National Spokesperson, Bharatiya Janata Party, Swaminathan Aiyar, Economist and Consulting Editor, Economic Times, Kamal Gupta, Chief Operating Office, Global Schools Foundation, Ashish Mehta, Founder & Managing Partner, Ashish Mehta & Associates, Shamsudheen Olakara, Chairman, Quality Group International,Qatar, Jacob Joby Varghese, Director Development, Shapoorji Pallonji.
“In this uncertain economy, we need to forge strong relationships such as the Indo-UAE. India UAE relations have been historically existent and it has only become stronger with the visit of Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. $75 Billion investment fund agreements in infrastructure, Oil & gas, Energy, Manufacturing and Services have been signed between the countries earlier this year. This was a proud moment for India”, said Sambit Patra
Kamal Gupta commented, “There is a skill gap that exists in the world today that can be rectified through good training systems. The education system has to have a skill based approach. This is very important to increase productivity in the economy”.
“More anti-corruption reforms need to be implemented especially in the real estate industry”, commented Jacob Joby Varghese.
“India is an emerging market and despite de-monetization, it will attract more businesses.” said Ashish Mehta.
Shamsudheen Olakara stated, “There needs to be more transparency and accountability created to increase confidence from the public. This will attract more investments from abroad.”
“The next step of the Indian government is to ease the step of doing business in India. The implementation of Goods and Service Tax (GST) or one uniform taxation system in July might initially create doubt in the minds of the public but it will eventually help the economy”, added Sambit Patra.
It was concluded that India needs to invest in their local people like how UAE invests in their local Emiratis. Right education, skill and training have to be provided to prosper. Jobs need to be created. These need not be government jobs but even private ones. Transparency in the system will result in confidence, hence attracting more businesses and investments. This will make India a Global Super Power.
Commenting about the event, Naveen Chandra, Head of International Business for Times Television Network, said “As India continues in its path as the fastest growing large economy, TIMES NOW the global news leader with a presence in the 100 countries on 5 continents, constantly seeks to decode the various opportunities created for businesses to invest in India. The Emerging India Forum helps understand the rapid changes taking place in the Indian economy. We are delighted to have Emirates NBD as a partner and look forward to creating more initiatives in the Middle East”
The ‘Emerging India Forum’ was presented by Emirates NBD,powered by Quality Group International, Supported by Consulate General of India, Dubai. Associate sponsors Global Indian International School, Shapoorji Pallonji, Airline partner Air India, Law partner Ashish Mehta & Associates, Digital partner Timesofindia.com, media partner Khaleej Times and Tourism Partner Incredible India.