After 'Japan Plus' and 'Korea Plus', the government is mulling another separate investment desk exclusively for funds flowing in from the Arab Sheikhdom, to tap the latter’s $800-billion sovereign wealth fund. This is in addition to the UAE-India Infrastructure Investment Fund which Prime Minister Narendra Modi said would be set up with a corpus of $75 billion.
The government has not made the time-period explicit over which this $75 billion will be spread. The amount is meant to be utilised in developing railways, ports, roads, airports and industrial corridors and parks across India. Over the past 15 years, the UAE has invested only $3 billion, accounting for a paltry 1.2 per cent of the country’s total foreign direct investment inflows of $249 billion.
“These are just feel-good numbers. Where is the capacity to absorb
such numbers? We need to have a systematic change in terms of rules and
regulatory measures to be able to attract such investments. Read
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According to the Joint Statement of India-UAE, both countries will
seek forward towards the growth of bilateral trade by 60% in 2020. Now UAE
becomes India’s third largest trade partner accounting for 8%. This Change will
definitely prove helpful for improving accounting
standards in both countries.
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