External Affairs Minister Sushma Swaraj has said that the government in New Delhi led by Prime Minister Narendra Modi is firmly committed to bring back growth and have clear policies, which will facilitate business environment, transparency and speed.
Speaking at the 'Diaspora Engagement Meet' here, she said: "The result is there before you in just 100 days: GDP growth is showing early signs of recovery. Indian economy has bounced back to record a growth rate of 5.7 percent for the April-June quarter, highest in the past two-and-half years. Interest in the economy has surged, queries for investment increased and the investment sentiment improved."
"The country has a new government voted in with a huge majority. With such a majority comes heavy responsibilities and the task of meeting expectations of the people," she added.
Swaraj said the GDP growth was under five percent, the inflation was high and there was no confidence in the economy when the new government took over.
"But the people of the country and the world showed confidence in this government - as was evident by the high sensex figures and the euphoria," she added.
Also Read
Swaraj said the Indian government's focus is growth with good governance and transparency with an eye on manufacturing, infrastructure and trade.
"In a major boost for the infrastructure and real estate sector, the government is proposing tax incentives for two new investment instruments-Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) - to promote long term investments from foreign and domestic investors, including the NRIs," she added.
The External Affairs Minister said New Delhi believes that the overseas Indians must be a part of the growth agenda of the nation.
"Hence the recent announcement in the Union Budget to set up an NRI fund to clean and develop Ganga," she added.
The External Affairs Minister expressed her delight to note that CII is opening an office in Manama in cooperation with the Economic Development Board of Bahrain in order to promote bilateral economic relations between India and Bahrain.
Swaraj informed that the 13th edition of the Pravasi Bharatiya Divas (PBD) Convention will be held in India on January7-9, 2015.
"The PBD Convention provides a unique platform for overseas Indians to interact among themselves and with the Government of India and the Governments of various Indian States. It is a forum where the Government of India showcases investment opportunities in India and its potential in various sectors," she said.
"In the forthcoming PBD, we are expecting enthusiastic participation from our heterogeneous and diverse overseas Indian community spread across the globe. The effort is to have a meaningful and interactive event that would address the issues and concerns of the overseas Indian community effectively," she added.
Swaraj further said, "Considering the opportunity that the PBD presents for overseas Indians, as well as the prestige attached to the event, I would like to personally invite you to attend the PBD."
Expressing the Indian government's gratitude to the Kingdom of Bahrain for receiving and hosting so many Indians here, Swaraj said: "I must also thank the authorities here for ensuring their welfare and comfort at all times."
"Finally, this event today would not have been possible without the help and assistance of the government of Bahrain. I wish to thank them. Thank you all for coming here today and I hope you will have a fruitful and successful interaction today," she added.
Talking about her first visit to the Kingdom of Bahrain after taking over as the External Affairs Minister, Swaraj said: "This is an indication of the tremendous importance India attaches to Bahrain and to the region at large."
"I must thank His Excellency the Foreign Minister of Bahrain for readily accepting my visit and for his kind presence here. I look forward to my discussions with him and with the leadership here. I also thank His Excellency Bahrain's Minister of Transportation for his presence," she added.
The External Affairs Minister expressed her delight to engage with the vibrant overseas Indian community in Bahrain.
"I am happy to see senior representatives of the Kingdom of Bahrain, a high level CII delegation from the Indian industry, prominent NRIs from Bahrain and UAE, Bahrain nationals, and officials from the Indian Government and OIFC, in this conference," she added.
Swaraj further said India and Bahrain enjoy excellent bilateral relations.
"Our relations are characterized by regular political exchanges. The landmark State visit of His Majesty King Hamad bin Isa Al Khalifa to India in February this year has further boosted our excellent bilateral ties. There is a large degree of convergence between Bahrain and India on a range of international issues. Presence of nearly 350,000 Indian nationals out of a total of 1.2 million residents in Bahrain is one of the key aspects of our bilateral relations with Bahrain," said Swaraj.
"The overseas Indian community has over the years in various parts of the world gained positions of prominence in the field of politics, academics, economics, science and technology, trade and business and has scripted many a success story of its individual and community successes," she added.
The External Affairs Minister said the Indian community's achievements overseas truly make India stronger and more confident about her potential.
"I am proud that the Indian community of 350,000 in size, is the largest expatriate community in Bahrain. Today there is hardly any established Bahraini business organisation that does not have a senior or middle level Indian employee playing an important role in its operations," said Swaraj.
"The top Bahraini business houses such as Al Zayani, Al Moayyad, Fakhro, Kanoo, Koohejis, Ahmed Mansour Al Ali, Abdullah Nass, Mohammed Jalal as well as companies like Bahrain Almunium, BAPCO, GPIC, banks and finance companies etc. have Indians in their senior or middle management cadres," she added.
Swaraj said India is one of the pioneers in recognising the importance of connecting with its overseas Indian population and was first off the block to establish an institutional framework for a sustainable and mutually beneficial engagement with its Diaspora.
"We believe that the overseas Indians are our brand ambassadors of India," she added.
