Posted On 2021-10-04
Addressing the Institute of Chartered Account of India (ICAI) Dubai Chapter during his visit to the UAE on October 3, 2021, Union Minister of Commerce and Industry, Piyush Goyal said India is making a Resurgent Stride towards a $5 trillion economy.
“Under PM Modi, we are seeing rise in Economic indicators despite pandemics. India’s merchandise exports in the first half of FY2020-21, viz Apr-Sep, 2021, notched up to $197.11 bn, recording 23.8% increase over Apr-Sep’19. Manufacturing PMI avg. improves to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in Sept,” he said.
The Commerce Minister said $5 trillion economy is a bold ambition & every Indian has to contribute in making it possible and make it a mass movement. Startup India, PLI Scheme, Single Window System, Industrial Corridors, National Infrastructure Pipeline, Reduction in Corporate Tax, Removing Retrospective Income Tax, Liberal FDI policy etc. are some of the key reforms and schemes initiated by the Government, said Goyal.
“De-risking economy by ensuring transparency in the financial sector, strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man especially farmers and MSMEs are steps to boost investor confidence in the Indian economy,” he said.
Goyal said India-UAE partnership will be a driving force in our mutually beneficial ties.
“Indian community of about 3.4 million is the largest ethnic community in UAE constituting roughly 30% of the country’s population and they act as a bridge between the two countries. Our celebration of ‘Azadi Ka Amrut Mahotsav’ coincides with UAE’s celebration of 'Year of 50' to commemorate the declaration of the union in 1971,” he said, adding, “We have taken the next step in our friendship by launching the CEPA negotiations only last week.”
Lauding ICAI Dubai as the largest and most active chapter among 45 Overseas chapters of ICAI, Goyal said, “Dubai is like India’s extended neighborhood & ICAI Dubai is India’s extended home for CAs.”
He commended ICAI Dubai for playing a pivotal role in successfully rolling out of VAT in the UAE and thanked the Dubai Chapter for their selfless support to India during COVID-19 by supplying Oxygen Concentrators, food & essentials.
“CAs in India need to start looking beyond industry expectations, towards expectations of the nation & society from the profession. CA fraternity to work on Mission Mode to fulfill Prime Minister Modi’s mission for creating global level Indian audit firms. I urge CAs in Dubai to invite your clients to invest in India & benefit from our large market,” he said.