India is going to be the world's next growth engine, IBPC organized a panel discussion

IIK Staff Reporter
Monday, December 5, 2022

Indian Business and Professional Council Kuwait organized a panel discussion on "India - World's next growth engine" at Jumeirah beach hotel Kuwait on Sunday, December 4th. Mr Dari Ali Al-Rasheed Al Bader, Chairman of Kuwait-based Asiya Investments, Mr Siddhartha Bhaiya, Managing Director of Mumbai based Aequitas Investment and Gurvinder Singh Lamba, Chairman of IBPC, attended the panel discussion, which highlights India becoming the world's next growth engine.

Inaugurating the panel discussion, Smt Smita Patil, First Secretary - Political & Commerce - Indian Embassy, said that in the last few decades, India is slowly and steadily reclaiming our space, and it is time the world looks at India. In the coming decade, India will be driving one-fifth of the total global growth, she said. "There is a clear political will and certain leverages India is enjoying today. This has been clearly translated on the ground to make India a favourite destination for inwards FDI," Smt Smita Patil said.

Mr Dari Ali Al-Bader shared how Asiya Investments became part of India's growth story with their own investments in India for over a decade. "We have made major investments in the hospitality sector and Green energy sector in India, both of which are considered growth sectors in India as the country stands to benefit from an expansion in the economy and a growing middle class. " Mr Dari Al-Bader said. Asiya Investments, owns six hotel properties in India across Chennai, Hyderabad, Pune, Jaipur and Ahmedabad in addition to land parcels in Mumbai and Indore. " India offers 100% FDI, and today the ease of doing business in India has also improved," Mr Dari Al Bader said.

"The biggest factor on India's growth story today is our focus towards education," Mr Siddhartha Bhaiya, Managing Director of Mumbai-based Aequitas Investment, said. The quality of people India exports to the world is phenomenal. In every big company around the world, Indians occupy the senior post.

Manufacturing is one of the sectors I bet in the coming decade, Siddhartha Bhaiya said. The kind of support the Indian government is offering to manufacturers is unparalleled. Today if you want to set up a manufacturing plant in India, the state government is fighting each other to offer you all benefits. Some states are also offering 50% capital support, he said.

India also made a big move in the digital space, the panel opinioned. You can travel across India without carrying any cash in your pocket. Even the autorickshaws in a village take UPI payment. You don't need to visit any bank branch for any of your banking needs. The window of opportunity India offers is unparalleled, the panellist said.

IBPC members and business leaders also actively participated in the panel discussion. Mr Sunil Kumar Singh, VP Markaz, moderated the discussion. IBPC Secretary Mr Soly Mathew welcome the audience and Jt. Seretary Mr Suresh KP proposed vote of thanks. IBPC Treasurer Mr Sunit Arora compared the evening.


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