1. Shri Piyush Goyal, India’s Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, said today that India is making a resurgent push toward a $5 trillion economy. During his visit to the UAE, Shri Goyal spoke to the ICAI Dubai Chapter, saying that India is on a path to becoming Aatmanirbhar, led by Prime Minister Shri Narendra Modi, and is undergoing bold reforms.
“Despite the pandemic, we are seeing an increase in economic indicators under Prime Minister Modi. India’s merchandise exports increased by 23.8 percent in the first half of FY2020-21, from April to September 2021, to $197.11 billion. Manufacturing PMI rises to 53.8 in Q2 from 51.5 in Q1, while GST collections hit a five-month high in September,” he said.
2. The Commerce Minister stated that a $5 trillion economy is a lofty goal, and that every Indian must contribute to making it a reality and a broad movement. Some of the important reforms and programmes implemented by the government include Startup India, PLI Scheme, Single Window System, Industrial Corridors, National Infrastructure Pipeline, Reduction in Corporate Tax, Removal of Retrospective Income Tax, Liberal FDI Policy, and so on, according to Shri Goyal.
“De-risking economy by ensuring transparency in banking sector, Strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man esp. farmers & MSMEs are efforts to improve investor confidence in the Indian economy,” he said.
3. The India-UAE collaboration, according to Shri Goyal, will be a driving force in our mutually beneficial ties.
“The 3.4 million-strong Indian community in the UAE is the country’s largest ethnic group, accounting for nearly 30% of the population and serving as a link between the two countries. “We have taken the next step in our friendship by initiating the CEPA negotiations only last week,” he said, adding that “our commemoration of ‘Azadi Ka Amrut Mahotsav’ coincides with UAE’s observance of ‘Year of 50’ to celebrate the union’s declaration in 1971.”
“Dubai is like India’s extended neighbourhood & ICAI Dubai is India’s extended home for CAs,” Shri Goyal remarked, praising ICAI Dubai as the largest and most active chapter among ICAI’s 45 overseas chapters.
3. He appreciated the Dubai Chapter for their selfless support to India during COVID-19 by sending Oxygen Concentrators, food, and basics, and praised ICAI Dubai for its key role in the effective implementation of VAT in the UAE.
4. CAs, according to Shri Goyal, will be critical in ‘Catalyzing Reform & Creating Value.’
“In India, CAs must begin to look beyond industry standards to the nation’s and society’s expectations of the profession. To meet Prime Minister Modi’s aim of developing global level Indian audit firms, the CA profession would function in Mission Mode. I urge CAs in Dubai to encourage their clients (UAE buv:gç tcsiness companies) to invest in India and take advantage of the country’s enormous market,” he said.
5. Shri Piyush Goyal, Union Minister for Commerce and Industry, Textiles, Consumer Affairs, and Food and Public Distribution, is currently in Dubai to inaugurate the India Pavilion at the Dubai Expo. The formal visit is being viewed as a significant step toward strengthening the Indo-UAe Strategic Partnership and boosting commerce and investment between the two countries to previously unheard-of heights. Meetings with H.E. Dr. Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, H.E. Ahmed Bin Zayed Al Nahyen, Member of the Executive Council and Director of the Abu Dhabi Investment Authority, and prominent business houses in the UAE such as H.E.Sultan Ahmed Bin Sulayem – Group Chairman and Chief Executive Ofﬁcer of DP World and the Chairman of the Ports, Customs & Free Zone Corporation, H.E. Mohamed Ali Rashed Alabbar – Founder & Managing Director of Emaar Properties; Founder & Director of Noon.com; Chairman of Eagle Hills; Chairman of Americana Group, Mr. Yusuffali MA, Chairman & Managing Director, Lulu Group, Mr. Stephen Moss – Regional CEO and Group Board Member, HSBC Bank accompanied by CEO, HSBC India and HSBC UAE, and Maj. Gen. (Retd.) Sharafuddin Sharaf – Vice Chairman, Sharaf Group; Chairman, UIBC.