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India committed to bring back growth: Foreign Minister Swaraj
Manama (6th Sept, 2014): India is firmly committed to bring back growth and have clear policies, which will facilitate business environment, transparency and speed, External Affairs Minister Sushma Swaraj said on Saturday.
"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 per cent for the April-June quarter, highest in the past two-and-half years," Swaraj, who is on a two-day visit to oil-rich Bahrain, said.
"Interest in the economy has surged, queries for investment increased and the investment sentiment improved," she said, while addressing the "Diaspora Engagement Meet".
"Our Government is firmly committed to bring back growth, have clear policies which will facilitate business environment, transparency and speed, well thought out decisions," she said.
Swaraj said the focus of the government is growth with 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 said and asked overseas Indians to take part the growth agenda.
Expressing the Indian government's gratitude to Bahrain for receiving and hosting so many Indians, she said, "India and Bahrain enjoy excellent bilateral relations. There is a large degree of convergence between Bahrain and India on a range of international issues," she said.
She said it was her first visit to the country after taking over office which was "an indication of the tremendous importance India attaches to Bahrain and to the region at large."
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, she said.
Lauding the Indians diaspora here, Swaraj said, "Your achievements overseas truly make India stronger and more confident about her potential."
"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," she 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 said.