Here’s why India Inc fully supports black money crackdown
abu dhabi — India Inc was fully supportive of the Narendra Modi government’s move of banning ₹500 and ₹1,000 notes and the growth of the economy in the global context.
During the 28th Annual International Seminar of the Abu Dhabi Chapter of the Institute of Chartered Accountants of India (ICAI), Al Sayegh chairman Abdul Jabbar noted the contributions India has made since the time Abu Dhabi didn’t have running water in taps.
“India-UAE relations are very strong. My grandmother’s generation still calls the UAE currency in rupees and annas,” chief guest Jabbar pointed out.
Anand Rathi said India is the highest growing economy today.
The founder of Anand Rathi Group and also a top financial and
Demonetisation is a good development. This will bring down interest rates, make real estate more affordable. It will reduce corruption in the system. All challenges are short term Prashant Jain, executive director, CIO, HDFC Asset Management Company Limited
investment expert said the decision of demonetisation is a crucial one with long-bearing effects. Discussing the ‘India Story in the context of Global Economy’ he said the major decisions taken by the Indian government during last two years will improve the Indian economy in the long run.
HDFC Asset Management Company Limited executive director and chief investment officer Prashant Jain said the economy is going from strength to strength. “Demonetisation is a good development. This will bring down interest rates, make real estate more affordable. It will reduce corruption in the system. All challenges are short term,” he told Khaleej Times.
“This is good for the banks. The government is also taking some good first-time initiatives.” Abu Dhabi Chapter chairman Rajiv Shah praised the Indian government’s initiative of demonetisation.
“The Institute and the Chapter strongly supported the move.” The theme of the seminar was ‘prism of opportunities’.
During a panel discussion on ‘Invest India’ moderated by ICAI vice-president Nilesh Vikamsey, the experts Mubadala executive director — group finance Sridhar Iyengar,
National Bank of Abu Dhabi acting CEO Abhijit Choudhury and Invest India assistant vice president Vivek Abraham focused on the opportunities and challenges India provides as an investment destination.
Vivek said: “It’s a great opportunity to present India as an investment destination to the key influencers in this hall. ‘Invest India’ promotes foreign investments into India and plays a productive role in coordination with the states to attract and enable investments.”
Sridhar said Mubadala’s policy is to create socio-economics impact in every investment it makes.
“Everyone in corridors of power talks about Indian Prime Minister Narendra Modi’s visit and how India can provide opportunities for investment.”
Abhijit highlighted the string fundamentals of banking system.
“When we were opening our branch in India, we needed 18 to 19 approvals but when we got in, it was very comfortable. He mentioned that the Indian banking system is strong and did very well going through the financial crises.”
ICAI, India, vice president Nilesh Vikamsey noted the various initiatives the ICAI is taking to improve the profession including making the entry in the CA course tougher so that more quality chartered accountants are produced by the institute.
Indian Embassy Charge d’Affaires Neeta Bhushan highlighted the initiatives the Indian government is taking to improve the India-UAE relations and present India as an investment destination.
Abu Dhabi Global Markets CEO Registration Authority Dhaher bin Dhaher inaugurated the event and said ICAI Abu Dhabi Chapter has been registered with the ADGM.
— ashwani@khaleejtimes.com