The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / Emirates Business
Indian economy, which registered 8.2 percent growth in the first quarter of 2018-19 fiscal year – the highest in recent history – is expected to attract large-scale investment from the GCC to India, following the recent announcement of the development of a $44 billion oil refinery to be built by Abu Dhabi National Oil Company (Adnoc), Saudi Aramco and
Indian counterparts.
The announcement comes a few months after Emirates Group announced a $4.23 billion aircraft maintenance, repair and overhaul (MRO) project in Andhra Pradesh in February this year.
“We are delighted to support the second IUPS being organised by BLF. Its objectives and agenda fit perfectly into our own efforts to promote the strategic partnership between India and UAE,†said Navdeep Singh Suri, Ambassador of India to the UAE.
“I am confident that this Summit will be an important step in encouraging investments into specific sectors and projects being promoted by the participating statesâ€, added Suri.â€
Foreign Direct Investment (FDI) in India increased to $61.96 billion in 2017-18, according to Indian Government’s Department of Industrial Policy and Promotion (DIPP). Total FDI reached
$ 61.96 billion in the last four years, it said.