Piyush Goyal calls CA fraternity to work on Mission Mode for creating standards in transparency

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Shri Piyush Goyal today said India is making Resurgent Stride towards a $5 trillion Economy. Addressing the ICAI Dubai Chapter during his visit to the UAE, Shri Goyal said led by Prime Minister Shri Narendra Modi, India today is set on a path to become Aatmanirbhar & is taking bold reforms.

“Under PM Modi, we are seeing rise in Economic indicators despite pandemic. India’s merchandise  exports in the first half of FY2020-21, viz Apr-Sep, 2021, notched up to $197.11 bn, recording 23.8% increase over Apr-Sep’19. Manufacturing PMI avg. improves to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in Sept,” he said.

The Commerce Minister said $5 trillion economy is a bold ambition & every Indian has to contribute in making it possible and make it a mass movement. Startup India, PLI Scheme, Single Window System, Industrial Corridors, National Infrastructure Pipeline, Reduction in Corporate Tax, Removing Retrospective Income Tax, Liberal FDI policy etc. are some of the key reforms and schemes initiated by the Government, said Shri Goyal.

“De-risking economy by ensuring transparency in financial sector, Strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man esp. farmers & MSMEs are steps to boost investor confidence in the Indian economy,” he said.

Shri Goyal said India-UAE partnership will be a driving force in our mutually beneficial ties.

“Indian community of about 3.4 million is the largest ethnic community in UAE constituting roughly 30% of the country’s population and they act as a bridge between the two countries.  Our celebration of ‘Azadi Ka Amrut Mahotsav’ coincides with UAE’s celebration of ‘Year of 50’ to commemorate declaration of the union in 1971,” he said, adding, “We have taken the next step in our friendship by launching the CEPA negotiations only last week.”

Lauding ICAI Dubai as the largest and most active chapter among 45 Overseas chapters of ICAI, Shri Goyal said, “Dubai is like India’s extended neighbourhood & ICAI Dubai is India’s extended home for CAs.”

He commended ICAI Dubai for playing a pivotal role in successfully rolling out of VAT in the UAE and thanked the Dubai Chapter for their selfless support to India during COVID-19 by supplying Oxygen Concentrators, food & essentials.

Shri Goyal said the CAs will play a pivotal role in ‘Catalyzing Reform & Creating Value’.

“CAs in India need to start looking beyond industry expectations, towards expectations of the nation & society from the profession. CA fraternity to work on Mission Mode to fulfill Prime Minister Modi’s mission for creating global level Indian audit firms. I urge CAs in Dubai to invite your clients (UAE buv:gç tcsiness houses) to invest in India & benefit from our large market,” he said.

It may be noted that  Shri Piyush Goyal, Union Minister for Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution is in Dubai to Inaugurate India Pavilion at Dubai Expo. The official visit is being seen as major step towards boosting Indo – UAE Strategic  partnership and taking trade and investment between to unprecedented levels. During last 2 days the engagements include meetings with H.E Dr. Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, H.E .Ahmed Bin Zayed Al Nahyen, Member Executive Council and Director Abu Dhabi Investment Authority, top business houses in Emirates like 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.

Shri Piyush Goyal calls upon the Indian diaspora in UAE to encourage others to Invest in India

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal has called upon the NRIs and Indian diaspora to invest in India unhesitatingly.  Addressing the Indian People’s Forum (IPF) Business Conclave in Dubai today, Shri Goyal said this is the right time for India’s vast expatriate community to invest in their motherland. There is a great  opportunity in extraordinary growth in India.

“Under Prime Minister Modi we are seeing rise in economic indicators despite the pandemic. Merchandise exports in Apr-Sep’21 touched $197.11 bn, recording 23.8% growth over Apr-Sep’19. Manufacturing PMI average improved to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in September,” he said.

Shri Goyal said the Government has taken many steps to create conducive business environment.

“From red-tapism to laying the red carpet for businesses, India under Prime Minister Modi has come a long way. As a result, India climbed up in Ease of Doing Business ranking from 130 to 63 in just 5 years and also jumped to 46th spot on the Global Innovation Index (GII), a jump of 35 places in last 6 years. Steps in last 7 years helped us nurture world’s 3rd largest startup ecosystem,” said Shri Goyal.

“In the 75 weeks of ‘Azadi Ka Amrit Mahotsav’, we aim at taking the number of unicorns to 75 in the country. Similarly, India received the highest ever FDI inflow of around $ 82 billion in 2020-21 (during peak of pandemic), up 10% over 2019-20 (pre-pandemic time). Total FDI inflow of US$ 22.5 bn during Q1 of current fiscal is 90% higher compared to US$ 11.8 bn during the corresponding period last year,” he added.

Shri Goyal said the visionary leadership of our Prime Minister has catapulted our nation to a higher pedestal in the international community.

“Our ancient wisdom Vasudhaiva Kutumbakam & Sarve Santu Niramaya inspired us to serve the world selflessly and we supplied medicines and vaccines to world,” he said, adding, “I urge you to spread this message and help strengthen our global ties.. Hope the Indian diaspora to contribute in the best possible manner to take Prime Minister Modiji’s great work forward & make the country ‘Vishwaguru’ again.”

Stating that India and the UAE are going to celebrate the 50th anniversary of establishment of diplomatic relationship next year, Shri Goyal said this is a good opportunity to take our ties to the next level.

“We are celebrating ‘Azadi Ka Amrut Mahotsav” to commemorate 75 years of Progressive India & to highlight its glorious history, culture & heritage. Coincidentally, UAE is also celebrating this year as the ‘Year of 50’ to  commemorate the declaration of the Union in 1971. ‘Projects of the 50’ of UAE & Prime Minister’s vision of ‘Aatmanirbhar Bharat’ reflect the statesmanship of our leaders,” he said, adding, “India is focusing on fulfilling its aspirations in next 25 years to celebrate the Centenary of its Independence in a grand way, while UAE leadership is planning their journey for the next 50 years.”

Expressing delight at meeting the Indian community in Dubai, “the City of Gold”, Shri Goyal said, “It is because of you all Dubai is considered as an extended neighbourhood of India, – a 2nd home to our exporters and a prime destination for Indian tourists.”

Shri Goyal underlined that the 3.4 million strong Indian diaspora in the UAE acts as a bridge between the two countries.

“I commend the efforts of Indian People’s Forum (IPF) in connecting the people of Indian origin residing in the region & bringing them on a single platform. By spreading our culture, tradition & values on a far-off foreign land, you are not just NRIs but “cultural ambassadors” of our country,” he said.

Shri Goyal is in the UAE to inaugurate the India Pavilion at Dubai Expo. The official visit is being seen as major step towards boosting Indo – UAE Strategic Partnership and taking trade and investment between to unprecedented levels. The ongoing Expo is India’s window to the world, An opportunity to showcase India’s capability & potential.