Vice President M Venkaiah Naidu
Vice President M Venkaiah Naidu

In Romania, VP Naidu lauds demonetisation, GST

ANI | Updated: Sep 19, 2018 23:55 IST

Bucharest [Romania], Sept 19 (ANI): Speaking at the Romania Business Event">India-Romania Business Event on Wednesday, Vice President M Venkaiah Naidu said that demonetisation and the Goods and Services Tax (GST) have been successfully implemented for India to emerge as a "modern and unified market".
"Demonetisation and the GST have been successfully implemented for India to emerge as a transparent, modern and unified market. Greater ease of doing business is being reported from different corners of the country and tax rates are harmonised across the country. More than 320 million bank accounts have been opened under the Jan Dhan Yojana for the first time enabling direct cash benefit transfers. Millions of LPG connections have been given to rural women," Naidu said.
The Vice President stated that India has embarked on the path of economic transformation and this presents fresh opportunities in multiple sectors for Romanian entrepreneurs.
"The Indian economy is growing at over eight percent, which is one of the fastest growth rates in the world for a large economy. We have managed a positive swing in stock market indices, foreign exchange reserves, public investment in infrastructure and welfare measures. The government's investment in infrastructure development has increased exponentially and it is already visible in the improved railways, roads, airports and shipping infrastructure in our country," Naidu said.
Naidu further pointed out that India has climbed 42 places in the World Bank's Ease of Business Index.
"We are strengthening the manufacturing sector through the Make in India program even as our services sector remains robust and high-tech. India also has one of the best regulated financial systems in the world. It is now ranked as one of the most attractive FDI destinations in the world. We have a TRIPS-compliant IPR regime and our multi-party democracy ensures essential stability and predictability," Naidu said.
The Vice President stated that the economies of India and Romania have "significant complementarities which can be leveraged for mutually beneficial cooperation."
"Several Indian companies in the sectors of IT, manufacturing, pharmaceuticals, healthcare have made their mark in Romania. These companies have invested significantly and have created thousands of jobs to benefit the local communities and economy. I am told that Genpact and WIPRO each have engaged more than 4000 employees," the Vice President said.
"Romanian companies are also operating in India and the cumulative FDI inflows from Romania to India is around USD 7.5 million. There are opportunities for bilateral investment flows between a growing Romanian economy and a huge Indian market in sectors such as IT, automobiles, mining, agriculture and food processing, tourism, healthcare products, and energy. India stands ready to welcome more Romanian investors and I encourage Romanian entrepreneurs to partner in Indian growth story," he added.
India has emerged as one of the leaders in renewable energies, Naidu stated.
"We aim at installing 100 GW of solar power by 2022. Solar power prices in India have hit a record low, thus bringing us closer to achieving our goals under the Paris Climate Change accords. In this sector, therefore, we offer one of the most exciting opportunities for Romania," he said.
Concluding his speech, Naidu said: "I invite you all to partner us in India's exciting and transformative journey which is going to usher in a new era not just for India and Romania but also for the world. Let us use our imagination to open up exciting and growing opportunities in many spheres with a friendly democratic partner and create a genuine, multifaceted Indo-Romanian partnership." (ANI)