What PM's 3 Major Visits to Abroad have Garnered for Indian Economy
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Indian industrial sectors have been experiencing a major slump since past months in FY19. To subdue the slowdown, Government has been adequately working towards achieving proficiency on financial grounds. Decisions included merging of Public Sector Banks, curtailing the repo rate and increasing loan convenience for SMEs to win over liquidity in the Indian economy.
Government decisions against slowdown
Decisions like releasing the fund of Rs 70,000 Crore upfront to recapitalize public sector banks have been tremendously appreciated by the sectors’ experts. According to them, this decision would assist companies in its credit expansion. Likewise, Finance Minister made various official statements including merging of PSBs, simplifying the GST system, transformed policies and tax provision on MSMEs, cheaper loans, withdrawal of surcharges on FPIs and simplification of income tax norms to make an easier way to eradicate liquidity crisis and these decrees were majorly supported by the sector producers.
PM Modi’s Goal- 5 Trillion Economy
Prime Minister Narendra Modi visited countries across the globe to create ways for 5 trillion dollar economy and simultaneously to uplift the falling economy in India. His visits spearheaded with the gaining deals in the field of infrastructure, oil reserves, defense as well as resources. However, PM’s visits remarked with the influx of capital for the Indian businesses to flourish the economy as well as own accounts. So, here are the 4 major PM visits which helped India to augment its business sectors and strengthened the bilateral ties.
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PM Modi’s visit to UAE in August turned out to be another milestone in bilateral comprehensive strategic partnership. PM visit to UAE resulted in the launch of The RuPay card in UAE. The RuPay card is a first-of-its-sort Indian domestic Debit and Credit Card Payment network, with acceptance at ATMs, POS gadgets and web based business sites. The UAE became the first middle east country to launch RuPay Card. Post this visit, experts noticed the heavy flow of investment from UAE to India in the sectors including infrastructure, Highways, Housing, Defense and Agro Processing food units.
Prime Ministerial visit to Russia for attending Eastern Economic Forum in Vladivostok resulted in the capital gains for India. In the visit, a proposal was being signed to have a full time maritime route that would serve as a link between Chennai in india to Vladivostok in Russia. Both leaders also mapped five year road map for the profitable cooperation in the field of oil and gas sector. Russian president Vladimir Putin visited Zvezda ship building complex along with Modi to discuss about deepening cooperation in Ship Building.
Both nations showed interest in signing agreements regarding Indian investment and presence in the Far East. PM Modi was also awarded with the Russia’s highest civilian award on his visit.
At his spectacular visit to Houston, USA, PM Modi left the remarkable aura behind after his speech in the presence of Indian Diaspora in more than 50,000 Indian Americans and meeting with President Trump signing the business deals. Modi signed $7.5 Billion LNG agreement mentioning the growing energy demand in India. Adding into this, Petronet signed MoU with USA’s energy giant Tellurian Inc securing 18 percent equity in $28 Billion project in Louisiana. This agreement signed would give India access to 5 million metric tons of LNG annually. Stating the increased energy demand in India, Modi-Trump joined hands to fulfill the uprising demand of energy in the future.