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President Pranab Mukherjee announces e-tourist visas for Swedish nationals

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Stockholm/New Delhi: President Pranab Mukherjee on Tuesday announced e-tourist visas for all Swedish nationals during an interaction with business leaders from India and Sweden in Stockholm.

Mukherjee, who is on a state visit to Sweden, assured the Swedish CEOs that the Indian government is “responsive to industry and investors”.

“It is creating an appropriate atmosphere in the country to promote investment and manufacturing. A constant dialogue between investors and officials will help at the arrival of solutions to specific problems,” he said.

Addressing a Business Seminar later, the President said India-Sweden business relations date back to the early 20th century when Ericsson brought manual switches and telephone systems to India.

Swedish Match established its facility (WIMCO) in India in 1926. Since then, many other Swedish companies have established operations in India. There are 170 Swedish joint ventures and wholly owned subsidiaries in India.

Investments have also begun to flow from India to Sweden with around 50 Indian companies present in Sweden, said a Rashtrapati Bhavan statement.

The president urged businessmen of both sides to reinvent India-Sweden relations and give it new dimensions.

Welcoming the enthusiasm shown by Swedish firms in investing in India, he said the three Ds of India – Democracy, Demography and Demand will ensure that their investments are a huge success.

Pointing out that India is going to become a $8-trillion economy in PPP terms by the end of this year and its international trade will soon cross $1 billion, the president called upon Swedish investors to lend their expertise.

He said India will give them the capacity required, adding that India and Sweden should share their collective wisdom to move forward together, the statement said.

The Swedish CEOs said they are planning to increase their investments and employ more people in India. They warmly welcomed the government’s ‘Make in India’ initiative as well as other reform measures underway while they also drew attention to the challenges in doing business in India.

The Swedish CEOs who attended included Jacob Wallenberg, Chairman Investor AB; Hans Vestberg, President and CEO Ericsson; Hakan Buskhe, President and CEO SAAB; Olof Faxander, President and CEO Sandvik; Anders Grundstramer, Senior VP Scania/MD of Scania India; Carl-Henric Svanberg, Chairman Volvo Group and Goran Westerberg, CEO Rusta, the statement said.  (IANS)

 

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Big reforms made India fastest growing major economies globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs big reform.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise. www.mapsofindia.com

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS

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