Indian realty sector vows to expand more; nation’s moral fiber capitulates

It is said that a sound economy is the foundation of any country and this is also the nuts and bolts that renders the coveted courage to the same. Well, we don’t know what ails India that leads to its mere capitulation before the continual and almost regular admonitions of China but certainly the aforesaid aphorism fails to find any place in the Indian scenario. Reason? Indian economy, in spite of its severe shortcomings in an assortment of sectors, is strengthening whereas the external world is still reeling under the brunt of the moribund downturn.

Getting interested to know of the reasons behind the last few lines of the first paragraph? Well,
United Arab Emirates (UAE), the 10th largest foreign direct investor in India with a total cumulative investments of more than $ 5 billion, is ardent on investing in impending projects focused on sectors like minerals and metals, real estate, infrastructure, aviation, ports, telecom and energy in the country.

Speaking on this, Ambassador of UAE, H E Mohamed Sultan Abdalla Al Owais in an interactive session organized by CII (Eastern Region) on Friday, "We have already committed up to $400 million for a special economic zone and port at Kulpi in West Bengal. We are also closely following the other port developments in India. Our investments (by UAE companies) in the next few years could be in the sectors such as minerals and metals, real estate, infrastructure, aviation, ports, telecom and energy."

It is worthwhile to mention, in this context, the bilateral trade between the two countries was in the region of $44.5 billion in 2008-09, an increase of about 53% compared to $29.1 billion during 2007-08 and H E Mohamed Sultan Abdalla Al Owais has the conviction that this growth rate in the next fiscal shall be retained.

United Arab Emirates with a population of 5 million has almost 1.75 million Indians who constitute about 42.5% of a strong workforce of the country. Al Owais also said that UAE, at the moment, is India’s number one trading partner, surpassing China and USA.