Vice President M. Venkaiah Naidu addressed the India-Romania Business Forum in Bucharest earlier today. He asked Romanian businessmen to create a genuine, multifaceted Indo-Romanian partnership.
The President of the Senate of Romania, Mr. Calin Popescu-Tariceanu, the Vice Prime Minister of Romania, Dr. Ana Birchall, the Minister of State for Finance, Shiv Pratap Shukla and other dignitaries were present on the occasion.
The Vice President invited Romanian businessmen to partner with India in its exciting and transformative journey. He further said that India-Romania annual bilateral trade has risen to US $ 810 million in 2017-18, a 40% increase over last year (USD 575 million).
This is a huge development in our bilateral economic relations and we need to sustain this momentum to scale it up even higher, he said.
Saying that India’s economic transformation in recent past presents fresh opportunities in multiple sectors for Romanian entrepreneurs, the Vice President invited them to invest in India.
With a growth rate over 8%, India is one of the fastest growth rates in the world for a large economy, he added.
The Vice President said that India has managed a positive swing in stock market indices, foreign exchange reserves, and public investment in infrastructure and welfare measures. Government investment in infrastructure development has increased exponentially and it is already visible in the improved railways, roads, airports and shipping infrastructure in our country, he added.
He called India as one of the best regulated financial systems in the world and highlighted how India became the most attractive FDI destination in the world.
He further said that demonetisation and GST was 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, he noted.
More than 320 million bank accounts have been opened under the Jan Dhan Yojana for the first time enabling direct cash benefit transfers and millions of LPG connections have been given to rural women, he added.