Finance Minister Arun Jaitley has said the low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by oil companies and kept inflation under control.
Addressing the business community in United Arab Emirates, Jaitley said low oil prices also enabled the government to rationalise subsidies and has helped the RBI to ease up the rates.
Speaking on the issue of investment opportunity in India, Jaitley said the environment for investment is more conducive now because the decision making is quicker.
He said, infrastructural investments are picking up and Indian economy is growing faster than most other economies in the world.
The Minister also raised the issue of longer visa for Indian businessmen who have made large investment for long duration in UAE. He said that this will help in ease of doing business. At present, the businessmen are given visa at a time for two years which has to be got extended or renewed every time.
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Jaitley also invited large participation and investment in recently constituted National Investment and Infrastructure Fund , NIIF by the Sovereign Wealth Funds and Pensions Funds of the UAE region.
Raising concern on the issue of religion intolerance, the Finance Minister said there is no indication of intolerance on the ground and there is an environment of public harmony in the country.
Jaitley also met his UAE counterpart Sheikh Hamdan Bin Rashid Al Makhtoum. During the meeting, both the leaders discussed issues of mutual cooperation in field of economic and trade development among others.
