MASDAR: Inviting investors from UAE, Prime Minister Narendra Modi today said India has an immediate investment opportunity of USD 1 trillion and the government will take urgent steps to address concerns of the businessmen from this country and erase "deficit of 34 years".
Modi also said his government has got some problems in legacy and his immediate priority would be to kickstart the things which were stalled by the "indecisiveness and lethargy" of the past governments.
"I have got some problems in legacy. I can not take only the good points and leave aside the problems... Some things were stalled due to the indecisiveness and lethargy of the governments (in the last)... It is my priority to kickstart those things," Modi said while addressing the business leaders from the UAE here at the Masdar City.
Modi, who is the first Indian Prime Minister to visit UAE in the last 34 years, said India has huge investment opportunities for investors from the UAE in sectors like infrastructure, energy and real estate and urged them to come to invest in India and together make the 21st century 'Asia's Century'.
The Prime Minister said all major global institutions such as IMF, World Bank and Moody's agree that India is the world's fastest growing economy and it has huge development potential.
"On one hand India is growing fast and on the other hand, the world is looking at Asia. But is Asia complete without UAE? I can clearly see that the UAE should be at the centre of mainstream of things in Asia. UAE's power and India's potential can make it Asia's century," he said.
Modi said he has been told about some problems being faced by investors from the UAE and he wants to assure them that the government is solving those problems.
"I will send my Commerce Minister to try and find solutions to the problems faced by some UAE investors," he said.
The investors told the Prime Minister that they need steps like single window clearance and cited cumbersome and complex processes for doing business in India. To this, Modi assured that these problems will be resolved.
In their meeting with the Prime Minister, the businessmen also said that the government needs to be a strategic partner to create a conducive business environment for the investors who need safety of their investments.
The issue assumes significance as a number of investors, including some from the Middle-East region, have in the past faced problems due to taxation and policy related issues.