PM Narendra Modi earlier on Saturday spoke to a Gulf media organisation where he said that Indian economy's fundamentals are strong and that India plans to become a $5 trillion economy. PM Modi is on a visit to UAE and reached there on Friday. This is his third visit to the UAE, in the last four years. Indian government believes that this reflects the desire and will of the two countries to sustain the momentum achieved in the bilateral relationship.
PM Modi also said to the media organisation that UAE-India relations are "at their best ever", adding that the UAE investments in key sectors in India are growing. "India has embarked on the ambitious, yet achievable, path to be a USD 5 trillion economy by 2024-25. We are targeting about USD 1.7 trillion dollar worth of investments in the coming five years. To achieve this vision, the government is working to promote inflows from domestic as well as foreign sources," PM Modi said.
"There has been an increasing interest in investments in India in sectors ranging from renewable energy, food, ports, airports, defence manufacturing and other sectors. UAE investments in infrastructure and housing (sectors) are being enhanced," PM Modi said. With the robust flow of bilateral investments and an annual bilateral trade of about USD 60 billion, the UAE is India's third-largest trade partner. It is also the fourth-largest exporter of crude oil for India. Both the countries are working closely and vigorously to implement the commitment of USD 75 billion investment by the UAE in India, PM Modi said.
Addressing the major concerns of the slowing automobile sector, Union Finance Minister Nirmala Sitharaman, on Friday announced the government's measures to tackle its issues. She made six announcements to dispel any misconceptions in the automobile sector. Her announcements targetted at boosting demand and income of the sector. She also said that many car businessmen had met with the government to appraise the current situation and seek relief.