Indians went to the Gulf to make money. at This particular point Modi will be luring This particular back

India's PM Modi defends globalization

For decades, millions of Indians emigrated to the Middle East to make money. at This particular point many of them are investing their profits back home, encouraged by Prime Minister Narendra Modi’s overhaul of the economy.

Several prominent businessmen from the United Arab Emirates — home to the globe’s largest Indian diaspora — have committed billions to India from the past three years. Modi’s business-friendly policies are encouraging others.

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“We’ve always been hesitant to invest in India just because the bureaucracy was too much along with corruption was too much,” said Binay Shetty, CEO of BRS Ventures. “however when the brand new government came in, they started out changing This particular along with we took a view which we wanted to expand,” he told sy88pgw.

Related: Millions more companies are at This particular point paying tax in India

Shetty’s father left India in 1973 for the UAE, where he first worked as a medical supplies salesman. Two years later, he launched a clinic along with distribution company in Abu Dhabi, eventually building a network of hospitals across the UAE. The company, NMC Health (NMHLY), listed on the London Stock Exchange in 2012 along with will be at This particular point worth $8.5 billion.

BRS Ventures wants to replicate which success in India. This particular acquired several hospitals over the past few years with 1,000 beds in total. Shetty’s aim will be to add at least another 4,000 beds over the next 5 years.

“The target will be to become one of the largest hospital groups in India,” he said. The company will be also looking towards India for different sectors This particular operates in, including pharmaceuticals, education along with financial services. This particular plans to invest $300 million over the next two years.

Modicare: India plans free healthcare for 500 million

Prime Minister Modi will be guest of honor at the globe Government Summit in Dubai, starting Sunday. Since taking office in 2014, he has pledged to boost India’s growth along with slash the country’s notorious red tape.

He’s had mixed results with the former, however recent moves to relax retail restrictions along with overhaul the tax system have cheered foreign investors.

India jumped 30 spots from the globe Bank’s ease of doing business ranking released last November. Some analysts have questioned the reliability of the ranking, however Modi along with his government have touted This particular as a ringing endorsement of their policies.

uae india business binay shetty

Sudesh Aggarwal, a Dubai-based Indian businessman who sits on the board of the UAE Business Leaders Forum, said the globe Bank’s seal of approval has boosted investor sentiment.

The forum says 100 expat Indians have pooled $1 billion to invest in India.

They are open to investing in a variety of sectors such as healthcare, education, solar power along with infrastructure, Aggarwal told sy88pgw, adding which the group will be looking to “join hands” with state governments to work on specific projects.

“The question will be what the state governments want for their states, we work according to which,” he said.

Several different companies started out by Indians based from the UAE are also expanding their footprint back home.

Sudesh Aggarwal quote

The Lulu Group, best known for its chain of supermarkets, already operates malls, convention centers along with hotels across southern India along with has several brand new projects from the pipeline. KEF Holdings, a construction firm which specializes in prefabricated buildings, has invested in four Indian projects worth around $180 million since 2016.

Aster, a Dubai-based healthcare firm, will be reportedly planning an IPO on the Bombay Stock Exchange next week.

“There will be absolutely no doubt which several major UAE-based Indians are at This particular point generating major investments into India,” said Navdeep Singh Suri, India’s ambassador to the UAE.

“Business will be driven only partly by patriotism, This particular will be principally driven by returns along with by ease of doing business,” Suri told sy88pgw. “Along with the growth of the Indian economy, [investors] also see which This particular will be becoming easier.”

Related: Modi tells Davos globalization will be under attack

The affection will be mutual, along with with Great reason. More than 3 million Indians live from the UAE, according to the United Nations. (Only Mexicans from the United States constitute a larger immigrant population between two countries.)

The UAE accounts for the largest proportion of remittances sent to India, estimated at almost $13 billion in 2016.

Modi’s visit in 2015 was the first by an Indian prime minister to visit the Gulf state in 34 years. The crown prince of Abu Dhabi, Mohammed bin Zayed Al Nayhan, has visited India twice since then.

State money will be flowing east, too. The UAE government has committed $75 billion towards developing Indian infrastructure, with the Abu Dhabi Investment Authority along with Dubai port operator DP World inking deals worth $1 billion along with $3 billion respectively in recent months.

along with Emirates Airline just announced an agreement with Indian state Andhra Pradesh to help develop its aviation sector.

There’s probably a lot more deals to come.

“We’ve genuinely [only] scratched the surface,” said Suri. “This particular will be a very capital rich country, along with as returns weaken in Western markets, India — with its combination of growth, scale along with stability — will be a very attractive opportunity.”

sy88pgw (Dubai) First published February 8, 2018: 11:27 PM ET

Indians went to the Gulf to make money. at This particular point Modi will be luring This particular back

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