The Indian diplomatic mission in Turkmenistan presented its vision of the prospects for bilateral business cooperation for 2020-2021. At a briefing for entrepreneurs and diplomats, a brief statistical excursion on key sectors of the 5th largest world economy was held.
It was noted that India with a GDP of 2.6 trillion US dollars has surplus of 47 million people labor force in the country and plans, following the example of China, to export it to neighboring countries. The Government of India is also implementing a strategy to reduce government intervention in the economy, strengthening market mechanisms.
Simplifying business procedures, including for foreigners, was given as a good example. To do this, a new GST Tax, an indirect tax on the supply of goods and services, came into effect in India. It is a comprehensive, multistage, destination based tax. The GST subsumed almost all the indirect taxes. Import duties on raw materials have been reduced for those who process them in the country to produce products that are more valuable.
Make in India Project, a movement covering 25 key sectors of the Indian economy, was also presented. The project was launched to encourage new players to manufacture products in agriculture, education, IT industry, automotive industry, oil and gas and chemical industries, etc. Investors and entrepreneurs enjoy the Ease of Doing Business environment via the e-Biz Single Window and e-commerce services, as well as through online mechanism for prompt resolution of disputes and complaints.
India is an actively developing and dynamic market that is interested in attracting partners from all over the world. The embassy is confident that Turkmen entrepreneurs, who are close in mentality and focused on the economy, have something to present to Indian consumers.
The diplomatic mission is ready to provide with the necessary information for establishing business contacts between representatives of the private sector of both countries.