India Now - page 7

NAT I ONAL
ROUND - UP
5
|
FEBRUARY-MARCH 2015
Saudi-India Collaboration on
Chemical Research
SABIC of Saudi
Arabia has tied up with Central Institute
of Plastics Engineering and Technology
(CIPET) and the Council of Scientific and
Industrial Research (CSIR) to strengthen
research capabilities of the Indian
chemicals industry.
RESEARCH
UPDATE
India Looks to East for
Business
Boosts Act East policy
to catalyse investments
IN A MOVE
to boost the ‘Act East’ policy initiative, the Government of India
has announced that it will facilitate Indian private sector investments into
CLMV countries (Cambodia, Laos, Myanmar and Vietnam) through a project
development company. While presenting Union Budget 2015-16, Finance
Minister Arun Jaitley said that the company will set up manufacturing hubs
in these four countries. “The ‘Act East’ policy of the Government of India
endeavours to cultivate extensive economic and strategic relations in Southeast
Asia,” Jaitley said. This will be done through separate special purpose vehicles
(SPVs). India’s ‘Look East Policy’ was launched by former Prime Minister
Narasimha Rao in 1992. The present Prime Minister Narendra Modi has
placed this policy on priority, calling it ‘Act East’. Delivering his speech at
Asean-India Summit inMyanamar in November last year, Narendra Modi had
assured the Southeast Asian countries that the Indian government was serious
about boosting ties with the region.
PHOTO BY ISTOCKPHOTO.COM
— Arun Jaitley
Union Finance Minister, Government of India
THEY
SAID IT
ARUN
JAITLEY
When & Where: Union Budget Speech, Delhi
“We have turned around
the economy dramatically,
restoring macro-economic
stability and creating the
conditions for sustainable
poverty elimination, job
creation and durable double-
digit economic growth.
Domestic and international
investors are seeing us with
renewed interest and hope.”
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