Nils Ragnar Kamsvag, Norwegian Ambassador to India said that GST is a good example to speed up India’s economic reform and the world’s biggest sovereign fund, Norway sovereign wealth fund is keen to increase its exposure in India.
In a free-willing chat amid steps by Narendra Modi government to ease the process of doing business in India, Kamsvag said that they are very upbeat seeing India taking up such decision, as this will help not only India emerging as a strong economy globally but will also give a boost to Norway’s trade relation with India.
He further informed that Norway is anxious to its economic presence in India and looking forward for market exposure in the growing market.
Either through joint ventures with Indian partners or wholly own subsidiaries, there are more than 100 Norwegian companies engaged in India.
In the recent years, there has been a substantial growth in economic and commercial relation between the two countries. A total bilateral trade between the two countries had elevated to US$ 1,264.52 million in 2014-15 from US$ 974.22 million in 2013-14.
Many Norwegian companies have shown interest in possible business prospects like petroleum related services, hydropower, ship building, IT services, Clear energy and marine/sub-sea drilling equipment. Moreover, offshoring Norwegian IT companies to India or acquiring shares in Indian company is becoming a trend.
Over the last few years, many Indian IT companies such as TCS, L&T Infotech, Infosys, Cognizant and Tech Mahindra have increased their presence in Norway.
Indian companies have also invested on Norwegian companies, one among all the investors is Chennai-based Aban Offshore. It took over Norwegian drilling company in early 2007.
Moreover, Norwegian company Miljo Greenland/Innovasjon, a specialized hi-tech developing firm for electric vehicles sold 50.3% stake to Tata Motors.
In such a scenario of market economy between India and Norway, the implementation of GST will enhance and boost the economy of India globally. In sum, GST will be another milestone to strengthen India’s economic position globally.