• World Economic growth projected at 3.1% for 2024 and 3.2% in 2025 (2023- 3.1%) ( IMF)
• China’s leaders expect economy to grow 3 to 4% in the coming years
• Russia’s economy is resilient despite sanctions- 3.6% GDP growth in 2023

The United Arab Emirates UAE and India through a Comprehensive Economic Partnership Agreement
(CEPA) signed in 2022 agreed to strengthen their economic activities. The CEPA strengthens the business
relationship between the countries, main attractions being the following:

• Greater access for UAE exports entering the Indian market through the reduction or removal of
tariffs on more than 80 per cent of products.
• An open and non-discriminatory environment for cross-border trade with India.
• Enhanced market access for UAE’s service providers across 11 sectors and more than 100 subsectors.
• The removal of unnecessary technical barriers (TBT) for UAE and Indian exporters.
• The use of international standards as a basis for technical regulations.
• Enhanced access for UAE businesses to Indian government procurement opportunities.
• Support for UAE companies through a 10 per cent price preference in UAE government
procurement tenders.
• Assurance that UAE products will not be subject to India’s anti-dumping investigations as such
products are merely transshipped.
• A Joint Committee to assess, revise and propose amendments to the CEPA, including improving
market access.

For Indian Businesses and Investors many lucrative investment areas are easily available now. They include,
besides trading, real estate, tourism, hospitality, manufacturing, import/export, education, healthcare etc.

Following are the key attraction for investors to target India for their new tourism related projects:
1. World-Class Infrastructure Development: Airports, Sea Ports, Roads, Railways etc.
2. e-Tourist Visa Facility: ‘e-Tourist Visa’, ‘e-Business Visa’, ‘e-Medical Visa’, ‘e-Medical Attendant Visa’
and ‘e-Conference Visa’
3. Evolution of Technology: Rapid growth in mobile phone usage and internet penetration has enabled
the adoption of various tools, technologies and digital platforms to improve customer experience
4. Medical Tourism: Affordable treatment, quality healthcare infrastructure and highly-skilled doctors
5. High and rising middle-class Disposable Income and Consumption Pattern

Recent Government Policy changes:
– 100% FDI allowed through the automatic route in tourism construction projects including
development of hotels, resorts, and recreational facilities
– Identified many iconic sites in the country for development under Iconic Tourist Sites
Development Project
– All necessary steps taken to ease the processes involved in setting up business in the
sector

India is at 15th position among the top 25 Artificial Intelligence (AI) nations, but it has the ‘the greatest
upward potential’ according to research by Tufts University’s business school, the Fletcher School. Although
behind US, China, UK, Japan, Germany, India is ahead of Brazil, Argentina, Indonesia, Mexico, Turkey,
Indonesia and Thailand.

The four major drivers for attaining the target are:
• The rapidly accumulating pools of data through broadband consumption
• The rules of how data can be accessed, which include data governance policies and crossborder data flow;
• Capital, which includes talent, investments, diversity of AI talent and evolution of the digital
foundation; and
• Innovation which includes patent applications, citations, publications, etc.

Indian government is relentlessly working towards building a robust growth ecosystem to ensure
healthy development of AI in India and its applications in various components of governance and social
development.