Really, it is very funny. On the one hand, Indian leaders are taking of India becoming a leader in the global opening. On the other hand, bureaucracy is not changing. So, while Indian government is trying desperately to get FTA (Free Trade Area)agreement with GCC countries, the Reserve Bank of India (RBI) has not approved the application of Doha Bank to open a branch in India for nearly one year. The Financial Express reported:
“Doha Bank’s application seeking permission to enter the Indian market is lying with the Reserve Bank of India (RBI) for the last one year. The bank wants to open a branch in India. Though Qatar has committed to invest $5 billion in India in the next few years, the central bank is moving slow on allowing banks from the region to enter the country.”
I feel that Indian leaders are not acting smartly. I really cannot understand the justification of pursuing FTA with GCC countries while India is not prepared to let Doha Bank open its branch in the country. Well, a similar approach backfired with ASEAN countries and the fate of FTA agreement with ASEAN countries is hanging in the air now. I hope that the same fate does not occur with GCC countries.
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