According to Norwegian Ambassador to India Nils Ragnar Kamsvag, ” The simplified Goods and Services Tax is a good example of India speeding up its economic reforms process. We are very upbeat about seeing India take such measures, as these will help not only India emerge as a very strong economy in the world, but give a boost also for Norway’s trade relations with India. GST is another milestone in strengthening India’s economic position globally.”
Nils told the Economic Times that Norway’s sovereign wealth fund, the world’s biggest such fund, is willing to increase exposure in India. The value of this fund rose to a record 8 trillion Norwegian crowns ($935 billion) in the first week of May this year.
The fund, run by a unit of the central bank, invests proceeds from Norway’s oil and gas industry in foreign stocks, bonds and real estate, and is now worth more than 2.5 times the country’s annual GDP. Over the last three years, the Norwegian government took policy initiatives to increase investments by its Government Pension Fund Global in India, to approximately $9 billion.
