Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion, the Confederation of Indian Industry has estimated.
This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE.
Also a catalyst are the efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties.
Currently, the trade between Indian and the UAE is estimated around USD 60 billion.
The statement was issued on the sidelines of the Middle East Electricity Exhibition where about 50 leading Indian companies are participating.
Held by the UAE Ministry of Energy and based in Dubai, Middle East Electricity is the largest international trade event for the power industry.
It is covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.
The various schemes by the Government of India and the announcements made in the recent Budget 2017 shall certainly enhance industries competitiveness in the country and in particular the MSMEs.
The move towards reducing the corporate tax rate for small companies will have a positive impact on the viability of about 97 per cent (67 lakh) businesses in India.
As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the positive orientation and entrepreneurship in the country is bound to grow.
CII: Know More- Formed: 1895
- Headquarters: New Delhi, India
- Area served: Worldwide
- Members: Direct 7,900+; Indirect 200,000
- President: Naushad Forbes
- DG: Chandrajit Banerjee
- Executive Vice Chairperson: Shobana Kamineni
- Employees: 1,000+
