New Delhi– The trade between India and UAE in terms of volume — currently at $60 billion — is expected to reach $100 billion by 2020 with increasing interest of Indian companies in the Middle East markets, a top industry body said on Wednesday.
“The trade between India and UAE, which is estimated to be around $60 billion currently, is all set to grow and hit the $100 billion-mark by the year 2020 with the growing interest by the Indian companies in the Middle East markets,” the Confederation of Indian Industry (CII) said in a statement here.
About 50 Indian companies are participating in the Middle East Electricity Exhibition which opened on Wednesday in Dubai at the World Trade Centre displaying a wide variety of products ranging from cables to conductors, capacitors, transformers and switchgear products.
CII, together with the Ministry of Commerce and Industry, has arranged to showcase Indian industry participation at the exhibition.
Hosted by the UAE Ministry of Energy, it is the largest international trade event for the power industry, covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.
“The initiatives taken by the government and the announcements made in the recent Budget shall certainly enhance industries’ competitiveness in the country and in particular the micro-small and medium enterprises (MSMEs),” the statement said.
The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 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 growth of positive orientation and entrepreneurship in the country,” it said.