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BUSINESS EYE FEBRUARY 23, 2024 | The Indian Eye 34

India to open Bharat Mart in Dubai as

country plans to become exports hub

India’s overall exports, merchandise and services combined, in January are estimated to be
USD 69.72 billion; US and UAE are two top destinations

OUR BUREAU
Bengaluru/Mumbai
n a step towards bolstering bilateral trade be-
tween India and the United Arab Emirates
I(UAE), Prime Minister Narendra Modi and
Prime Minister and UAE Vice President Sheikh
Mohamed bin Rashid Al Maktoum, virtually laid
the foundation stone of Bharat Mart at Jebel Ali
Free Trade Zone in Dubai on Wednesday.
Bharat Mart, a project to be constructed by
DP World, holds the promise of transforming the
landscape of trade relations between the two na-
tions.
According to a press release, the two leaders
expressed confidence that Bharat Mart will propel
India-UAE bilateral trade further by leveraging
Jebel Ali Port’s strategic location and strength in
logistics.
During the virtual event, Prime Minister Modi
underscored the pivotal role Bharat Mart is poised
to play in fostering exports from India, particularly
from the micro, small, and medium sectors.
By providing these sectors with a robust plat-
form to showcase their products and engage with
international buyers across regions such as the Prime Minister Narendra Modi with UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al
Gulf, West Asia, Africa, and Eurasia, Bharat Mart
is expected to significantly boost India’s presence Maktoum and other dignitaries at the inauguration of a warehousing facility ‘Bharat Mart’, in Dubai on Wednesday (ANI)
in global markets, read the press release.
PM Modi said, “Bharat Mart has the potential months of 2023 increased to USD 70.46 billion as that it will not create an extra burden on export-
to play an important role in promoting exports of against USD 67.65 billion in the same month of ers. These measures helped us to increase India’s
the micro, small and medium sectors of India by the previous year. exports,” the secretary said.
providing them an effective platform to reach out Trade deficit narrowed to USD 0.75 billion Barthwal said that they are also working on
to international buyers in the Gulf, West Asia, Af- as against USD 3.85 billion same month previous new territories and new products India can export
rica, and Eurasia”. year, data showed. Merchandise exports in Janu- its products and services.
The foundation stone laying ceremony marks ary grew to USD 36.92 billon as against USD 35.80 “We have figured out huge number of products
a milestone in the long-standing economic part- billion registered in the previous year. Merchan- which we have been able to push for the first time,”
nership between India and the UAE, further dise imports grew to USD 54.41 billion as against he said.
strengthening the ties between the two nations. USD 52.83 billion in January 2023. Among various steps the government took
Bharat Mart’s establishment is anticipated to With a growth of 26.4 per cent over the base was to launch a Production Linked Incentive
open up new avenues for collaboration and economic year of 2013-14, the highest number of exporters (PLI) scheme in varied sectors, including electron-
cooperation, driving mutual prosperity and growth. was registered in 2022-23 at 1.63 lakh. ic goods, to make Indian manufacturers globally
As Bharat Mart takes shape in Jebel Ali, USA and UAE were top two destination coun- competitive, attract investments, enhance exports,
Dubai, it embodies the spirit of economic vibrancy tries with the highest exporters in 2022-23. integrate India into the global supply chain and
and cooperation, symbolizing the shared vision of Commerce Secretary Sunil Barthwal said that reduce dependency on imports. These seemed to
India and the UAE in fostering inclusive growth his ministry has held meetings to discuss the ongo- have reaped dividends.
and development through robust trade relations. ing conflict in the Red Sea area, with concerned India’s overall exports in March ended the
Meanwhile, India’s overall exports, mer- ministries including the Department of Financial financial year 2022-2023 were worth USD 775.87
chandise and services combined, in January are Services. billion, a growth of over 14 per cent and almost
estimated to be USD 69.72 billion, exhibiting a He said banks were asked to extend the credit USD 100 billion more than last year’s figures.
positive growth of 8.49 per cent on a yearly basis, to exporters where it should be extended. In 2022-23, India’s merchandise and services
official data released on Thursday showed. The “We have also asked Exim Bank and ECGC exports rose 6.74 per cent and 27.86 per cent to
overall exports during January 2023 were worth (Export Credit Guarantee Corporation of India) USD 450.43 billion and USD 325.44 billion, re-
USD 63.80 billion. Overall imports during the first that insurance rates should not be increased so spectively.

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