By Shivangi Acharya
NEW DELHI (Reuters) – India hopes to raise exports to the United Arab Emirates to $50 billion by fiscal year 2027, India’s trade secretary Sunil Barthwal told an event in New Delhi on Monday.
Barthwal said India aimed to make better use of a trade deal between the two nations that has led to an increase in Indian imports from UAE and increased Indian exports in some sectors.
India’s exports to the Gulf nation in the electrical machinery and equipment and automobiles sectors grew by 32% and 42% respectively year-on-year between April 2022 and March 2023, Indian government data showed.
The overall value of India’s exports to UAE exceeded $31 bln between April 22-March 2023, provisional government data, showed, up 11.2% on the year.
Meanwhile, the import of aircraft, spacecraft, and associated parts from UAE to India rose by 4,859% from a low base in the year in April 2022-March 2023, the government data showed.
India’s gold imports from the United Arab Emirates could also increase, Barthwal said.
(Reporting by Shivangi Acharya, writing by Tanvi Mehta; Editing by Krishna N. Das and Barbara Lewis)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.