The ambitious goal of becoming a $5 trillion economy!

The ambitious goal of becoming a $5 trillion economy!

Maha Media 24 August 2019

After a successful visit to France and getting President Emmanuel Macron’s support on Kashmir issue, Prime Minister Narendra Modi is in UAE on Friday. Modi and French President Emmanuel Macron held marathon one-on-one meeting and reviewed the dynamic and multi-faceted relationship to further boost the strategic partnership.

PM’s third visit to Arab nation is more important in terms of trade and business amid ongoing trade-war between US and China. The trade relations between world’s two big countries like US and China has been hit badly after US president Donald Trump on Friday ordered American companies to find alternatives to manufacturing in China and told them to bring their companies home. No doubt India is eyeing these developments.

India is the UAE's second largest trade partner and the UAE has become India's third largest trading partner, with the total non-oil trade between the two countries recorded at $35.9 billion in 2018. The strength of this bilateral trade relationship is evident in many sectors such as oil, infrastructure development, tourism and aviation. Against this backdrop, Prime Minister Modi’s latest visit to the UAE reaffirms the close relationship between the two countries. India’s partnership with the UAE is set to play a key role in its march towards its ambitious goal of becoming a $5 trillion economy.

The UAE is India’s third largest trade partner with about $60 billion bilateral trade in 2018-19. Currently, there are 4365 Indian companies, 238 commercial agencies and 4862 trademarks registered in the UAE, and the inward Indian FDI stock into the UAE amounted to $6.2 billion at the end of 2017.

Easier visa norms and the availability of more than 1,000 flights a week between both countries have significantly boosted the number of tourists traveling between the two countries. Owing to our progressive economies and world-class infrastructure, both India and the UAE are attracting significant attention in terms of investments.
The Indian Prime Minister’s visit to the UAE would further bolster the bilateral ties between both countries.

This is the prime time to India to embark upon preventive and remedial measures to secure Indian economy, as the reports of slowing down is coming up.

For Maha Media
Prabhakar Purandare