India to Boost Exports with Dedicated Showroom and Warehouses in UAE
05 January 2024, Mumbai
Bharat Park: India Opens Gateway to Global Markets in UAE with Showrooms and Warehouses
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Minister of Textiles & Commerce, Shri Piyush Goyal, announced plans for "Bharat Park" in the UAE, a dedicated space housing Indian goods showrooms and warehouses. This strategic move aims to facilitate global access to Indian products and capitalize on the secure payment system in the UAE.
Key Points:
- Bharat Park: This initiative addresses concerns about low utilization of Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea. By streamlining access and showcasing Indian products in a secure environment, the park aims to boost exports significantly.
- Focus on Man-Made Fibre Textiles (MMF): Recognizing the future potential of MMF, Shri Goyal emphasized its importance for export growth. Despite a recent dip in exports, SRTEPC Chairman, Shri Bhadresh Dodhia, remains confident in reaching $6 billion for MMF and $3 billion for technical textiles in 2023–24.
- Ambitious Targets: SRTEPC sets ambitious targets of $11 billion for MMF and $10 billion for technical textiles by 2030.
- Addressing Challenges: The inverted duty structure within the GST system, with higher taxes on raw materials than finished products, is creating cost burdens for manufacturers. SRTEPC urges the government to address this issue and extend the Interest Equalization Scheme to the entire textiles & clothing (T&A) value chain.
Overall Significance:
"Bharat Park" symbolizes India's commitment to enhancing its presence in the global market by creating a convenient and secure platform for international buyers.
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This initiative, coupled with government support and industry efforts, aims to propel India's MMF and technical textile exports to new heights.
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