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India and the UAE complement each other’s strengths and have built a strong partnership in all sectors, especially economic and people-to-people ties, Indian Ambassador to the UAE Sanjay Sudheer told Emirates News Agency (WAM) on Thursday.
Speaking to WAM on India’s Independence Day, he emphasised that bilateral relations between India and the UAE have undergone rapid and positive changes in recent years under the vision and guidance of the leaders of both countries.
Closer than ever
He emphasised that India and the UAE are closer than ever before. “With the introduction of the Unified Payments Interface (UPI) and the Rupee-Dirham Local Currency Trade Settlement Mechanism in the UAE, the financial systems of the two countries are well on their way towards closer integration. India’s RuPay card stack now forms the backbone of the UAE’s own domestic card scheme ‘JayOne’.”
The envoy was referring to the implementation of bilateral agreements on interconnection between India’s UPI and the UAE’s AANI instant payment platforms, as well as the agreement on interconnection between India’s indigenous card payment network, RuPay, and the UAE’s Jaywan card network.
He noted that the UAE’s unparalleled international logistics and supply chain capabilities would be further strengthened with the upcoming opening of Bharat Mart in Dubai, a hub for Indian exports to the world.
“Moreover, the benefits of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) are already evident in a surge in bilateral trade. Notably, India has both CEPA and a Bilateral Investment Treaty (BIT) with the UAE only – a special relationship indeed!”
Economic strength
The ambassador said that on Independence Day, India is also celebrating its economic strength.
India is currently the world’s fifth-largest economy and is expected to become the fourth largest by the end of 2025, he noted.
India has been among the top three fastest growing major economies for over a decade. India’s startup ecosystem is third largest in the world in terms of the number of unicorns, worth nearly $350 billion (Dh1.29 trillion), the envoy said.
Indian Community in the UAE
The vibrant Indian community in the UAE is widely recognised as one of the most important socio-economic pillars of the UAE’s strength and India-UAE relations, he said.
“There is clearly a reason why over 3.5 million Indian nationals call the UAE their home – the largest number in the world – and account for around 45% of Indian nationals in the entire GCC.”
The Ambassador explained that members of the Indian community not only embrace Indian values and traditions but also become goodwill ambassadors and foster stronger ties between India and the UAE.
“Their contribution to the UAE’s economy and development is widely recognised not only by the UAE leadership and government, but also by the Emirati people at large. I am confident that they will continue to build bridges, deepen understanding, and contribute to the growth and prosperity of both India and the UAE,” Sudheer concluded.
Meanwhile, Americans increased their spending at retail stores to the highest level in 18 months last month, easing concerns that rising prices and price pressures are slowing the economy, the Associated Press reported.
The Commerce Department said Thursday that U.S. retail sales rose 1% from June to July after declining slightly the previous month. Auto dealerships, electronics and appliance stores and grocery stores all reported big increases.
Adjusted for inflation, sales rose about 0.8%, and excluding gas station sales, which don’t reflect Americans’ willingness to spend, retail sales rose 1%.
Wage Increase
Consumers have been hit with higher prices and interest rates since the pandemic began, but at the same time, average wages have risen, giving many households the means to keep spending.
Inflation-adjusted wages are up slightly from a year ago. High-income households’ wealth is also rising, with stock and home prices soaring over the past three years. Rising wealth can encourage more spending.
Financial markets fell sharply earlier this month on concerns about the economy after the government reported that July hiring was much weaker than expected and the unemployment rate rose for a fourth straight month.
Wham