Latest news with #BharatMart
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Business Standard
23-04-2025
- Business
- Business Standard
RBI provides export relaxations through warehouses in Bharat Mart in UAE
It also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its office Press Trust of India Mumbai The Reserve Bank on Wednesday relaxed norms to facilitate export through warehouses in 'Bharat Mart', a multimodal logistics network-based marketplace in the United Arab Emirates, that will provide Indian traders, exporters, and manufacturers access to the markets around the world. In a circular, the RBI said banks may allow exporters to realise and repatriate full export value of goods exported to 'Bharat Mart' within nine months from the date of sale of the goods from the warehouse. Further, banks have been asked to allow opening/hiring of a warehouse in 'Bharat Mart' by an Indian exporter with a valid importer exporter code without any pre-conditions, after verifying the reasonableness of the same. It also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
23-04-2025
- Business
- Time of India
RBI provides relaxation for exports through warehouses in Bharat Mart in UAE
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Reserve Bank on Wednesday relaxed norms to facilitate export through warehouses in 'Bharat Mart', a multimodal logistics network-based marketplace in the United Arab Emirates, that will provide Indian traders, exporters, and manufacturers access to the markets around the world. In a circular, the RBI said banks may allow exporters to realise and repatriate full export value of goods exported to 'Bharat Mart' within nine months from the date of sale of the goods from the banks have been asked to allow opening/hiring of a warehouse in 'Bharat Mart' by an Indian exporter with a valid importer exporter code without any pre-conditions, after verifying the reasonableness of the also apply on remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.
Al Bawaba
13-04-2025
- Business
- Al Bawaba
DP World And The Government Of India Launch Bharat Africa Setu To Double India-africa Trade
DP World and the Government of India have announced the launch of the Bharat Africa Setu – a transformative trade initiative designed to double India-Africa trade and strengthen South-South cooperation. Supported by India's Ministry of Commerce and Industry and the Ministry of External Affairs, the initiative will connect DP World's ports, economic zones and logistics parks across both regions. The platform will give Indian exporters access to 53 African countries and 260,000 points of sale through a fully integrated trade ecosystem. The announcement was made during a UAE state visit to India, attended by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, HE Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World and Shri Piyush Goyal, Honourable Minister of Commerce and Industry, Government of India. DP World operates 10 ports and terminals, three economic zones, and over 200 warehouses across Africa, offering deep expertise in freight operations, logistics management and market access. Bharat Africa Setu will integrate physical infrastructure with value-added services -- from export finance, marketing & branding, packaging, logistics, certification services – to create a seamless trade ecosystem for the two regions. His Excellency Piyush Goyal said: 'Africa holds immense promise as a strategic trade partner for India. To fully unlock this potential, it is essential to strengthen connectivity, reduce trade bottlenecks, and empower Indian businesses to access and thrive in Africa's dynamic markets. The Bharat Africa Setu is a concrete step in this direction. By leveraging private sector innovation and investment, we are committed to developing an efficient, future-ready trade corridor that facilitates seamless export flows between India and Africa, fostering prosperity and growth on both sides of the Arabian Sea.'Africa currently imports approximately US$430 billion worth of goods. India accounts for just 6.5% of that total, exporting US$28 billion in goods to the continent. With Bharat Africa Setu, that figure is expected to rise to 12% by 2030. His Excellency Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said: 'Africa has the potential to transform into a key player in the global economy, with trade and strategic partnerships serving as catalysts for the continent's growth and prosperity. Our partnership with the Government of India to establish the 'Bharat Africa Setu' will open doors for Indian exporters to the vast opportunity in Africa by enhancing bilateral trade efficiency and improving market access.'Bharat Mart Construction in DubaiThe launch of Bharat Africa Setu coincides with the start of construction on Bharat Mart, a 2.7 million square foot B2B and B2C marketplace in Dubai. Designed to strengthen trade between India and global markets, Bharat Mart will serve as a one-stop export platform for Indian exporters. Phase one, spanning 1.3 million square feet is set to open by the end of 2026 in Jebel Ali Free Zone (Jafza). It will feature 1,500 showrooms, and over 700,000 square feet of warehousing, light industrial units, office space, meeting facilities with dedicated space for women-led businesses from IndiaHH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, said: 'Dubai's world-class infrastructure and connectivity make it a vital partner as India expands its global trade. With non-oil bilateral trade surpassing $80 billion and over 2,300 Indian companies thriving in Jafza, Bharat Mart will further strengthen the UAE-India partnership by providing Indian goods faster access to global markets.'His Excellency Piyush Goyal said: 'Bharat Mart is a transformative project launched by DP World with immense potential and we keenly await its completion. DP World's efforts around developing the Virtual Trade Corridor between India and UAE will ensure that trade and commerce scales new heights in the spirit envisaged by the India-UAE CEPA. We also appreciate the efforts of DP World in building new dimensions and opportunities that will enable Indian businesses/MSMEs to reach African markets.'Just 11 km from Jebel Ali Port, 15 km from Al Maktoum International Airport-- with Etihad Rail in close proximity -- Bharat Mart offers Indian businesses seamless access to a multimodal logistics network and onward connectivity with 150 maritime destinations and over 300 cities strategic role in India-UAE bilateral trade is underscored by a 15% year-on-year growth, with 283 new Indian businesses established in 2024 alone. H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, added: 'India and the UAE aim to reach $100 billion in non-oil trade by 2030, and Bharat Mart will be a key driver in achieving this milestone. DP World remains committed to enhancing trade by developing world-class logistics infrastructure, unlocking new markets, and supporting sustainable economic growth.'
Trade Arabia
12-04-2025
- Business
- Trade Arabia
DP World, India join hands to launch Bharat Africa Setu
DP World, a global leader in logistics and supply chain solutions, has announced that it has joined hands with Indian government for the launch of Bharat Africa Setu – a transformative trade initiative designed to double India-Africa trade and strengthen South-South co-operation. Supported by India's Ministry of Commerce and Industry and the Ministry of External Affairs, the initiative will connect DP World's ports, economic zones and logistics parks across both regions. Bharat Africa Setu will integrate physical infrastructure with value-added services -- from export finance, marketing & branding, packaging, logistics, certification services – to create a seamless trade ecosystem for the two regions. The platform will give Indian exporters access to 53 African countries and 260,000 points of sale through a fully integrated trade ecosystem. The announcement was made during a UAE state visit to India, attended by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Piyush Goyal, Minister of Commerce and Industry, Government of India. Over 200 warehouses under DP World DP World operates 10 ports and terminals, three economic zones, and over 200 warehouses across Africa, offering deep expertise in freight operations, logistics management and market access. On the strategic initiative, Goyal said: "Africa holds immense promise as a strategic trade partner for India. To fully unlock this potential, it is essential to strengthen connectivity, reduce trade bottlenecks, and empower Indian businesses to access and thrive in Africa's dynamic markets. The Bharat Africa Setu is a concrete step in this direction." "By leveraging private sector innovation and investment, we are committed to developing an efficient, future-ready trade corridor that facilitates seamless export flows between India and Africa, fostering prosperity and growth on both sides of the Arabian Sea," he stated. Africa currently imports approximately $430 billion worth of goods. India accounts for just 6.5% of that total, exporting $28 billion in goods to the continent. With Bharat Africa Setu, that figure is expected to rise to 12% by 2030. Bin Sulayem said: "Africa has the potential to transform into a key player in the global economy, with trade and strategic partnerships serving as catalysts for the continent's growth and prosperity. Our partnership with India to establish the 'Bharat Africa Setu' will open doors for the country's exporters to the vast opportunity in Africa by enhancing bilateral trade efficiency and improving market access.' Bharat Mart construction in Dubai The launch of Bharat Africa Setu coincides with the start of construction on Bharat Mart, a 2.7 million sq ft B2B and B2C marketplace in Dubai. Designed to strengthen trade between India and global markets, Bharat Mart will serve as a one-stop export platform for Indian exporters. The project's first phase, spanning 1.3 million sq ft. is set to open by the end of 2026 in Jebel Ali Free Zone (Jafza). On completion, it will feature 1,500 showrooms, and over 700,000 sq ft of warehousing, light industrial units, office space, meeting facilities with dedicated space for women-led businesses from India. On Bharat Mart, Sheikh Hamdan said Dubai's top-class infrastructure and connectivity make it a vital partner as India expands its global trade. "With non-oil bilateral trade surpassing $80 billion and over 2,300 Indian companies thriving in Jafza, Bharat Mart will further strengthen the UAE-India partnership by providing Indian goods faster access to global markets," he added. Transformative project Goyal dubbed Bharat Mart as a transformative project launched by DP World with immense potential and said that India was keenly awaiting its completion. "DP World's efforts around developing the virtual trade corridor between India and UAE will ensure that trade and commerce scales new heights in the spirit envisaged by the India-UAE CEPA. We also appreciate the efforts of DP World in building new dimensions and opportunities that will enable Indian businesses/MSMEs to reach African markets," he added. Just 11 km from Jebel Ali Port, 15 km from Al Maktoum International Airport - with Etihad Rail in close proximity - Bharat Mart offers Indian businesses seamless access to a multimodal logistics network and onward connectivity with 150 maritime destinations and over 300 cities worldwide. Jafza's strategic role in India-UAE bilateral trade is underscored by a 15% year-on-year growth, with 283 new Indian businesses established in 2024 alone. Bin Sulayem pointed out that India and the UAE aimed to reach $100 billion in non-oil trade by 2030, and Bharat Mart would be a key driver in achieving this milestone. "DP World remains committed to enhancing trade by developing world-class logistics infrastructure, unlocking new markets, and supporting sustainable economic growth," he added.
Dubai Eye
11-04-2025
- Business
- Dubai Eye
Bharat Mart marks new era in UAE-India trade ties
DP World has broken ground on a major new trade hub in Dubai — the Bharat Mart — aimed at boosting global market access for Indian businesses. The virtual model of the project, unveiled in a ceremony attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, marks a major step in strengthening UAE-India trade ties. Set to open by the end of 2026, Bharat Mart will be both a business-to-business (B2B) and business-to-consumer (B2C) marketplace, spanning 2.7 million square feet in the Jebel Ali Free Zone. It will feature 1,500 showrooms, state-of-the-art warehousing, and facilities for small businesses — with special support for women-led enterprises from India. DP World Chairman Sultan Ahmed bin Sulayem says the Mart will play a key role in achieving the ambitious target of $100 billion in non-oil trade between India and the UAE by 2030. Located 11 km from Jebel Ali Port, 15 km from Al Maktoum International Airport and with convenient access to Etihad Rail, Bharat Mart promises seamless connectivity — linking Indian exporters to over 150 maritime destinations and 300 cities worldwide. JAFZA, which already hosts more than 2,300 Indian companies, continues to grow its role as a key gateway for Indian trade. In the presence of Hamdan bin Mohammed and Piyush Goyal, India's Minister of Commerce and Industry, DP World commences construction of Bharat Mart strategic trading hub in Dubai, offering new horizons for Indian businesses. Set to open by the end of 2026 inside JAFZA, the… — Dubai Media Office (@DXBMediaOffice) April 10, 2025
