India offers $38 bn opportunity for bi-lateral trade growth: Standard Chartered

MUMBAI: Businesses could increase exports to India by more than $21 billion annually with countries like the US, Malaysia, Indonesia, Singapore and the UK having the greatest opportunity to increase their merchandise, show a Standard Chartered study.

“Businesses in India and across the world have faced unprecedented challenges over the last few months,” said Gaurav Bhatnagar, MD & Head, Trade, India & South Asia, Standard Chartered Bank. “Looking ahead, they need to look for new growth avenues and build more resilience.”

The study, which included 10 of India’s key trading partners, also found that Indian exporters could boost exports to these 10 markets by an estimated $17 billion, bringing the total bilateral trade opportunity to USD38 billion.

The US – India’s largest trading partner and the market with the largest opportunity to boost trade – could increase exports by $5.7 billion annually, with the financial services sector offering the most significant potential for growth,” it said in a reported christened as the Standard Chartered Trade Opportunity Report.

The study highlighted the markets and sectors with new opportunities to grow trade as economies and businesses began to recover from the impact of the pandemic virus.

The report puts the spotlight on an almost $38 billion bi-lateral trade opportunity with some of India’s key trading partners.

This includes a $21.1 billion unexplored potential that India offers to exporters in 10 diverse markets and a $16.8 bn opportunity for local exporters to grow trade with some of our key trading partners.

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