In a press briefing at the Commerce Ministry, Piyush Goyal revealed the UAE’s intent to inject an additional $25 billion into India’s economy, building on the $25 billion already poured in. The Gulf nation is currently the seventh‑largest foreign‑direct‑investment source for India, a ranking that underscores the growing strategic partnership. The goal is to lift bilateral FDI to $100 billion by 2030.
Goyal cited recent deals such as Emirates NBD’s stake in RBL Bank and IHC’s purchase of a slice of Sammaan Capital as evidence of the UAE’s expanding footprint. He also outlined plans to position the UAE as a major supplier of liquefied petroleum gas, and to explore subsea pipelines that could move and store natural gas on Indian shores—an initiative aimed at enhancing the country’s energy resilience.
The minister also floated a currency‑swap idea, proposing that imports be paid in dirham while exports be settled in rupee, with periodic conversion into dollars. Bankers pointed out that the dirham’s peg to the dollar makes such a dual‑currency trade low‑risk and highly liquid. If executed, the arrangement could double the current local‑currency trade volume.
The discussion took place during the 14th meeting of the High‑Level Joint Task Force on Investments, which Goyal praised as a reliable forum for resolving investor concerns. He noted that the Comprehensive Economic Partnership Agreement, now four years old, has already doubled bilateral trade to $100 billion. The next Task Force session will likely seal the formal investment accord.