Exhibiting robust progress, the bilateral commerce between India and the Gulf Cooperation Council (GCC) nations reached 162 billion {dollars} final 12 months, the federal government has stated. The GCC now contributes 15 per cent of India’s whole commerce and sectors like vitality, defence, safety and well being are rising within the area, in line with Aseem P. Mahajan, Joint Secretary (Gulf), Ministry of Exterior Affairs.
At a FICCI occasion within the nationwide capital, he stated that whereas total commerce figures may fluctuate, India’s exports to the GCC nations have proven “constant progress”. In response to him, the nation exports numerous meals processing, jewelry, artificial fibres and yarns, textiles, prescribed drugs and engineering items, and chemical merchandise to the GCC nations.
Mahajan emphasised that the cultural and bilateral relations between India and the Gulf nations are robust. India’s financial linkages with the GCC have elevated steadily, particularly on account of progress in oil imports. These have elevated considerably in FY22 on account of rising oil costs within the wake of the Russian-Ukrainian battle in addition to as a result of resumption of demand following the COVID-19 disruption.
As per the 2022 authorities knowledge, GCC nations contribute nearly 35 per cent of India’s oil imports and 70 per cent of gasoline imports. India’s total crude oil imports from the GCC in 2021-22 have been about $48 billion, whereas LNG and LPG imports in 2021-22 have been about $21 billion. Since FY2017-18, on a compounded annual progress price foundation, bilateral commerce between India and the GCC has grown by 10.57 per cent.
In February this 12 months, Prime Minister Narendra Modi visited the United Arab Emirates (UAE) and Qatar. PM Modi held wide-ranging talks with the highest management to take ahead the bilateral strategic partnership. The Prime Minister additionally inaugurated the BAPS Mandir, the primary Hindu temple in Abu Dhabi, and addressed the Indian diaspora.
The 2 nations are amongst one another’s prime buying and selling companions with a bilateral commerce of about 85 billion {dollars} in 2022-23. The UAE can also be among the many prime 4 traders in India by way of international direct investments in 2022-23. PM Modi additionally visited Qatar and held wide-ranging talks with the management, specializing in considerably increasing bilateral ties in areas of commerce, vitality, funding and new expertise. Bilateral commerce between India and Qatar at the moment stands at roughly 20 billion {dollars}.
