India’s commerce with Gulf nations has come into prominence after a diplomatic row over derogatory feedback made by the ruling BJP’s spokespersons in opposition to Prophet Muhammad.
Here is a take a look at bilateral commerce India has with the Gulf nations: India imports predominately crude oil and pure gasoline from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, valuable and semi-precious stones; metals; imitation jewelry; electrical equipment; iron and metal; and chemical substances to those nations.
During 2020-21, India imported items price USD 110.73 billion from the six GCC (Gulf Cooperation Council) nations. Its merchandise exports stood at USD 44 billion to those nations.
Besides commerce, Gulf nations are host to a sizeable Indian inhabitants. Out of about 32 million non-resident Indians (NRIs), practically half are estimated to be working in Gulf nations.
These NRIs ship a big sum of money again dwelling.
According to a November 2021 report of the World Bank, India received USD 87 billion in overseas remittances in 2021. Of this, a sizeable portion got here from the GCC nations.
Trade with GCC nations:
1. Saudi Arabia: It was the fourth-largest buying and selling accomplice final fiscal. Total bilateral commerce has elevated to about USD 43 billion in 2021-22 from USD 22 billion within the earlier fiscal.
2. Qatar: India imports 8.5 million tonnes a yr of LNG from Qatar and exports merchandise starting from cereals to meat, fish, chemical substances, and plastics. Two-way commerce between India and Qatar rose to USD 15 billion in 2021-22 from USD 9.21 billion in 2020-21.
3. Kuwait: It was the twenty seventh largest buying and selling accomplice of India within the final fiscal. Bilateral commerce has jumped to USD 12.3 billion in 2021-22 as in comparison with USD 6.3 billion within the earlier monetary yr.
4. UAE: It was the third-largest buying and selling accomplice of India in 2021-22. India’s bilateral commerce with the nation elevated to USD 72.9 billion in 2021-22 as in comparison with USD 43.3 billion in 2020-21.
5. Oman: It was the thirty first largest buying and selling accomplice of India in 2021-22. India’s bilateral commerce with the nation has elevated to about USD 10 billion in 2021-22 as in comparison with USD 5.5 billion in 2020-21.
6. Bahrain: Two-way commerce with India stood at USD 1.65 billion in 2021-22 as in opposition to USD 1 billion in 2020-21.
Besides, India’s bilateral commerce with Iran aggregated to USD 1.9 billion in 2021-22 as in comparison with USD 2.1 billion in 2020-21.
Source: www.financialexpress.com”