Bilateral trade between India-GCC up 40% in 2022-23

NEW DELHI: Bilateral trade between India and the Gulf Cooperation Council (GCC) grew from USD 87.35 billion in fiscal year 2020-21 to USD 154.66 billion in 2021-22, registering an increase of 77.06 per cent on a year-on-year basis, Union Minister of State in the Ministry of Commerce and Industry Anupriya Patel informed Parliament during the recent sessions.

During the current financial year 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at USD 111.71 billion, up from USD 79.49 billion during the same period in 2021-22. This is an increase of 40.53 per cent on a year-on-year basis, the minister said.

During the period financial year 2017-18 to 2021-22, bilateral trade between India and the GCC has grown by 10.57 per cent on a compounded annual growth rate basis.