FDI Circulation Into India From Gulf Nations Surges To $24.54 Bn In 12 Years | Financial system Information
New Delhi: FDI flows into India from the Gulf Cooperation Council nations between September 2013 to September 2024 surged to over $24.54 billion, which is an 8-fold enhance in comparison with the corresponding determine of $3.046 billion FDI that got here from these nations through the interval between April 2000 and September 2013, based on knowledge compiled by the Commerce and Trade Ministry.
The figures additionally present that as a lot as 89 per cent of the FDI flows into India from the GCC nations got here within the final 10 years, reflecting the strengthening financial ties between India and the Gulf area.
With Kuwait at present chairing the Gulf Cooperation Council (GCC), Prime Minister Narendra Modi’s go to to the emirate is predicted to bolster India’s engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.
PM Modi on Saturday afternoon arrived in Kuwait, turning into the primary Indian Prime Minister to go to the Gulf nation in 43 years. He mentioned the Kuwait Funding Authority has invested greater than $10 billion in India, reinforcing the monetary ties between the 2 nations.
The Prime Minister additionally talked about that the Kuwait Funding Authority, which is the sovereign wealth fund, has made substantial investments in India and there’s a rising curiosity in investing in India now.
In an interview with Kuwait Information Company (Kuna), PM Modi mentioned that commerce and commerce have been essential pillars of the bilateral relationship between Kuwait and India, with two-way commerce on the rise.
“Commerce and commerce have been essential pillars of our bilateral relationship. Our bilateral commerce has been on an upswing. Our vitality partnership provides a singular worth to our bilateral commerce,” the Prime Minister informed Kuna Director Normal Fatma Al-Salem.
Kuwait is a vital accomplice for India, rating because the sixth-largest provider of crude oil and assembly 3 per cent of India’s vitality wants. Bilateral commerce between the 2 nations reached $10.47 billion in 2023-24, with Indian exports rising 34.7 per cent (year-on-year).
In the meantime, India’s commerce with GCC nations stood at a strong $184.46 billion in 2022-23. PM Modi informed Kuna information company that “we’re blissful to see ‘Made in India’ merchandise, notably in car, electrical and mechanical equipment, and telecom segments making new inroads in Kuwait”.
“India right this moment is manufacturing world-class merchandise on the most inexpensive value. Diversification to non-oil commerce is vital to reaching larger bilateral commerce,” PM Modi was quoted as saying.
