The information was provided by the government in reponse to a Parliamentary question

India and the GCC (Gulf Cooperation Council) registered a 77.06% growth bilateral trade in FY 2021-22 compared to the FY 2020-21.

In a written reply to a question in Parliament on Wednesday, Minister of State for Commerce and Industry Anupriya Patel stated that bilateral trade between India and the GCC increased from US$ 87.35 billion in fiscal year 2020-21 to US$ 154.66 billion in fiscal year 2021-22.

The reply also said that during the current FY 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at US$ 111.71 billion, up from US$ 79.49 billion during the same period in FY 2021-22.

This is an increase of 40.53% on a year-on-year basis. During the period FY 2017-18 to FY 2021-22, bilateral trade between India and the GCC has grown by 10.57% on a compounded annual growth rate basis.

Since 2015, there has been a noticeable improvement in India's ties with the Gulf Cooperation Council (GCC) nations, particularly Saudi Arabia and the United Arab Emirates (UAE), in the areas of commerce, investments, counterterrorism, and security cooperation.

India's foreign policy calculations have given the GCC nations more weight as a result of regional and global developments such as the advent of the Islamic State (ISIS), China's expanding regional influence, and the escalating nuclear program in Iran.