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GCC-India trade tumbles as New Delhi snaps up Russian oil

By Megha Merani
Workers operate a knitting machine at a factory in Hindupur, Andhra Pradesh. Textiles and yarns have export growth potential, according to Indian officials Reuters/Samuel Rajkumar
Workers operate a knitting machine at a factory in Hindupur, Andhra Pradesh. Textiles and yarns have export growth potential, according to Indian officials

India’s trade with the GCC countries fell 12 percent to $162 billion in 2023-24, according to its Ministry of Commerce and Industry. The drop from $184 billion in 2022-23 comes as energy-hungry New Delhi snaps up discounted Russian crude and slashes imports of Gulf oil. Ajay Srivastava, founder of the Global Trade Research Initiative think […]

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