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India-Bahrain trade surges 25pc to $1.23 billion

Bahrain Business
Wed, 07 Feb 2018

MANAMA: India-Bahrain bilateral trade for 2017 reached $1.232 billion, registering an increase of almost 25 per cent for the second consecutive year, compared with $981 million in 2016 and $753m in 2015, shows the latest data from the Indian Embassy.

India’s non-oil trade with Bahrain increased by almost 34pc last year to $866m when compared with $650m in 2016.

The world’s sixth-largest economy’s share in Bahrain’s non-oil trade increased from 3.5pc to 4.3pc.

“The increasing trend in the past three years in our bilateral trade underscores the potential for greater economic trade and investment ties, building on the synergies and complementarities that exist between our two economies,” said Indian Ambassador Alok Kumar Sinha.

“I am also happy to inform you that several measures have recently been announced in the Indian budget for the financial year 2018-19, some of which would help further promote economic ties between India and Bahrain.”

As a result of structural reforms, India is on course to achieve high growth of 8pc plus GDP growth.

IMF, in its latest update, has forecast that India will grow at 7.4pc in 2018.

The manufacturing sector is back on good growth path.

Services that are a mainstay of India’s growth, have also resumed their high growth rates of 8pc plus with exports expected to grow at 15pc in 2017-18.

As many as 372 specific business reform actions have been identified to improve ease of doing business. Evaluation of performance under this programme would be based on user feedback.

The food processing sector in India is seen growing at 8pc and allocation for food processing has been doubled to $14bn.

The Indian government is looking to expand capacity of airports by five times to cater to one billion trips a year.

The regional air connectivity scheme aims to connect 56 unserved airports and 31 unserved helipads.

The Digital India campaign is focused on driving digital payments in India and boosting the optical fibre network in rural areas to improve Internet connectivity and access.

As many as 500,000 WiFi hotspots are planned to provide broadband access to 50m rural people.

The Indian government has also exempted from customs duty the import of solar tempered glass for manufacture of solar cells.