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Incredible India
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| India-Kuwait Bilateral Trade and Economic Cooperation |
Kuwait is a small, relatively open, petroleum based economy with heavy dependence on foreign manpower. It has always offered an open, highly competitive and affluent market for capital and consumer goods and for project exports. Indo-Kuwaiti relations have always had a trade-bias. While Indian companies did well until the 80s in terms of project exports, there has not been any significant breakthrough on the investment front since the 90s. The bilateral trade between India and Kuwait has, however, risen steadily in the post liberation period. |
| India-Kuwait Bilateral Trade FY 2003-08 |
|
2003-04 |
2004-05 |
2005-06 |
2006-07 |
2007-08 |
Indian Exports to Kuwait |
319.09 |
421.44 |
513.73 |
613.87 |
682.12 |
Indian Imports from Kuwait |
142.48 |
305.94 |
461.85 |
5,987.46 |
7,693.63 |
Total |
461.57 |
727.38 |
975.59 |
6,601.33 |
8,375.75 |
| Source: Directorate General of Commercial Intelligence & Statistics (DGCI&S), Kolkata |
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The sharp increase in trade figures in 2006-07 is due to the inclusion of figures of Petroleum & its products (POL) which were not included in the previous financial years. POL imports accounted for Rs. 2,557,078 lakhs in the year 2006-07. |
|
2003-04 |
2004-05 |
2005-06 |
2006-07 |
2007-08 |
Indian Exports to Kuwait |
146,626.91 |
189,357.34 |
227,447.64 |
277,989.70 |
274,490.59 |
Indian Imports from Kuwait |
65,472.60 |
137,465.05 |
204,478.79 |
2,711,417.49 |
3,095,993.11 |
Total |
212,099.51 |
326,822.39 |
431,926.44 |
2,989,407.19 |
3,370,483.70 |
| Source: Department of Commerce, M/o Commerce & Industry, GOI |
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* The sharp increase in trade figures in 2006-07 and 2007-08 is due to the inclusion of figures of Petroleum & its products (POL) which were not included in the previous financial years. POL imports by India from Kuwait accounted for Rs. 2,557,078 lakhs in the year 2006-07 and Rs. 2,929,129 lakhs in the year 2007-08. |
The total bilateral trade between India and Kuwait in US Dollars terms increased by 26.88% from US$ 6,601.33 million in the year 2006-07 to US$ 8,375.75 million in 2007-08. In Rupee terms, it grew by 12.75% from Rs. 2,989,407.19 lakhs in FY 2006-07 to Rs. 3,370,483.69 lakhs in FY 2007-08. The difference in the growth rates in rupee and dollar terms is due to the variation in the exchange rate in corresponding years. |
| India’s Exports to Kuwait |
The exports from India to Kuwait increased by 11.12% in US Dollars terms from US$ 613.87 million in 2006-07 to US$ 682.12 million in 2007-08. In Rupee terms, it, however, declined by 1.26% from IRs 277,989,70 lakhs to IRs 274,490.59 lakhs in the corresponding period due to appreciation of IRs vis-à-vis US$.
A pie-chart showing the share of top 10 items of exports from India during 2007-08 shows that the major items exported from India were Cereals; iron & steel; meat & its preparations; nuclear reactors, boilers, machinery & mechanical appliances; electrical machinery & equipment, sound recorders, reproducers & parts; plastic & its products; dairy products, bird’s eggs, honey; vehicle & parts; coffee, tea & spices and residues & waste from the food industries & animal fodder.
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| Source: Department of Commerce, M/o Commerce & Industry, GOI |
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India’s Imports from Kuwait |
India’s imports from Kuwait went up by 28.50% from US$ 5,987.46 million in 2006-07 to US$ 7,693.63 million in 2007-08. In Rupee terms, the imports rose by 14.18% from Rs. 2,711,417.49 lakhs to Rs. 3,095,993.11 lakhs in the corresponding period.
A pie-chart showing the share of top 10 items of imports (excluding Petroleum & its products) from Kuwait during 2007-08 is given below. This shows the major items (other than Petroleum & its products) imported by India as organic chemicals; iron & steel; salt, sulphur, earths & stone, plastering material, lime & cement; fertilizers; aluminium, & articles thereof; plastic & its articles; inorganic chemicals & its compounds; copper & its articles and paper &its products. |
| Source: Department of Commerce, M/o Commerce & Industry, GOI |
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| Non-Oil Bilateral Trade |
Total non-oil bilateral trade between India and Kuwait grew by 2.1% from US$ 954.79 million in FY 2006-07 to US$ 1096.80 million in FY 2007-08. In Rupee terms, it rose from Rs. 432,329.19. lakhs to Rs. 441,354.02 lakhs. |
India-Kuwait Non-Oil Trade FY 2006-08 |
|
2006-07 |
2007-08 |
Indian Exports to Kuwait |
613.87 |
682.12 |
Indian Imports from Kuwait |
340.82 |
414.66 |
Total |
954.79 |
1,096.80 |
|
2006-07 |
2007-08 |
Indian Exports to Kuwait |
277,989.70 |
274,490.59 |
Indian Imports from Kuwait |
154,339.49 |
166,863.43 |
Total |
432,329.19 |
441,354.02 |
| Source: Department of Commerce, M/o Commerce & Industry, GOI |
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| Bilateral Agreements between India and Kuwait in Economic Field |
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Agreement on the Avoidance of Double Taxation and Prevention of Fiscal Evasion of Taxes on Income entered into force from October 17, 2007 on incomes in India and Kuwait and has come into effect for incomes derived after April 1, 2008.
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Memorandum of Understanding on Labour, Employment and Manpower Development signed on April 10, 2007 has been ratified by both sides.
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Agreement on Drug Demand Reduction and Prevention of Illicit Trafficking in Narcotic Drugs, Psychotropic Substances and Precursor Chemicals and Related Matters signed on June 15, 2006 is awaiting ratification.
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Agreement on Juridical and Judicial Cooperation in Civil and Commercial Matters signed on August 16, 2005 is awaiting ratification;
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Agreement for Encouragement and Reciprocal Protection of Investment signed on November 27, 2001 and ratified on June 28, 2003.
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MoU between the Civil Aviation authorities, latest one signed in June 2007.
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