Wednesday, June 29, 2022
IndiaWhy is the Gulf Countries important to India?

Why is the Gulf Countries important to India?

How important are the Gulf countries to India in oil, gas, trade and employment?

India has maintained good relations with countries such as Iran for centuries, while Qatar, a low-gas-rich country, is one of India’s closest allies in the region. India shares good relations with most of the countries in the Gulf.

The two main reasons for the relationship are oil and gas and trade. Two additional reasons are the large number of Indians working in the Gulf countries and the remittances they send back to their hometowns.

How much trade does India have with countries in the Gulf region?

According to the Indian Embassy in Riyadh, the Gulf Cooperation Council (GCC), which includes the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait, has “emerged as India’s key trading partner” and “has the potential to become India’s investment partner in the future”. The GCC’s substantial oil and gas resources are vital to India’s energy needs.

United Arab Emirates: The UAE was India’s third largest trading partner in 2021-2022, and the second largest country when calculated separately for both exports ($ 28 billion) and imports ($ 45 billion).

In terms of total trade volume, the United Arab Emirates ($ 72.9 billion) is next to the United States ($ 1.19 trillion) and China ($ 1.15 trillion). The UAE accounted for 6.6% of India’s total exports and 7.3% of its imports in the last financial year, an increase of 68.4% over the previous year when international trade was affected by the epidemic.

Saudi Arabia: With a total of $ 42.9 billion in 2021-22, Saudi Arabia was India’s fourth largest trading partner.

While exports fell to $ 8.76 billion (2.07% of India’s total exports), imports from Saudi Arabia became the fourth largest country at $ 34.1 billion (7%), up 50% from the previous year. Most of it is crude oil.

Read Also | What is the Problem Protest Against India on Gulf Countries?

Iraq: Iraq was India’s fifth largest trading partner with a value of $ 34.3 billion in 2021-22.

Qatar: Total trade was $ 15 billion, just 1.4% of India’s total trade, but the country is India’s most important natural gas supplier.

Despite the outbreak of diplomatic conflict last weekend, Vice President Venkaiah Naidu, who is on a three-day visit to Qatar, said on Sunday that Qatar had agreed to contribute 41% of India’s total natural gas imports. The UAE has agreed to import another 11% of natural gas.

Covid India Active Cases

Total active cases
Updated on June 29, 2022 12:56 am Protection Status

Related Stories

Trending Stories

IMF cuts US growth rate forecast to 2.9%, says it is difficult to avoid...

The International Monetary Fund (IMF) has downgraded its forecast for US economic growth because aggressive interest rates from the Federal Reserve have slackened demand....

Who hasn’t accepted your friend request on Facebook? In this section you can see

Connecting with others on the popular social media platform Facebook requires sending them friend requests, but you can hardly remember how many people you've...

Zazen Meditation Know benefits of this meditation technique & other important things

Zazen meditation is popular among Buddhists. Indian Buddha Guru 'Bodhidharma' introduced Zen meditation, which is practiced religiously by monks in Buddhist monasteries. This meditation generates...

Is Actress Sai Pallavi Fans Called “Lady Power Star”?

Actress Sai Pallavi is best known for her role as Flower Teacher in Premam directed by Alphonse Puthren. Sai Pallavi, a professional doctor, made...

FIR against those leaking songs released without Sidhu Moose Wala

The team of late rapper-singer Sidhu Moosewala has issued a stern warning to those leaking his songs on Instagram. An FIR has also been registered...

Recently Popular

Lightweight Makeup Foundation How to Use that adds beauty to the look

Despite the numerous make-up methods, the ‘light-weight’ make-up method, which slightly enhances the natural beauty...

Files up to 2GB in size can be sent on WhatsApp, more users got the update

Messaging platform WhatsApp has given a major update to its file-sharing feature. After this update,...

Best Websites, Apps for Horoscope Kundali Matching for Marriage

In Indian culture, marriage is not only a two-minded, two-family event. So, looking at every...

How & When Available Tirumala Tirupati Devasthanams Darshan Booking Tickets Online?

Tirupati: The world famous Tirumala Tirupati Devasthanams temple was closed for 2 years due to...

Bihar 10th Class Apply Re-evaluation Know BSEB Revaluation Process

Bihar Board BSEB Class 10th Result 2022 The latest update is that Bihar School Examination...

Bullet train will run between Mumbai-Ahmedabad from 2027, coaches are being prepared according to India

Bullet Train in India: There is an update from the bullet train project between Mumbai-Ahmedabad....

Recommended Stories

Trending Now