29th July 2024 (12 Topics)

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India-Saudi Arabia High Level Task Force

Context

India and Saudi Arabia recently convened the first meeting of the 'India-Saudi Arabia High Level Task Force' on investments, conducted virtually.

About the High Level Task Force:

The High-Level Task Force is a special body to facilitate bilateral investments following the decision taken by PM Narendra Modi and Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter's state visit to India in September 2023.
Comprises senior officials from both countries, including the CEO of Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.

Fact Box: India-Saudi Arabia Economic Relations:

Saudi Arabia ranks as India’s 4th largest trading partner.
India imports over 18% of its crude oil from Saudi Arabia.
Bilateral trade between the two countries totaled US$ 52.76 billion in 2022-23.
Saudi Arabia ranks 19th in terms of FDI equity inflows into India, with US$ 3.22 billion invested from April 2000 to September 2023.
There are 2.6 million Indians in Saudi Arabia, the largest expatriate community, known for their expertise, discipline, and law-abiding nature.
Saudi Arabia contributes significantly to India’s energy security, while India supports Saudi Arabia’s food security.
Saudi Arabia is valued by India for its natural resources, economic and cultural influence, and strategic location in the Middle East.
Significance of Saudi Arabia for India
- Abundance of natural resources
- Economic and cultural influence
- Critical location in the Middle East, and connectivity

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GS Analyst: Daily Current Affairs

29th July 2024 (12 Topics)

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India-Saudi Arabia High Level Task Force

About the High Level Task Force:

Fact Box: India-Saudi Arabia Economic Relations:

Still Have Questions?

GS Analyst: Daily Current Affairs

India-Saudi Arabia High Level Task Force

About the High Level Task Force:

Fact Box: India-Saudi Arabia Economic Relations:

Still Have Questions?

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