DYNAMICS OF INDO SAUDI ECONOMIC COOPERATION SINCE 2010 JV’n Neelam Shekhawat, Research Scholar
JV’n Prof. (Dr.) Mini Amit Arrawatia, Supervised Dr. Devadutta Indoria, Co-Supervised
Assistant Professor in Commerce, V Deb Government Autonomous College, Jeypore, Odisha
1 INTRODUCTION 1.1 Post-Independence
The ties between India and Saudi Arabia were not dreadfully blocked. There was no inclination to establish links on either border. If Egypt and various profane countries in the region were brought closer by India's policy of non-alignment, Pakistani information between muslim countries distanced itself from Saudi Arabia, which had a high methodological standpoint against Asia, over distance indo-saudi relations and the Indian approach. There was no direct competition between Saudi Arabia and the Asian countries. From the beginning, Indo-Saudi ties began in a good tone.
Saudi Arabia, one of the participants at the First Afro-Asian Conference in April 1955, was a human being at the end of the conference. The main political contact among nations occurred during a brief visit in December 1955 of King Saud to the national capital. The Joint Declaration of Visitors indicated a clear political accord between King Saud and Prime Minister Nehru. Each of the leaders emphasised that 'a peaceful partner who is urgently required to address the issues of world divide.' Saudi Arabia was even thrilled with the Indian Government's Muslim Brothers policy. On their Muslim policies, King Saud publicly commended Prime Minister Nehru and his cabinet. I want to express... I want to say that I want to communicate... the Indian Muslims' confidence is in safe hands. This shows that Saudi Arabia was not influenced by the Asian countries in the early years of the Indian Republic. In Sept 1956, Jawaharlal Nehru returned to Riyadh. Once Nehru has landed in Riyadh, it must be noted that the Marhaba Rasool Al-Salam locution has welcomed this adaptation to the diversity of deliberate or unintended supernumerary conflicts. Throughout the Asian country there was jealousy and gall.
(Median Prithvi, 1994) The Saudi Embassy in Asia published a news
statement which said that it meant the people of Pakistan "Welcome Peace Travelers and Do Not Welcome Peace Prophets." Then there was a long break and for approximately 206 years there was no Head of Government visit. The first-class connections with Indo-Egypt and second-class relations with Saudi Pakistan created mainly Indo-Saudi relations. Nehru endorsed Nasser as the lonely, unscrupulous leader of reemerging Arab nationalism, challenging India's relations with Saudi Arabia. Saudi Arabia was susceptible to Nasser's non- conventional arabism and "would want to reject the Asian-developed country and harm it through support for Nasser as a counter tactic." Saudis regarded Nasser's backing with scepticism and disdain.
Indo-Egyptian relations with Pakistan's ambitions to achieve an Asian FTO and excessive inclination towards Indo-Saudi relations.
1.2 Saudi-Pakistan Ties
The people of Pakistan were recognised for their strong relations with Saudi Arabia, according to an expert. "The core of the Islamic world is Saudi Arabia and the Haramain e-Sharifain is custody of Saudi Arabia. Therefore, Pakistani people's feelings with Saudi Arabia do not need to develop. It highlighted its Islamic character in foreign policy and made special efforts to encourage the unification of Muslim countries. The remark clearly shows how religion would be used for political reasons in future for the growth of Pakistan's overseas policy.
Babylon (Brabant 1996) Following the creation of Pakistan, the Pakistani government began to support Muslims worldwide and aggressively encouraged collaboration amongst Muslim countries in the early 1950s. However, most Islamic nations were hesitant to respond to Pakistan's attempts, as Pakistan's leadership did not recognise the political
realities in the 1950s in the Muslim world in their enthusiasm for integrating Islam into international politics. That's why in the nationalist movements of most western Asian states Islam has not played the same strategic role as in Pakistan.
Muslims were not a member of the Middle East minority and thought that their social, political and economic interests were endangered by a non-Muslim majority. Most Arab countries experienced several problems of Western colonialism, whereas the Hindu- Muslim conflict conditioned Pakistani leaders' prospects.
1.3 Objectives of the Study
The Indo Saudi relationship and the economy is currently in transition as a result of most infrastructure projects completed and the necessity to shift from public sector to private sector activities.
The social-economic development process has led to changes in the social structure of Saudi Arabia and India resulting from sudden prosperity and rapid modernization. This study aims to achieve the following goals.
1. To analyze the dynamics of Indo- Saudi Economic Cooperation.
2. To examine the trade policies adopted by the nations to promote bilateral trade.
3. To investigate the nature of India’s balance of trade with Saudi Arabia.
4. To study the commodity composition of India’s export to Saudi Arabia in pre and post membership of World Trade Organization
5. To examine the share of the petroleum in Indian imports from Saudi Arabia during the Study period.
2 REVIEW OF LITERATURE
Various scholars have done a lot of study on Saudi Arabia's diversification economy.
The following are important. Important W.
A. Lewis, a type of school consultant, has produced a dual economic system model that indicates his division into an industry-including capitalism region and a non- capitalist sector with the agrarian segment. There was a glide between the two areas. The economic growth of the capitalist quarter depends on the drift of excessive pressure from the non-capitalist sector. The capitalist quarter which produces export commodities absorbs and
accumulates labour. The normal area, on the other hand, has the right to manufacture the goods to be imported. In this view, trade abroad would surely contribute to market expansion and therefore to increased demand for goods in the capitalist industry. It also reduces labour wages. It would also enhance earnings, accumulate a section and contribute to monetary expansion. The notion of a freshly growing school (via Roomer, Lucas and Swenson) acknowledged that you want to increase production if you want to look ahead to industrialized countries. A number of models were developed especially to explore the link between technical advancement, international commerce and economic growth. You believe that technology development will promote the economic growth by offering a range of external incentives to boost global commerce. The technical transmission between foreign trading countries is unconscious (sometimes conscious). In a distinctive sense, a worldwide change that creates a better market where the universal alternative to recordings is no problem Each state is also compelled by protracted rivalry around the world to innovate and enhance new, applied sciences and goods. There is a harmonic reciprocal acceleration in the international realm between alternative and technical advances. This can be a realistic monetary boom in the long term.
Haierpoman Paul Krugman, economist for New Commerce Theory, moreover claimed that global commerce supports monetary expansion in two ways. The first thing he stressed was that the enlarged economy through trade has a significant influence on growth. He also found that global alternatives contribute to the proper balance of available resources and resources. This equilibrium between the field of material production and the understanding of the industrial sector is maintained. Whenever criteria are favorable, the financial boom accelerates.
There are a range of empirical research studies which show that the global alternative has a positive influence on financial growth through increased capital accumulation, technological modernization, upgrades of industry and institutional advancement. More importantly, the expansion of imports for
these items can also boost productivity in the manufacturing industry on local markets when intermediate goods and capital is no more available (Lee, 1995).
(Wagner, 2007) When Maizels (1963) became aware of seven developed nations' correlation, he discovered that the association between international alternative and financial advance was outstanding. Kavoussi (1984) found an efficient relationship between mid- and low- profit nations between better export growth and higher economic development rates after learning about the 73 countries. Conversely, the conventional outside option has led to global injustice, enhancing prosperous global locations at the expense of horrible countries. Myrdal (1956) writes: "Commerce does everything it can to choose wealthier and more advanced sites and disadvantage the less developed countries." Other economists like as Perish and Singer believe that global alternatives have delayed the progress of impoverished nations. In short, Nurkse says: "Even the unpredictable growth in international trade is actually preferable than no development." Given this age, trade between India and Saudi Arabia dates back to 0.33 thousand BC. But, if we study this relationship thoroughly, we discover that through 100 centuries AD, southern India- Arabia ties developed and formed a backbone of the Arab economy.
Arab traders were the only spice dealer to India's growing imperialist powers across Europe. India might declare it is the pioneers of the Third Saudi State exchange (Gauri 2013). Regular visits by leading authorities from every place in the rest of the world improve the changing family members and strengthen existing partnerships. According to Pradhan (2012), one of the greatest steps in this direction was the signing of the Delhi Declaration in 2006. The paper focused on numerous important alternatives and focused on enhancing exchanges between different neighborhoods and on global concerns in the areas of education, health, energy, commerce, political cooperation and science and technology.
The 2010 statement from Riyadh adds to the previous statement. It has prepared India to make a huge leap beyond oil and change its relation to Saudi so that a strategic partnership may be established
among the Kingdom of Companions. In his article Khan (2014) highlighted the relevance of alternative energy businesses in the Gulf of India.
3. INDIA-GULF TRADE PROFILE
As the second decade of the 21st century begins, the global economy is at a crossroads. As the world emerges from the 2008-2009 financial crisis, the expanding impact of developed nations paves the way for a more multicoloured international economy. The distribution of global growth will become more widespread in the future, since no country dominates the global economic environment. The seeds of this shift have long been sowed. Emerging economies have grown in the previous two decades to become a major force in international production, trade and finance. Emerging and developing nations have progressively raised their proportion of international trade flows from 26% in 1995 to projected 42% in 2010. (International Bank, 2011).
Much of this rise might be attributable to an increase in trade between developed and developing countries rather than between them. More than one third of foreign direct investment in developing countries currently originates from other developing countries. Financial assets and wealth of emerging economies have also increased. Three quarters of all official foreign exchange reserves (a shift from the previous decade when advanced economies held two thirds) have now been held in developing countries by emerging and developing economies, and sovereign rich funds and other pools of capital have become major sources of international investment. At the same time, the risk of investment in developing economies has dropped substantially. Over the previous decade this worldwide transformation has been illustrated by the increasing trade and economic links between India and the Gulf region, as both areas emerged as a significant economic mass in the global economy. The global economic and financial crisis that rocked the world economy in the latter months of 2008 culminated in the global recession in 2009. The growth of commerce had already decreased from 6.4% in 2007 to 2.1% in 2008, but in recent history the decrease of 12.2% was unparalleled in 2009. (WTO, 2010). Bilateral commerce
between India and the Gulf region, however, which fell during the 2009 financial crisis, swiftly returned in 2010 to a greater growth trajectory of 105 billion USD. With this in mind, the aim of the present study is to: analyse trade links between India and the Gulf area; (ii) provide quantitative trade integration indicators; and (iii) propose trade development policy catalysts.
3.1 Macroeconomic Context and Trade Performance
India's growth miracle has implications for the world economy throughout the last decade, especially in its commercial relations with its larger neighbours, the Gulf region. At the same time, the Gulf's steady economic expansion, driven by rising petroleum revenues in particular, presented substantial opportunity for greater engagement with developing Asian countries such as India. The emergence of synergies derived primarily from the energy economy matrix marks the start of a promising era of cooperation between India and the Gulf with multidimensional implications for the global political economic discourse of today, focused primarily on incipient "open regionalism"
and graduated multilateralism. The current and future trends in regional and bilateral commerce in products might indicate the most important aspects of the rising interdependence of the area. Figure 1 illustrates the real GDP growth rates of India and the Gulf states from 2000 to 2011.
The Indian economy began to recover from the slump that occurred in the second half of 2008-09 in the second half of 2009-10. Real GDP growth grew from 6.7 percent in 2008-09 to 7.4 percent in 2009-10. However, compared with the strong growth period pre-global crisis of 8.9% between 2003 and 2008, it means that there is space for further acceleration.
4. FORMATION OF ARAB LEAGUE The League of Arab Governments was formed in 1945 as a volunteer organisation to establish links between Arab States and to coordinate shared welfare policies and activities in all Arab countries. The organisation consists of 21 Member States, 14 of which are Asian countries. The other seven nations are African (Bahrain, Jortan, Kuwait, Lebanon, Somalia, Syria, Palestine, Qatar, Saudi Arabia, UAE, Yemen), whereas the other seven are African (Djibouti, Iraq, Jordan, Kuwait, Lebanon, Somalia, Syria, Palestine, Qatar, Saudi Arabia, UAE, Yemen) Yemen (Algeria, Egypt, Libya, Mauritania, Morocco, Sudan, Tunisia).
The machinery of the League is composed of a council, numerous special committees and a permanent secretariat in Cairo. Basic information about the Arab world:
The aggregate population of its Member States, according to official 1989 statistics, is 221 million, with 297 million expected by the turn of the century (Table III.l). This covers approximately 14 million square miles from the Atlantic Ocean in the west to the Arabian Gulf in the east.
His people speak Arabic in the same language and share the same history, cultural heritage and destiny. These countries nonetheless differ in many aspects, including geography, population, natural resources (including oil), economic growth, living standards, political types and international affiliations. The size ranges from a thousand square kilometres in Bahrain to over 2,506 square kilometres in Sudan;
the population in Qatar varies from 0.4 million to over 52 million in Egypt. The per capita GNP of Somalia was below US$
120 per year in 1990, but Qatar was above US$ 15,860! The UAE also has a budget of over $19,850.
4.1 Industry
Industrial goods from Arab nations in ancient times had a high reputation.
Textiles (damasque and muslin), steelwork, silverware, pottery, leather and textiles (damascus and muslin in particular) have made their way to different corners of the globe. After the Second World War, industry slowly recovered when Arab countries regained their freedom from colonial rule.
Industries have gained a fresh impetus as a consequence of building new power plants and the increase in oil prices.
Egypt, Syria, Iraq and Lebanon have built automotive factories, agricultural and industrial apparatus and installed them.
In recent times Arab oil exporting countries have built sophisticated petrochemical and metal-centered businesses that use oil and gas as fuels and feedstocks. In the previous several years, major plans have been made for boosting steel production to 15 million tonnes in the next decade, with the potential to reach 35 million tonnes.
There are 24 new steel mills in the whole region with a combined capacity of around 3 million tonnes. Aluminum and copper melting businesses have also expanded considerably.
4.2 Agriculture
In Arab nations, only 5-7.5% of the total area is cultivated land. The primary food crops are wheat, barley and rye in the north, while millet maize and rice in the south. Egypt produces the world's best wines, which cover 20% of the land in agriculture in the country; cotton is also Sudan's main export; wild and cultivated wines are abundant: the wine sector in Algeria, for example, is thriving; and citrus fruits are gaining in importance throughout the Mediterranean coast.
Dates are a basic meal in various regions of West Asia. Arab countries are launching a purposeful and long-term drive to ensure that vital items such as wheat, vegetables and meat are self- sufficient. The Islamic Conference agreed to set aside $1.5 billion to boost food supply and encourage trade between its Member States. The Arab Organization for Agricultural Development (AAAD) has developed a $33 trillion plan to finance 300 projects for boosting grain, vegetable oil, livestock and fertiliser production in
Arab countries. These projects include the large underwater taping of land in Saudi Arabia and Libya, the purchase of agricultural equipment by Algeria and Saudi Arabia, Margarine Dam Construction in Jordan, Kuwaiti hydroponic fruit and vegetable cultivation, seven lakh hectares of lands in Algeria, expansion of irrigation system, and mechanised farming in Algeria.
4.3 Export growth rates of Individual member countries of Arab League The annual average export growth rates of various Member States of the Arab League are presented in Table III.3. The US had the largest export increase in the 1950- 1990 period, following Oman (30.4%), Libya (24.6%), Mauritania (18.6%), Jordan (16.7%), Saudi Arabia (15.6%) and Qatar (15.6%). (14.3 percent). The breakdown of the whole time shows that Qatar saw the largest export increase in the 1950s (19.5 per cent). However, Qatar declined by 7.9% during the 1960s, while the United Arab Emirates improved (from 2.9% in the 1950s to 80.3% in the 1960s), ranking top among the Arab nations, followed by Oman (72.6%), and Libya (72.6%). (66.3 percent). All Arab League Member States save Djibouti, Morocco and Sudan did wonderfully in exports throughout the 1970s. Among 84 Arab states with growth rates of 40% or higher, Saudi Arabia (43.2%), the United Arab Emirates (42.3%) and Iraq (42.3%) ranked (40.2 per cent). Further dissection in the 1970s indicates that all member states enjoyed substantial export growth rates during the first oil price increase era, 1970-1975, and decreased export growth rates during the post-oil price rise phase, from 1975-1980 except for the Republic of Yemen. During this period, Djibouti and Mauritania had negative rates of growth of 19.3% and 0.8% respectively. Table III.3 further demonstrates that all notable export-led nations had negative growth throughout the 1980s (1980-1990), while countries like Djibouti, Morocco, Mauritania, Tunisia and Syria enhanced their export performance and achieved a positive growth rate during the last several years.
5. INDO SAUDI ECONOMIC RELATIONS The two strongest members of their respective regional blocs are India and
Saudi Arabia. India is the head of the South Asian Association (SAARC) of the Gulf Cooperation Council (GCC) in Saudi Arabia (SAARC). The Gulf Cooperation Council (GCC) is also Saudi Arabia's largest country. There was no national economy before the discovery of oil in 1938. Outside the Hejaz region, economic activity was restricted to cattle breeding, rudimentary farming, and the manufacturing of small instruments by craftsmen. The economies of both nations are being liberalised and altered. India and Saudi Arabia, as members of the World Trade Organization (WTO), change their economies inside the organisation.
India is a nation with a population of over one billion. It boasts the world's second biggest population and workforce, behind China alone. The annual Haj pilgrimage provides a chance for the Saudi economy to do business in Hejaz. With the beginning of the Second World War, Saudi Arabia began to expand its oil sector. On the other hand, as the conflict ended, the Saudi petroleum sector thrived. Saudi Arabia has enormous oil reserves. In Saudi Arabia there are approximately one quarter of the world's oil reserves. Saudi Arabia also has around 3% of the world's natural gas reserves.
1. Saudi Arabia is a significant member of both the OPEC and the Organization of Arab Petroleum Exporting Country Saudi Arabia (OAPEC) Saudi Arabia has many oil reserves and is able to produce petroleum, therefore it has a great deal of influence in the world oil market.
2. The huge influx of oil into Saudi Arabia has led to the Kingdom's exceptional growth and wealth. The cordial connections between India and Saudi Arabia reflect the country's longstanding economic, social and cultural linkages. Today's relations between India and Saudi Arabia began immediately after India's independence in 1947. The connections between the two nations have been considerably enhanced because of their cooperation in regional affairs and commerce. As we all know, Saudi Arabia is one of India's biggest oil suppliers. India has been trying to have good connections with Saudi
Arabia, another important state and commercial centre in West Asia since its independence in 1947.
5.1 Indo - Saudi Trade
The trade data between India and Saudi Arabia are shown in Table I. The era (1995-2004) is employed or taken into account in data evaluation. As indicated before, Saudi Arabia filed GATT proposals in 1993 and started to liberalise economic policies immediately and to initiate commercial reforms (in the field of trade).
Reform and liberalisation efforts were deemed sufficient in Saudi Arabia in 2005 to allow Saudi Arabia to join the WTO, the GATT's successor. Although advances are ongoing, for Indian-Saudi Arabia's trade studies the 1995-2004 decade represents the decade of substantial Saudi economic transformation. The commerce between India and Saudi Arabia is rising steadily with the exception of 1998 and 2001.
Trade between India and Saudi Arabia grew from $2,285 million in 1995 to
$8,782 million in 2004. Thus, between 1995 and 2004, commerce between India and Saudi Arabia rose by 284%. Total trading in India grew from 64,993 dollars in 1995 to 184,722 dollars in 2005.
(184% of the population).). As a result, trade between India and Saudi Arabia has continued to grow faster than global trade in India.
Saudi Arabia and the United States increased from $78,915 million in 1995 to $172,690 million in 2004. (118%
of the total). As a result, commerce between India and Saudi Arabia has risen faster than the entire trade in Saudi Arabia. Thus, trade between India and Saudi Arabia grew significantly faster than the overall trade between India and Saudi Arabia in the years 1995-2004.
Looking at the proportion in trade between India and Saudi Arabia in both nations, in 1995, trade between India and Saudi Arabia accounted for 3.5% of the Indian trade, which grew to 4.8% in 2004.
Table 5.1: Trends in India-Saudi Arabia trade ($ millions)
Source: Direction of Trade Statistics (Washington: International Monetary Fund (IMF), various issues).
5.2 India’s Export to Saudi Arabia The exports of India to Saudi Arabia are shown in Table 5.2. The exports of India to Saudi Arabia have steadily grown, with the exception of 1999 and 2001. Exports from India to Saudi Arabia rose from 425 million dollars in 1995 to 1,415 million dollars in 2004, on the other hand. India's exports to Saudi Arabia increased by 233 per cent from $30.537 million in 1995 to
$82.404 million in 2004, while Indian overall exports increased by 170 per cent.
The data from past trade plainly show that Indian exports to Saudi Arabia grew faster than Indian exports to other nations worldwide. The increase in Indian exports to Saudi Arabia in overall Indian exports reflect this trend. Saudi Arabia exported 1.4% of total Indian exports in 1995 to 1.7% in 2004. The composition of Indian exports to Saudi Arabia should also be examined to have a better understanding of the situation.
Table 5.2: Trends in Indian exports to Saudi Arabia ($ millions)
Sources:
1. Direction of Trade Statistics (Washington: IMF, various issues).
2. Forty Second Annual Report (Riyadh:
Saudi Arabian Monetary Agency, 2006).
5.3 Commodity Composition of India’s Export to Saudi Arabia
Table 5.3 illustrates the Indian export commodity mix to Saudi Arabia. Most recent figures available on India's composition of export commodities into Saudi Arabia have been collected for the Indian financial year, starting on 1 April and completed on 31 March, from several government sources in India. Table 3 shows that Indian exports to Saudi Arabia grew by 22% in 2003-2004 and 2004- 2005. In 2004-05, basmati rice was one of India's greatest and largest exports to Saudi Arabia. Approximately 26% of total Indian exports accounted for rice exported to Saudi Arabia, from 233 million dollars in 2003-04 to 350 million dollars in 2004- 05, up 50% from the previous year. The second largest item in Indian exports to Saudi Arabia was prepared cotton clothing (RMG) including accessories.
However, this declined by 13% in 2003- 04, from $115.5 million to $100.7 million in 2004-05. Made from synthetic yarn cloth, India was Saudi Arabia's third largest export. The number, however, declined from 106 million dollars in 2003- 04 to 99 million dollars in 2004-05. (more than 6%). The fourth biggest export value in India is non-Basmatian rice. This rose from $36.7 million in 2003-04 to $67.3 million in 2004-05 by about 84 percent.
During the time of investigation, exports from India to Saudi Arabia have showed a considerable increase. India's exports to Saudi Arabia have grown by almost 223%
from $12.1 million in 2003-04 to $39.1 million in 2004-05. In 2004-05, exports of nonferrous metal were raised from $27 million to $61,8 million from India to Saudi Arabia. (129% of the total). Exports of transport equipment from India to Saudi Arabia rose from $16.5 million in 2003-04 to $32.0 million in 2004-05.
(94%). (70%). Exports from India to Saudi Arabia of plastic and linoleum goods rose from $27.9 million in Between $48.6 million in 2003-04 and $48.6 million in 2004-05. (over 74 per cent) The exports from India to Saudi Arabia of the main semi-finished iron and steel, prefabricated wood garments and cotton yarn fabric rose considerably during 2003-04 and 2004-05. Table 5.3 shows that other Indian exports to Saudi Arabia have gradually increased or stayed stable.
Exports of electronic products, on the other hand, dropped by almost 11 percent from $14.8 million in 2003-04 to $13.2 million in 2004-05.
Table 5.3: Commodity composition of Indian exports to Saudi Arabia ($
million)
5.4 India’s Import from Saudi Arabia After a comprehensive examination of Indian exports, it is important to evaluate India's imports from Saudi Arabia. In 1995, India imported $1860 million from Saudi Arabia, up to $7,367 million in 2004. Thus India's imports from Saudi Arabia grew by 296% from 1995 to 2004.
Saudi Arabia Indian imports were not easy to increase. The value of Indian imports has fluctuated in recent years.
The value of Indian oil imports explains these variations. Oil is one of Saudi Arabia's largest purchases and its worth mostly depends on oil imports and worldwide oil prices. Due to the volume of oil imported into India, the world oil price is the principal driver of the value of the imports from Saudi Arabia into India. As a result, the shifts in the value of imports from Saudi Arabia in India are mostly tied to variations in world oil prices. Total Indian imports grew from 34,456 million dollars to 102,318 million dollars between 1995 and 2004. - 197 percent. - 197 percent (197 percent). As a result, the increase in Indian imports from Saudi Arabia exceeded the overall growth of Indian imports. The proportion of Indian imports from Saudi Arabia to Indian nations, from 5.4 percent in 1995 to 7.2 percent in 2004, confirmed the same pattern.
Table 5.4: Trends in Indian imports from Saudi Arabia ($ millions)
Sources:
1. Direction of Trade Statistics (Washington: IMF, various issues) 2. Forty Second Annual Report (Riyadh:
Saudi Arabian Monetary Agency, 2006)
5.5 Commodity Composition of Indian non-Oil imports from Saudi Arabia After studying the trend in Indian imports from Saudi Arabia, it is important to evaluate the commodity composition.
Data on non-oil imports from Saudi Arabia are shown in Table 5.5. India's imports of non-oil commodities from Saudi Arabia increased from $739.7 million in 2003-04 to $1263.5 million in 2004-05. (about 71 per cent). Organic chemicals have dominated non-oil imports from Saudi Arabia. The organic chemical imports from Saudi Arabia to India in 2003-04 rose from $202.7 million to $364.3 million in 2004-05. (about 80 percent).
Table 5.5: Commodity composition of India’s non-petroleum imports from
Saudi Arabia ($ millions)
Source: Foreign Trade and Balance of Payment (Mumbai: Centre for Monitoring Indian Economy, July 2005)
5.6 Petroleum Imports from Saudi Arabia
Looking at oil import patterns, it is clear that Saudi Arabia has always been the main supplier of oil imports in India. 6 It is claimed that Saudi Arabia provided 23.55 million tonnes of crude oil in 2003- 04 to India. Indian imports varied in value, whereas other sources' value altered as global oil prices fluctuated.
Saudi Arabia imports of oil are greater
than all other commodities imported into India from Saudi Arabia. The percentage of Indian petroleum imports from Saudi Arabia is seen in Table 5.6. Oil accounted for 83.0% of Indian imports from Saudi Arabia in 2004-2005, up from 42.8% in 1995-96. It is apparent that India's fast- developing economy needs more oil imports, yet the world's rising oil prices have also increased the proportion of oil imports into India's Saudi Arabia. Table 5.7 indicates that Indian petroleum imports from Saudi Arabia increased by 2004-05 from $890.8 million in 1995-96 to $6.103 million, showing the significance of Saudi Arabia as a petroleum import source in India. Saudi Arabia accounted for 20 to 25% of oil imports from India. Saudi Arabia is India's top source of oil imports, representing between 20% and 25% of the country's total. According to various reports, Saudi Arabia contributed more than 25 percent of India's crude oil imports in recent years. 8 Both countries are bilateral trade partners. India was Saudi petroleum's fourth major importer after the USA, Japan and South Korea. 9 The current reforms and rapid expansion of the Indian economy are anticipated to lead to a growing drive for oil consumption and consequently import requirements. Bilateral trade, especially in the petroleum product sector, is of considerable importance to both nations.
Companies from both countries are encouraged in their respective countries to establish refineries to promote bilateral trade. This might enhance Saudi Arabia's chances in India's oil sector. Saudi Arabia has, in this knowledge, indicated its willingness to establish long-term agreements on the supply of crude oil to India. 10 Saudi Arabia has invited Indian firms to set up oil refineries in the Kingdom, mainly for the export of petroleum products to other nations.
Saudi Armco was also asked in India to construct a refinery in the country, and a joint Indo-Saudi business can export Indian petroleum and petrochemicals to neighbouring countries. 11 The Indian Oil and Natural Gas Corporation (ONGC) is pre-qualified to develop gas resources in Saudi Arabia. 12 Saudi Arabia has shown considerable interest in the oil refining, marketing and distribution business in India. It was also said to be interested in
investing in upstream oil projects in India including a refinery proposed in Bhatinda14. In Saudi Arabia collaborative ventures with both governmental and private enterprises, such as Reliance Industries, are interested. 15 Partech Asia Ministries Round Table 2005 on Regional Oil Cooperation in New Delhi The reinstating of energy links between India and Saudi Arabia was King Abdullah bin Abdul Aziz of Saudi Arabia, the chief guest of the Indian Republic Day festivities in January 2006. These achievements prove that India's energy links with Saudi Arabia change quickly from buyer-sellers to development partners.
5.7 Balance of Trade
After considering the major features of commerce between India and Saudi Arabia in export and in imports, it is now important to analyse the trade balance patterns of the two nations. Table 5.8 shows the trade balance between India and Saudi Arabia. Indian trade with Saudi Arabia has always been unbalanced, as was the level of its exports to Saudi Arabia periodically. The trade imbalance between India and Saudi Arabia increased from $1,435 million in 1995 to $5,952 million in 2016. For India, this is a significant concern.
Table 5.6: Balance of India-Saudi Arabia trade ($ millions)
Source:
1. Direction of Trade Statistics (Washington: IMF, Various Issues) 2. Forty Second Annual Report (Riyadh:
Saudi Arabia Monetary Agency, 2018)
5.8 Indo-Saudi Economic Cooperation in Energy Sector
Despite India's ravenous energy economy, its reliance on oil-rich Saudi Arabia has grown in recent years. To achieve energy security, India seeks to buy oil and gas stocks, exploration sites and properties.
16 The new Energy Diplomacy in New Delhi was announced in March 2005 by the Indian Petroleum and Gas Minister Mani Shanker Aiyar in a speech on "Asian Energy Vision," which addressed the energy issues facing India and sought long-term oil contracts with Saudi Arabia.
"We are now striving every year for long- term contracts with guaranteed supply,"
the Minister added. Based on 15 days of domestic consumption for oil products, India aims to create strategic oil reserves of five million tonnes by 2008. Imports fulfil more than 70% of the country's need for crude oil. India now imports around 4,30,000 barrels a day from the monarchy. Finally, in January 2006, the two nations decided to establish a comprehensive energy policy, as the monarchy realised that the large energy market of India had to ensure its oil reserves had a long-term supply. 17 In 1970, a proved resource of 88 billion barrels was estimated in Saudi Arabia.
Although 91 billion barrels have been produced in the past forty years, more than 264 billion barrels are predicted today. In Saudi Arabia, upstream development projects will have more than 3 million barrels of production capacity a day, of which half will be used to reverse the natural decline and the balance will expand capacity. 18 Instead of "resource"
or "availability" challenges for Saudi Arabia, Ali Naimi, Saudi oil minister, said the global oil sector is experiencing
"deliverability" problems. Saudi Arabia is ready to extend contracts with India for crude oil delivery. Together with its Indian counterparts, the Saudi petroleum and nature ministry dealt with oil security and market stability. They also offered natural investment possibilities in two nations.
The Saudi Oil Minister has truly encouraged Indian investments in Saudi Arabia's oil stocks and has shown interest in building an export refinery with Indian businesses. In this backdrop, India has asked Saudi ARAMCO to build a refinery in a nation where Gulf oil producers might produce crude oil and enable the
export of petrochemicals and oil to neighbouring countries via Indo-Saudi joint ventures to India. For its part, Saudi Arabia urged Indian companies to construct oil refineries there, principally for the sale to other countries of petroleum products. Another public- sector oil firm, HPCL, plans to establish a joint venture with Saudi ARAMCO to construct refineries in Saudi Arabia and India. Saudi ARAMCO and the Indian Oil Corporation (IOCs) have also inked a cooperation pact to assess future oil research and development partnerships and to market any resulting breakthroughs.
5.9 Bilateral Co-operation in the field of Natural Gas
Energy cooperation is the motor of Saudi- Indian ties. Saudi Arabia is the world's largest energy producer, whereas India is the sixth largest energy producer. As a result of its rapidly increasing population and industrialization, within a few years, India can overtake China as the world's fourth largest consumer. India faces a major problem to fulfil its rising energy demand, as robust growth rates are projected to persist in the next two decades between 7 and 8%. Saudi Arabia, with its large hydrocarbon resources and closeness to India, is a suitable energy supplier for the country. This complementarity has underpinned their cooperation - Saudi Arabia is presently India's largest oil supplier and shipments are forecast to grow in the coming twenty years. The Delhi and Riyadh statements take specific note of the collaboration on energy. Saudi Arabia has committed India to a safe, stable, and rising supply of crude oil through "forever long-term treaties," while Saudi Arabia reiterates this promise and talks not just to identify and deliver on specific projects of collaboration on new and renewable energy.
In India, the first Private Sector Joint Society (PS) to strike gas before the end of 2002, was Reliance-Niko. Field production was scheduled to start in mid- 2008 at 40 million cubic metres (mcm) day and to grow to 80 mcm per day by the end of 2009. Niko predicts a $4/mbtu minimum selling price. In general, this price is regarded too low to compensate for development expenses and investment
in pipelines. The Gujarat State Petroleum Corporation (GSPC) in a neighbouring Reliance-Niko block evaluated 20 tcf of its reserves. From 2010-11, this field will yield 54 mcm per day. These findings follow an ONGC announcement at the end of 2006 that in the same region of the KG a new field of around 21 tcf was found. It has not been confirmed by the upstream regulator and the reserve potential will likely be reduced to a maximum of 14 tcf.
Furthermore, NELP has produced a number of tiny gas discoveries. The private sector/JV is scheduled to deliver more than 100 mcm daily from the KG basin alone by 2011-2012. In fact, India explores the potential of coal bed methane (CBM) as a gas alternative. In 2006, the third round of CBM-II policy was announced, with 10 CBM blocks being awarded.
Table 5.7 illustrates the trend in the past ten years for India's gas output.
Output amounted to 47,510 billion metres in 2009-10, up 61% from 2000- 11.
Table 5.7: India’s Natural Gas Production, 2000-01 to 2009-10 (bcm)
Provisional
Source: Ministry of Petroleum and Natural Gas (2010), Government of India, Basic Statistics on Indian Petroleum and Natural Gas, October 2010, New Delhi: 12.
5.10 Joint Venture and Technical Cooperation between two countries Saudi Arabia, the largest economy in the Gulf, with 26% of the world's oil reserves and over 21 million people. India and Saudi Arabia have a long history of friendship and partnership. Due of India's geostrategic position in relation with the Arab Peninsula monarchy. A cooperation deal was struck between India and Saudi Arabia in 1981. Saudi Business has demonstrated an interest in establishing a joint venture in India. "Saudi businesses through their experience have realised that Indians have far cheaper offers than
equivalent offers on modern Western industrial projects," said Syed Ali Tahir Rizvi, Director of Abu Dhabi Indian Investment Centre. 22 India and Saudi Arabia have demonstrated increased economic collaboration in the 1980s.
Science and technology, agricultural skills training, small and medium-sized enterprise growth, investment, cultural engagement and technology transfer are the topics of bilateral trade between Saudi Arabia and India. They are currently seeking to build contacts not only in the commercial sector, but also in the sphere of scientific progress. The fields of IT, automotive and vehicle components, energy, gas and petroleum equipment, engineering, and core sector projects in Saudi Arabia provide various commercial prospects. India is sixth among Saudi Arabia's top 10 foreign investors, and Indian companies in Saudi Arabia are increasingly searching for finance. Indian IT companies are recognised for providing a wide range of low-cost IT solutions in the Kingdom. The aim of the Saudi Government to attract over $900 billion of foreign investment by the year 2020 is home, infrastructure, energy and railroads. An agreement on technical co- operation in a variety of sectors was signed in 1993, including metrology, scientific and industrial research, standardisation and quality control. A team of Indian farmers works for the Red Palm Weevil Pest Management with the Saudi Ministry of Agriculture and Water.
In the recent joint cooperation tour between the Council of the Saudi Chambers of Commerce and Industry, a Joint Business Committee was also established. In the late 1990's, India and Saudi Arabia attracted each other, and India was considered by the Kingdom as both a crude oil market and an energy product as a source of regional stability and modernization, as well as a major economic partner. Dr Nizar Obeid Madani, deputy foreign minister of Saudi Arabia, visited India in February 2000 to emphasise the Kingdom's intention to strengthen bilateral relations with India and develop a cooperation framework across several industries. The first Foreign Minister Jaswant Singh's visit to Saudi Arabia in 2001, concentrating on bilateral commerce and investment, gave Indo- Saudi bilateral ties a boost.
5.11 India’s Manpower in Saudi Arabia Indian exports to Gulf nations are a vital aspect of India's economic links with GCC and these migrants are a big source of foreign exchange income that they return to India as funds. Saudi Arabia has the most Indian migrant labourers among all host nations. Saudi Arabia employs around 1.5 million Indians, according to estimates. Compared to any other country in the globe, Saudi Arabia has the greatest number of Indian travellers.
Indian labour contributions have benefited every area of the Indian economy. Saudi Arabia receives the majority of outflows of Indian labourers every year. In 1997, around 2.1 lakh Indian labourers visited Saudi Arabia.
These employees are vital not just for Saudi Arabia's success, but also for India's advancement. Traditionally, the Indian trade balance with Saudi Arabia has been in the red. The money these individuals send home is called remittances, and compensates considerably for the trade deficit, reducing the negative impact on India's balance of payments. Devises are supported in India's foreign exchange reserves. Reports suggest that Indian payments have steadily grown from other countries, particularly Saudi Arabia. India received
$11.6 billion in 1996-97 remittances. Due to their tough labour, skill, discipline and soft regulations, Saudi Arabia is the nation's biggest expatriate community, accounting for 1.8 million strong Indian communities. The Saudi government has acknowledged the Indian population's contribution to the growth of the nation.
With 1 65 000 Indians living in Haj, the second biggest group in 2010 each year, bilateral relations are another important factor.
5.12 Co-operation in the Financial Sector
Because of the considerable price hikes on the worldwide market in the 1970's, the Gulf exporting countries made large quantities of oil income accessible.
One of them was Saudi Arabia.
This countries, especially Saudi Arabia, have made significant use of these income to support their growth aspirations. On the other side, the impact was severe on the underdeveloped oil-importing countries. To that end, the oil exporting
surplus nations of capital, in particular those in the Gulf, have worked closely with the other developing countries. The Gulf countries channelled support to the countries in need by sharing a large part of their oil earnings with other developing countries.
Saudi Arabia did not fall behind in this respect. Support is widely developed for impoverished Gulf and Saudi Arabia nations. Saudi Arabia also gave support to India. In 1974, Saudi Arabia established the Saudi Economic Fund, mainly meant to provide Saudi development aid to poor nations. Saudi Arabia has assisted developing nations and governments, through bilateral and multilateral assistance agencies such as the Saudi Development Fund and the OPEC Fund for International Development. Saudi Arabia and other Gulf donors provide assistance that differs from that provided by industrialised countries. Support has always been linked to political-economic aims and political, strategic and cultural influence development in developed nations. On the other hand, the Gulf or Saudi help has a moral and ethical importance. Their idea of membership in the global community of impoverished states is an essential part of the Gulf assistance policy, Saudi Arabia included.
Table 5.8 shows Saudi assistance specifications for India.
Table 5.8: Saudi Aid to India
Source: Report on Currency and Finance Volume, I & II, Various years, Reserve Bank of India, Bombay.
5.13 Investments
According to the Saudi Arabic General Investment Authority (SAGIA), 426 Joint Venture licences have been issued since
2010, with a total investment of USD 1624.60 million. These licences cover a wide variety of enterprises including management and consultation, construction projects, tele- communications, IT, medical services etc.
Moreover, numerous Indian firms have established partnerships with Saudi corporations and operate in the design, consultancy, financial services and software development sectors of the Kingdom. Saudi Arabia, on the other side, is India's 46th largest investor, with USD 33.81 million spent between April 2000 and June 2012.
India and Saudi Arabia are the emerging nations that require two-way infrastructure flow and development investment. Following India's liberalisation plan in 1991, bilateral investment between nations progressively expanded with development in the new century somewhat quicker. For the United Arab Emirates, Saudi Arabia is fifteenth in India for FDI joint ventures by country and second in the Arab world. From 2004-2005 to 2007-2008, Saudi Arabia spent $21.55 million in FDI joint ventures. Saudi Arabia is another significant FDI investor in India that between August 1991 and December 1999 deposited between January 2000 and August 2008 INR 422,1 million and INR 690,71 million. Important invested in paper, chemical goods, software, granite processing, industrial and mechanical products, cement, metallurgy and other industries has been created. Indian companies have demonstrated interest in the Saudi markets, and under Saudi Arabia's new legislation formed joint ventures or wholly-owned subsidiaries within the Kingdom. According to a Saudi Investment Authority study, India achieved 56 FDI projects worth SAR 304 million in Saudi Arabia in 2005.
5.14 Saudi Financial Sector
Saudi Arabia has established a comprehensive regulatory and financial infrastructure based on international financial norms and payment systems.
The banking sector thus has solid and cutting-edge management and technology.
Because of the reliability of its financial infrastructure and the size of its market, the Kingdom of Saudi Arabia is an international investment destination.
Banking is governed by the Banking Control Law, passed by Royal Decree in 1966. The Saudi Arabia Monetary Agency (SAMA) central bank reviews and licences banks on the basis of the Minister of Finance's recommendations.
5.15 Emerging dynamics during Modi Government
Delhi and Riyadh's comments established a favourable climate and an atmosphere of trust that supported conditions.
Although the Congress of the Traditional Indian Ideological Party was credited with the expansion of its respective relations with the area of Inlet, in especially with Saudi Arabia and the multidimensional collaboration, In India, the measure of the majority rule has varied. Narindra Modi became the Prime Minister who has made tremendous improvements in Indo-Saudi connections in addition to his rigorous conventional techniques. Modi wanted to eliminate the most severe profit from the pitch because by adopting Indian Look West arrangements, he had to take on an increased role in the increasing financial direction and foreign legislative issues.
Modi's government focuses on strengthening regional and international policy, financial, strategic, security and guard obligations. Fortunately, the administration of Modi has expanded shared connections with the Bay Area. He strengthened and strengthened his strategic and political commitments by visiting the United Arab States from August 2015 to February 2018: Saudi Arabia in April 2016; Iran in May 2016;
Qatar in June 2016; Israel in July 2017;
Palestine in Februar 2018; and Oman in February 2018. Modi's interest in the area is evident on his several trips. In addition to two meetings with Rule Salman during the G20 Culmination Sideline, Modi's desire for Saudi Arabia reflects a number of bilateral clerical visits to Walk 2016 from October 2014. (Brisbane, November 2014 and Antalya November, 2015) During his visit to Saudi Arabia, Modi was greeted, was awarded the Most Honorable Regular Citizen's Award and met with Saudi Arabia's Top Initiative to address the geopolitical circumstances and increasing local patterns and opportunities for such a work in the Middle East and Bay area. Both leaders in late religious business applauded "the
positive change in political, financial, security, guard, labour, and individual relations into personal businesses," which strengthened the joint collaboration. The visit also highlighted problematic places as a consequence of developing components which require coordination from top to bottom in areas such as (1) security and protection (2) energy, exchange and companies. Due to their physical proximity and unfavourable connections with their immediate neighbours, security and safety were the major priorities of the two countries. Both nations have agreed to broaden the area of security concerns across all conceivable sectors. They also requested organisers of the second meeting of the Joint Council on Safeguard Collaboration in Riyadh to return to Prime Minister Modi's visit." Sea safety has been taken seriously and both nations choose to collaborate "to enhance the safety of sea in the Bay and Indian Seas, which is crucial to both countries' security and economy." They also committed to foster two-way coordination to help and departure from catastrophic disasters and combat circumstances."
(Joint Proclamation to Saudi Bedouin by the Indian Government Office, April 2016).
6 CONCLUSION AND SUGGESTION 6.1 The Turnaround
When Lord Abdullah visited the Republic Day festivities in 2006, the components of the Indo-Saudi relationship altered, showing that there was a new era in bilateral relations. This was Saudi lord's first visit to India since 1955 when Lord Saud visited New Delhi and other Indian towns. This was also the first important bidirectional relationship between India and Saudi Arabia since Chief Director Gandhi visited Riyadh in 1982. "I feel like I'm in my next country," remarked the monarch, upon his arrival, adding "the indian-saudi connections are extraordinary, we were old pals, and this visit, God willing, will restore those incredible linkages." Lord Abdullah's visit created a firm reciprocal connection with the signing of the Delhi Assertion, which outlines the future relationship plan. The statement added that "the visit leads to a new era of ties between India and Saudi Arabia and represents a turning point for the development of wider agreements,
collaboration and the formation of beneficial links between the two nations."
It highlighted four key areas in which the various parties decided to broaden involvement, including political commitment, business, energy and data innovation. "High-quality bidirectional visits and conferences should be expanded to strengthen the strength and scope of mutual cooperation and understanding." He emphasised the survival of two-sided interactions in the lack of formal ties that impeded complete recognition of the financial and commercial potential of Indian and Saudi Arabia. "Saudi Arabia is regarded a steady and trustworthy source of oil supply to worldwide firms, particularly the Indian market," the statement said, stressing the importance of Saudi Arabia in energy security in India. "A vital energy organisation for complementarity and linkages is to be set up by the two nations," reaffirmed Indo-Saudi energy cooperation. Moreover, some parties expressed concern over psychological warfare and underlined the need to combat coordinated misconduct. In particular, the statement highlighted the need to expand "two-sided, territorial and global collaborations" in order to combat and remove the terrorist threat. The visit of Ruler Abdullah and the update of the Delhi Declaration improved political relations and increased monetary cooperation at two levels. Officials and junior clergy made many visits following the marking. In May-June 2006, the Indian Minister for Development of Human Resources Arjun Singh visited India while in November of the same year, Saudi Advanced Education cleric Khalid Al-Anqari visited India. Murli Deora, oil minister, came to Riyadh in May of the following year for a two-day roundtable meeting with Asian oil clerics and for a separate session with officials from Saudi Arabia. In 2008, foreign pastors from both nations exchanged visits to reflect on reciprocal growth and to assess progress in areas of mutual interest. In April 2006, Indian Public Security Advisor M. K.
Narayanan and Indian Ambassador C. R.
Garekhan visited West Asia on a September 2007 visit to verify their cooperation in fighting organised crime.
29 Both nations also began to work
together on the exchange of information to prevent the spread of illicit activity.
6.2 Indian Muslims and Saudi Arabia Despite two primary aspects of two-way interactions, trade and trade and security, a third approach is essential to comprehending the two-sided connections between Indonesia and Saudi Arabia.
India has 172 million Muslims, or 14% of the nation's total population. It also has the second largest Muslim population in the world behind Indonesia. The sector component was crucial for the development of India's international policy, particularly for the Middle East, according to scholars. While India and Saudi Arabia are unable to establish direct relations, they play a major role in the development of interpersonal and societal connections. For example, Prime Minister Modi gave Lord Salman a lesser than planned visit to Riyadh. Cheraman Juma Mosque, India's earliest mosque, constructed in 629 by the Bedouin merchant. Two holiest places of Islam, Mecca and Medina, are located in Saudi Arabia. Both places are placed in the hearts of all Muslims throughout the world and many wish to visit them in their life at least once. The Islamic month of Dhul Hijja is one of the five pillars of Islam, or responsibilities for believers to carry out. Every Muslim strives to fulfil this requirement once in a blue moon, despite the fact that pilgrimages are required only for individuals who can afford it. Many Muslims from India visit the Umrah in Mecca and Medina every year. The trip was really a crucial step towards the establishment of ties between India and Saudi Arabia. Indians have traditionally been one of the largest pilgrimage contingents, a practise that dates back centuries. In 2016, for example, 135,904 Indians visited Mecca to drive Haj. Moreover, some Indian families created Hejaz organisations and trading zones that assisted the Indian Hajis who travelled to the area before creating the Realm and Indian independence. Many of these families resided in Jeddah and were part of local society and became Saudi citizens as soon as the kingdom was founded. Moreover, following the independence of their nations, several Bedouin traders who have married and lived in India for
economic reasons eventually acquire Indian citizenship.
6.3 India and Saudi Arabia: A Strategic Partnership
The friendship between India and Saudi Arabia expanded significantly during the Virus War when both nations pursued different foreign strategic objectives and only regularly saw each other. Following the conclusion of the Cold War, global developments required new reality to be acclimatised and India and Saudi Arabia began to build strong links cautiously. To build confidence, in the early days, they avoided talking about difficult subjects such as Pakistan and Muslims in India.
Instead, they focused on money.
Increased corporate and financial relationships in Saudi Arabia and expanding help industries brought up opportunities for Indian employees in search of better opportunities. The increased number of Indians in exile also contributed to building confidence. This was in particular Ruler Abdullah's visit in 2006, the first Saudi ruler since 1955. In its endeavours to control criminal activities including coordination, funding fear and radicalisation, addressing security issues from near fanatical organisations and unlawful intimidation across the borders, India has been able to identify a willing collaborator in Saudi Arabia. The two nations signed a removal agreement and a Memorandum of Understanding on safeguarding their participation which prompted Saudis to imprison and deport a number of indigenous peoples. This is a central place which forms the basis of the important relationship. This is without question necessary since both India and Saudi Arabia face major threats from psychological terrorist organisations around the world that are targeting ordinary and innocent people globally, notably India and Saudi Arabia.
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