How Indian economy is dependent on Muslim countries ?
GCC is a regional, intergovernmental political economic union comprising six countries — Bahrain, Kuwait, Oman, Qatar, the UAE, and Saudi Arabia. Region wise, it is the fourth-largest trading partner for India, following North America, European Union, and Northeast Asia. Most importantly, India is dependent on these countries to meet its energy needs. Of the total imports from West Asia, nearly two-thirds comprise petroleum products. As far as India’s overall import basket is concerned, petroleum products have a share hovering over 30 per cent. For instance, a fifth of the total crude oil imports is met by Iraq, followed by Saudi Arabia and the UAE at 18 and 10 per cent, respectively. The UAE was also India’s second-largest export and import market in 2021-22 (FY22). Similarly, Saudi Arabia was India’s fourth-largest trading and import partner in the last fiscal year. In February, India and the UAE signed a Comprehensive Economic Partnership Agreement (CEPA). The trade pact was i...