Saudi remittances a major source of income for India

Dubai, Feb 28 (PTI) Saudi Arabia is a major source of
income for India as a result of remittances from Indian
expatriates, who form one of the largest foreign community in
the Kingdom of 25 million people, a report said Sunday.

Indians form Saudi Arabia's largest expatriate
workforce, working in fields from information technology to
construction, with most employed as blue-collar workers, the
Banque Saudi Fransi report said.
"Tightening ties, Asian oil demand and pragmatism at
crux of Saudi-Indian relations, Saudi exports to India rise
seven-fold, imports jump six-fold between 2000 and 2008, with
trade balance consistently favouring the kingdom India's
geographic dependence on Saudi oil likely to grow in coming
years as it seeks energy security to support economic growth
plans," the report said.
Indian Prime Minister Manmohan Singh on Saturday began
the first official visit by an Indian premier to Saudi Arabia
in 28 years as two states strive to deepen economic and
diplomatic ties.
The trading ties between Saudi Arabia and India is
among the most-strategic bilateral bonds for either country.
As India's largest supplier of crude oil, Saudi Arabia
is favourably positioned to benefit from burgeoning demand for
energy in Asia’s third-largest economy, a report released here
today has said. (MORE) PTI ZH
PRS



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