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Saudi remittances a major source of income for India

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 on Sunday.

world Updated: Feb 28, 2010 14:11 IST

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 on 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.

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