&w=3840&q=100)
Modi visits Jeddah: 5 things about India-Saudi Arabia ties
Prime Minister Narendra Modi's visit to Jeddah highlights the deepening strategic partnership between India and Saudi Arabia, particularly in the areas of trade, energy, and defence. Read on to explore the bilateral relationship between the two nations. read more
Prime Minister Narendra Modi is scheduled to visit Jeddah, the commercial capital of Saudi Arabia, on Tuesday, 22 April, at the invitation of His Royal Highness Crown Prince and Prime Minister Mohammed bin Salman. This diplomatic visit reflects the ongoing commitment of both nations to further deepen their bilateral ties.
As part of the visit, Prime Minister Modi and Crown Prince Mohammed bin Salman will co-chair the second meeting of the India-Saudi Arabia Strategic Partnership Council. This key forum aims to enhance cooperation across numerous sectors. With a focus on boosting economic collaboration, advancing defence cooperation, and addressing pressing regional political challenges, the visit underscores the importance of strengthening these past longstanding ties between India and the modern Kingdom.
STORY CONTINUES BELOW THIS AD
Here are five key diplomatic ties India shares with Saudi Arabia
1. Strategic Partnership Council (SPC)
Established in 2019 by Prime Minister Modi and Crown Prince Mohammed bin Salman, this platform serves as the foundation of bilateral relations with the two nations. The SPC facilitates high-level diplomatic engagements and advances cooperation and collaboration across various sectors. " Strategic Partnership Council helped India address its expectations and aspirations. In these four years, it has emerged as an effective medium to further strengthen our strategic partnership." PM Modi stated on his .
2. Economic and Trade Relations
The mutual trade partnership between the two nations has steadily grown over the years, with India being the second-largest trade partner of Saudi Arabia, while it is the fifth-largest trading partner of India. According to the Ministry of Extrenal Affairs, in the fiscal year (FY) 2023-24, bilateral trade reached USD 42.98 billion. Indian exports totaled USD 11.56 billion, while imports stood at USD 31.42 billion, spanning various sectors such as automobiles and petroleum.
3. Energy Partnership
Energy remains a central pillar of the India–Saudi Arabia bilateral relationship, with the Kingdom being the third-largest source of crude oil and petroleum for India. According to the Ministry of External Affairs, India imported 33.35 million metric tonnes (MMT) of crude oil from Saudi Arabia in FY 2023–24. Additionally, Saudi was the third-largest supplier of liquefied petroleum gas (LPG), accounting for 18.2% of India's total LPG imports during the same period.
4. Defence ties
Saudi and India, as maritime neighbours, have strengthened their naval cooperation through joint exercises. The first of these, 'Al Mohed Al Hindi', was conducted in August 2021 with the aim of enhancing maritime security operations and naval manoeuvres. In addition to naval collaboration, the two nations held their first joint land forces exercise, 'Ex-Sada Tanseeq-I', in 2024.
STORY CONTINUES BELOW THIS AD
A significant milestone in defence relations was marked by the visit of Hon'ble Minister of State for Defence, Shri Ajay Bhatt to Riyadh for the World Defence Show in February 2024. During this visit, an MoU was signed between Munitions India Limited and a local Saudi partner, facilitating the supply of artillery ammunition worth USD 225 million, highlighting the growing cooperation in defence production and exports.
5. Strategic Investments
Indian investments in Saudi Arabia have surged in recent years, reaching a total of approximately USD 3 billion in August 2023. These investments span over various sectors, including construction, IT, energy, and pharmaceuticals. Notable companies such as L&T, TATA Motots, and Wipro have established a significant presence in the Kingdom. On the other hand, Saudi investments in India, including those from the Public Investment Fund (PIF) and other Saudi-backed entities, have amounted to around USD 10 billion.
'India's 'Aatmanirbhar Bharat' and Saudi Arabia's 'Vision 2030' are national programmes that can be mutually beneficial to both sides.' Shri Ajay Bhatt stated in a press relase after his visit to Saudi Arabia.
STORY CONTINUES BELOW THIS AD
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
10 minutes ago
- Hindustan Times
PM Modi brushed aside request to stop Sheikh Hasina's political statements, says Yunus
NEW DELHI: Bangladesh interim government chief Muhammad Yunus contended on Wednesday that Prime Minister Narendra Modi brushed aside his request to prevent former prime minister Sheikh Hasina from making political statements from Indian soil. Yunus, who was speaking at Chatham House in London, said efforts will continue to seek Hasina's extradition from India so that she can face charges in Bangladesh's International Crimes Tribunal, which recently indicted her for ordering a police crackdown on protestors last year. There was no immediate response from Indian officials to the remarks made by Yunus during the interactive session at the British think tank. Hasina fled to India last August after her government collapsed in the face of widespread protests by student groups. India has not responded to a request made by Bangladesh's interim government last December to extradite Hasina. Yunus said he sought Modi's help to stop Hasina from making political statements from Indian soil when the two leaders held a bilateral meeting on the margins of a Bimstec Summit in Bangkok in April. 'When I had a chance to talk to Prime Minister Modi, I simply said you want to host her, I cannot force you to abandon that policy. But please help us in making sure she doesn't speak to Bangladeshi people the way she is doing,' Yunus said while responding to a question from the audience. 'She announces on such and such day and at such and such hour she will speak, and the whole of Bangladesh gets very angry,' he added. Asked by the moderator if India was doing what he had asked, Yunus replied: 'No. Modi's answer [and] I quote, he said it is the social media, we cannot control it. What can you say? This is an explosive situation, you can't just walk away by saying this is social media. This is what is still going on.' Yunus said his administration will continue efforts to seek Hasina's extradition following her indictment by Bangladesh's International Crimes Tribunal. 'This will continue…another stage has come, now there is a case. The International Crimes Tribunal has started the trial process; they sent notices to Hasina for all the crimes she has committed… So, they have to respond to the notices,' he said. 'This is a legal notice, so we have to go to the Interpol and all the other things that happen through that. This is the process that we are following; we want it to be very legal, very proper.' Yunus also spoke about how his desire to build the 'best of relationships with India' is being thwarted by 'fake news in the Indian press'. 'We want to build the best of relationships with India, it's our neighbour. We don't want to have any kind of basic problem with them. But somehow things go wrong every time because of all the fake news coming from the Indian press and many people say it has connections with policy-makers at the top and so on,' he said. 'This is what makes Bangladesh very jittery, very very angry. We try to get over this anger but… the whole barrage of things keep happening in cyberspace, we can't get away from that,' he said. India-Bangladesh relations have been in free-fall since the interim administration led by Yunus assumed office last August. New Delhi has frequently criticised the caretaker government for failing to tackle the repression of Bangladesh's religious minorities and for giving a free hand to radical and extremist forces. Yunus has described the allegations as 'exaggerated'.
Mint
16 minutes ago
- Mint
Why India's law firms are in a disputes hiring frenzy
Law firms in India are racing to build bigger and sharper disputes teams as business battles grow more tangled and the rules of the game keep shifting. Even within disputes teams, generalists are losing ground as law firms now prefer domain specialists. The shift is driven by a rise in commercial disputes caused by economic uncertainty, new regulations and growing cross-border deals. According to Lee Ignatius, partner and head of private practice search at legal consulting firm Vahura, the disputes practice in Indian law firms has seen a 30% growth in hiring in the past three years, driven largely by a sharp increase at senior levels. 'While tax and IBC (Insolvency and Bankruptcy Code) once led growth, the current surge in complex economic activity and shifting regulatory frameworks has firmly positioned disputes as a key area of law firm expansion," Ignatius said. Nishant Parikh, partner and member of the management committee for law firm Trilegal, said apart from litigation, businesses are also increasingly seeking alternative mechanisms such as arbitration and mediation, 'to resolve disputes while preserving commercial relationships". Also read | So many law graduates, so few top jobs: What's holding them back? Mint has learnt that Trilegal's disputes team has grown by more than 30% year-on-year over the past four years (2021-2025). This month, Trilegal brought in Amit Jajoo and Sushmita Gandhi from CMS IndusLaw as partners under their equity-partnership model. Today, Trilegal's disputes team has 160-plus lawyers and 25 partners. Full-service law firm JSA Advocates & Solicitors, which reported a 39% gross increase in attorney count in its disputes practice team in FY25 compared to FY24, highlighted that one of the main reasons behind the expansion is the uptick in the economy. A full-service law firm handles all types of legal work, from disputes to corporate matters, under one roof. Economy and litigation 'As the economy grows, the number of businesses grows, and businesses will litigate to enforce their legitimate claims," said Amar Gupta, joint managing partner for the law firm, pointing to a large volume of litigation originating from the infrastructure sector. 'Given the government's thrust in this sector, the trend will likely continue." According to a report by the National Legal Services Authority–quoting data from April 2022 to March 2023–India's mediation landscape is growing steadily, with around 460 alternative dispute resolution (ADR) centres nationwide, 425 of which are fully functional. The sector is supported by over 3,950 mediators, 12,640 lawyer-mediators and 8,672 other ADR professionals. Also read | Bar Council notifies rules allowing foreign law firms limited practice in India Mediation settlements rose from 92,446 cases in 2022-23 to 99,033 in 2023-24—a 7.14% increase. Additionally, 48,480 cases were resolved in the first half of 2024, underscoring the increasing preference for mediation. Who else is bulking up Meanwhile, Khaitan & Co. has created dedicated verticals in dispute resolution for international arbitration, construction law, emerging technology, securities, electricity and environment matters. 'As legal disputes become more complex and cross-border in nature, the demand for specialized knowledge and strategic thinking has grown significantly," said Sanjeev Kapoor, senior partner for dispute resolution at Khaitan & Co. 'There is now greater recognition of lawyers with specific domain expertise within dispute resolution." Another full service law firm, Chandhiok & Mahajan, Advocates and Solicitors, which had just five dispute attorneys earlier, now has 20. 'We are seeing an increase in regulatory, tax and licensing actions as well as real estate, mining and infrastructure-related disputes reflecting new laws by the Union and the states, and more stringent enforcement," said Rahul Narayan, partner and head of dispute resolution practice at Chandhiok & Mahajan. Also read | Court battles are defining boundaries for influencers Then, Singhania & Co. doubled its team size from 15 to 30 over the past three years. 'On the legal side, faster court timelines, the push for institutional arbitration and a more streamlined approach by tribunals and regulators have improved trust in the system. It's no longer just about filing a case—it's about getting it resolved efficiently and professionally. That's where good dispute lawyers are really stepping in," said Rohit Jain, managing partner at Singhania & Co. In November 2024, Singhania & Co. hired Vipul Wadhwa as a partner in its dispute resolution practice. He brought along a senior associate and the firm has since added three more associates to the team, including one at a senior level. Law firms, like consulting practices, pluck partners from rivals who then come in with their teams. Typically, the team size along with these partners can be upwards of 10-15 lawyers.
Mint
27 minutes ago
- Mint
Trump-induced slowdown: Can it be reversed?
The World Bank has lowered global economic growth to 2.3% for 2025. This is 40 basis points less than its January estimate. Mint looks at the factors causing the slowdown, corrective measures that need to be taken and chances of implementing them to accelerate growth. Also read: Donald Trump open to mending ties with Elon Musk: 'No hard feelings,' but 'a little disappointed' How sharp is the slowdown? In 2024, the global economy grew at 2.8%. In January, the World Bank projected 2025 growth at 2.7%. But that looks very distant now. On Tuesday, in its latest economic outlook, it sharply downgraded the growth projection for 2025 to 2.3%. The slowdown has been all-pervasive with 70% of all economies seeing a reduction in growth. Also, the projected growth rate will be the slowest in the last 17 years, if outright global recession is not considered. Between 2020 and 2027, the World Bank said that global economic growth will average 2.5%—the slowest pace since the 1960s. What is causing the slowdown? Escalating trade tensions and policy uncertainty are the two major factors behind the projected economic slowdown. US President Donald Trump's tariff measures have upended the global trading system. Since the start of his second term as President in January this year, he has been imposing significant tariffs hikes on US trade partners in a bid to reduce America's trade deficit and protect the local industry. Though his `liberation day' tariffs have been kept in abeyance, the average tariff rates of the US are still high. His policy flip-flops have added to the policy uncertainty and hurt investment. Also read: Elon Musk regrets some posts about Donald Trump, says 'went too far…' What is the outlook for India? India is expected to grow at 6.3% in 2025-26. This is 40 basis points lower than the 6.7% growth the World Bank estimated in January. Though India is much better placed than other countries and will remain the fastest growing large economy, the slower growth is on account of weaker activity among key trading partners and rising trade barriers for Indian exports. How to accelerate global growth? The Bank warned that the forces that once drove economic convergence and lifted billions out of poverty are in retreat. Globally, it wants a predictable, transparent and rules-based approach to resolving trade tensions. Even a 50% cut from May '25 tariffs will add 0.2 percentage points to global growth, the report said. At the national level, it wants countries, especially developing ones, to rebuild trade relations by lowering tariffs and striking trade deals; restoring fiscal order and accelerating job creation. Also read: How rich would you be now if you had invested $100 in Trump's Crypto in January? Are trade deals still being signed? After Trump put the reciprocal tariffs in abeyance for 90 days, he claimed that countries were lining up to strike trade deals. But the US has been able to finalize a deal only with the UK. Talks with India and other nations are still on. The US and China, the two largest economies, have had two rounds of discussions. Some progress has been made regarding critical minerals but distrust remains. It is not clear what Trump would do when the tariff pause ends next month—will he extend it or re-impose tariffs?
