India, he said, became a trillion dollar economy in April 2007, one of the only 12 countries in the world to have reached this level. “Still, India is looking at something that India and the Gulf may benefit in this relation. Several projects can be shared with the Gulf in energy, financial resources, human resources and technology.”
Ahmad said from 2008 to 2009, the two-way non oil trade between India and the GCC reached $ 87 billion while the value of annual oil imports touched $ 60 billion and annual remittances by non-resident Indians hit the $ 30 billion mark. He said that 60 per cent of the oil resources and gas in the economic development in Asia is in the Gulf, and if Asia develops top level cooperation — the ‘Asian Gas Grid’ — which has long been a blueprint, may now be implemented.
“In Asia, countries have not developed yet any engagement of cooperation. India alone needs to sustain eight to 10 per cent of its economic growth rate over the next 25 years if it is to eradicate poverty and meet its human development goals,” he said. He said the US and Europe established during the World War its own oil grid, but no such pipelines exist in Asia.
“The world’s principal gas production centres lie in the north, central and west. The engagement of cooperation will definitely develop Asian oil markets to invest within our own capacity and develop our infrastructure.”
“China and India have risen to be strong economies. Already, 11 per cent of the FDI from the Gulf has gone to India. By 2020, it could nearly double to 20 per cent with India, China, Indonesia and Malaysia at the helm,” he said.
He urged the participants of the World Zoroastrian Congress to have a natural partnership with the Gulf as the region is the principal source of India’s crude oil. The Congress marks the reunion of Zoroastrians (Parsis) from six continents. The event will end with a New Year eve party.
