Q. With reference to India and Israel Relations, consider the following statements:
1.India has a negative trade balance with Israel.
2.India is Israel’s third-largest trade partner in Asia.
3.India has been awarded exploration license to extract and import natural gas from the Tamar and Levianthan gas fields in Israel.
Which of the statements given above are correct?
Explanation –
Statement 1 is incorrect. India has a positive trade balance with Israel. In 2022-23, India’s merchandise exports to Israel were $8.4 billion, while imports were $2.3 billion, leading to a trade surplus of $6.1 billion. Major exports from India to Israel include: Petrochemical derivatives, Pharmaceuticals, Industrial equipment, Diamonds, Refined petroleum, Rice.
Statements 2 and 3 are correct. India is Israel’s third-largest trade partner in Asia and seventh largest globally. India is Israel’s largest client for military equipment sales, and Israel is India’s second-largest supplier of military equipment after Russia.
India has been awarded exploration license to extract and import natural gas from the Tamar and Levianthan gas fields in Israel. India was one of the first countries to bid for the license. The Israeli government awarded the license to India’s ONGC Videsh, Bharat PetroResources, Indian Oil, and Oil India.
Source: ForumIAS
