Q. With reference to the India-U.A.E. relations, how many of the following statements are correct?
1.The UAE is a part of the India-Middle East-Europe Economic Corridor (IMEEC) infrastructure project that was signed during the G-20 summit in Delhi.
2.The UAE is the only Gulf nation with strategic oil reserves stored in India.
3.Tourism and travel are the largest contributors to the economic relationship between India and the U.A.E.
4.The RuPay card, a key component of India’s Digital Public Infrastructure (DPI), is accepted in the UAE.
Select the correct answer using the codes given below:
Explanation –
Statements 1, 2 and 4 are correct. The UAE is part of the India-Middle East-Europe Economic Corridor (IMEEC) infrastructure project, which was signed during the G-20 summit in Delhi, aiming to enhance trade and connectivity between the regions. This is aimed to counter China’s Belt and road initiative in the region. The UAE is only nation from the gulf region which has strategic oil reserves stored in India. An agreement was signed by Indian Strategic Petroleum Reserves Ltd (ISPRL) and the Abu Dhabi National Oil Company to invest in the strategic crude oil storage facility in Mangaluru. The UAE is India’s third-largest trading partner and India’s second-largest export destination. The UAE is also the fourth-largest overall investor in India. The RuPay card, a key component of India’s Digital Public Infrastructure (DPI), is accepted in the UAE. From July 2023, the rupee was also accepted for transactions at Dubai’s airports.
Statement 3 is incorrect. Trade in oil and gas from the U.A.E. to India is the largest contributor to the economic relationship between India and the U.A.E. While tourism is a significant aspect of the relationship, the largest contributors are trade and investment.
Source: Forum IAS
