https://sputniknews.in/20231223/de-dollarisation-bilateral-trade-in-inr-to-benefit-india-and-oman-5937325.html
De-Dollarisation: Bilateral Trade in INR to Benefit India & Oman
De-Dollarisation: Bilateral Trade in INR to Benefit India & Oman
Sputnik India
Indian Prime Minister Narendra Modi and Sultan Haitham Bin Tarik of Oman hold bilateral meetings to enhance the strategic partnership. Sputnik India explores the significance of Oman in India's Middle East Policy.
2023-12-23T18:18+0530
2023-12-23T18:18+0530
2023-12-24T16:17+0530
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Sultan Haitham bin Tarik of Oman hailed a very productive trip to India from December 15 to 17. The leaders of India and Oman have discussed closer economic and military ties in the wake of de-dollarization. It was not only the Sultan's first visit to India but also the first by any Omani Sultan in 26 years, accompanied by a high-level entourage of senior ministers and administration officials.The parties discussed India-Oman strategic partnership, cooperation in defence and economic fields. Against this backdrop, Sputnik India talked to experts to find out the prospect of strategic partnership between India and Oman.India's Outreach in the Middle East Through Oman — Expert“From an Indian perspective, protecting its western maritime borders—where the Indian Ocean and the Arabian Sea converge—is just as vital as safeguarding the east. Due to Oman's strategic location along the Maritime Silk Route, it is crucial to India’s West Asia Policy”, ambassador Anil Trigunayant, a former Indian Envoy to Jordon, Libya, and Malta, told Sputnik India.Speaking of the Cold War era, retired Colonel Rajeev Agarwal, Additional Director at Manohar Parrikar Institute for Defence Studies and Analyses (IDSA), told Sputnik India that "the larger Arab world was ambivalent towards India, it was Oman which kept its doors open to India despite the historical connection between Oman and Baluchistan in Pakistan wherein Gwadar was an Omani territory which it sold to Pakistan in 1958 for $3 million."De-Dollarisation: Rise of Alternative Currencies“The Indian Rupee until the 1970s was the legal tender in the majority of Gulf nations. So, this is not something new. However, as time went on, particularly in the wake of the Ukrainian conflict, financial instruments have become more weaponized, and an increasing number of nations are attempting to convert to using their national currencies for trade and other interactions” said Trigunayant.While discussing India’s position as the largest recipient of remittances, receiving an estimated $125 billion in 2023, the former ambassador pointed out that “this underscores the crucial role played by the Indian diaspora in supporting families and contributing to the country's economic resilience and Oman is home to a sizable Indian population. Thus, bilateral rupee commerce benefits both nations and reduces transaction costs.”Oman's Duqm Port: India's Game-Changing Maritime MoveThe Colonel discussed the strategic significance of the port of Duqm for India and pointed out that ‘it is situated right across the Indian coastline and overlooking the Gulf of Oman and the Arabian Sea and near the Chabahar Port in Iran. Additionally, it enables India to support moderately expeditionary navy deployments.Referring to Oman Minister General Sultan Nu’amani's comments on India's progress as a defence manufacturer — whose progress his country could benefit from — the colonel stated that ''several nations from West Asia, Africa, and South America have shown interest in India's Akash surface-to-air missile system.""India and Oman are close defence partners, and while there are no concrete reports that Oman is explicitly searching for these missiles, India should give it serious consideration when it does',' he added.
https://sputniknews.in/20231216/india-oman-boost-economic-ties-with-3rd-tranche-of-joint-investment-fund-5852974.html
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sultan haitham bin tarik of oman, omani sultan, sultan haitham bin tarik of oman, bilateral relations, west asia, maritime silk route, gulf region, manohar parrikar institute for defence studies and analyses (idsa), gwadar, omani territory, de-dollarisation: rise of alternative currencies, gulf nation, ukraine war, bilateral rupee commerce, central bank of oman (cbo), national payments corporation of india (npci), digital public infrastructure (dpi), india's game-changing maritime move, port of duqm, arabian sea, chabahar port, chinese pla naval, duqm in oman, chabahar in iran assumption island in the seychelles, agalega in mauritius, and the andaman and nicobar islands, oman minister general sultan nu’amani's, india's akash surface-to-air missile system
De-Dollarisation: Bilateral Trade in INR to Benefit India & Oman
18:18 23.12.2023 (Updated: 16:17 24.12.2023) Indian Prime Minister Narendra Modi and Sultan Haitham Bin Tarik of Oman hold bilateral meetings to enhance the strategic partnership between India and Oman. Sputnik India explores the significance of Oman in India's Middle East Policy.
Sultan Haitham bin Tarik of Oman hailed a very productive trip to India from December 15 to 17. The leaders of India and Oman have discussed closer economic and military ties in the wake of de-dollarization.
It was not only the Sultan's first visit to India but also the first by any Omani Sultan in 26 years, accompanied by a high-level entourage of senior ministers and administration officials.
The parties discussed India-Oman strategic partnership, cooperation in defence and economic fields. Against this backdrop, Sputnik India talked to experts to find out the prospect of strategic partnership between India and Oman.
India's Outreach in the Middle East Through Oman — Expert
“From an Indian perspective, protecting its western maritime borders—where the Indian Ocean and the Arabian Sea converge—is just as vital as safeguarding the east. Due to Oman's strategic location along the
Maritime Silk Route, it is crucial to India’s West Asia Policy”, ambassador
Anil Trigunayant, a former Indian Envoy to Jordon, Libya, and Malta, told Sputnik India.
Meanwhile, the Ambassador emphasised that “India's engagement with Oman will further influence its relation with other countries in the Gulf region”.
Speaking of the Cold War era, retired Colonel
Rajeev Agarwal, Additional Director at Manohar Parrikar Institute for Defence Studies and Analyses (IDSA), told Sputnik India that "the larger Arab world was ambivalent towards India, it was Oman which kept its doors open to India despite the historical connection between Oman and
Baluchistan in Pakistan wherein Gwadar was an Omani territory which it sold to Pakistan in 1958 for $3 million."
De-Dollarisation: Rise of Alternative Currencies
“The Indian Rupee until the 1970s was the legal tender in the majority of Gulf nations. So, this is not something new. However, as time went on, particularly in the wake of the Ukrainian conflict, financial instruments have become more weaponized, and an increasing number of nations are attempting to convert to using their
national currencies for trade and other interactions” said Trigunayant.
While discussing India’s position as the largest recipient of remittances, receiving an estimated $125 billion in 2023, the former ambassador pointed out that “this underscores the crucial role played by the Indian diaspora in supporting families and contributing to the country's economic resilience and Oman is home to a sizable Indian population. Thus,
bilateral rupee commerce benefits both nations and reduces transaction costs.”
“With regards to digital payments, the Colonel emphasised that, “the Central Bank of Oman (CBO) signed a landmark MoU with the National Payments Corporation of India (NPCI) in October 2022 to link the payment systems between the two countries and launched the Rupay debit card in Oman, a key footprint of India’s initiative of promoting Digital Public Infrastructure (DPI) in the world,” noted Agarwal.
Oman's Duqm Port: India's Game-Changing Maritime Move
The Colonel discussed the strategic significance of the port of Duqm for India and pointed out that ‘it is situated right across the Indian coastline and overlooking the Gulf of Oman and the Arabian Sea and near the
Chabahar Port in Iran. Additionally, it enables India to support moderately expeditionary navy deployments.
“With Duqm in Oman, Chabahar in Iran, Assumption Island in the Seychelles, Agalega in Mauritius, and the Andaman and Nicobar Islands, India will soon have access to support moderately expeditionary navy deployments,” Trigunayant noted.
Referring to Oman Minister General Sultan Nu’amani's comments on India's progress as a defence manufacturer — whose progress his country could benefit from — the colonel stated that ''several nations from West Asia, Africa, and South America have shown interest in
India's Akash surface-to-air missile system."
"India and Oman are close defence partners, and while there are no concrete reports that Oman is explicitly searching for these missiles, India should give it serious consideration when it does',' he added.
