Gulf states to invest billons in India
The Arab gulf states have long contributed to India’s coffers by employing migrant workers. But with no place else to park their money, they’re now looking to invest billions of dollars in Indian infrastructure projects.
The oil-rich countries of the Persian Gulf are about the only nations with money to invest these days, and with the U.S. and European markets in the dumps, India looks to be the biggest beneficiary.
The reason: Gulf nations are slated to invest billions of dollars in Indian infrastructure projects over the next few years, reports the Hindustan Times.
the Kuwait Investment Authority is planning to invest about $10 billion in the Indian economy and has already invested about $1.5 billion in India in the past two years.
Other West Asian countries are also considering big investments in core infrastructure sectors, such as oil, gas, power, roads, fertilisers and tourism.
Given that India has been one of the few countries to defy U.S. sanctions and continue buying oil from Iran, there could well be a political dimension to these investments, too.