Significance for India:
Today, 95% of India’s trade by volume and 68% of trade by value come via the Indian Ocean. Additionally, 80% of India’s crude oil requirement—is imported by sea via the Indian Ocean. Today 40% of world trade passes through the Strait of Malacca and 40 percent of all traded crude oil passes through the Strait of Hormuz, the two crucial choke points in IOR. Hence from security point of view IOR is very crucial. Further IOR has an implications over our economy too.
IOR hold potential for energy exploration, mineral resources and employment opportunities for Indian companies. India is world’s third largest oil importer with maximum import from West and South East Asian countries. For this purpose, Indian Ocean is a very important medium for India’s energy security. Climate change has exacerbated the issue of cyclones and natural disaster.
IOR is important w.r.t cyclone and earthquake management. As these are regional phenomena so cooperation among countries certainly help in combating disaster in the region. IOR has many island and archipelago this can provide sustainable solution for coastal area development. IOR can engage in cruise ship as done in pacific ocean. This provides ground for people to people contact and cultural engagement.
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