DMPQ: Indian ocean holds an important position for India. Elucidate

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.

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