Mohammad Bin Salman to Visit New Delhi

Saudi Crown Prince, Mohammed bin Salman and newly proclaimed Prime Minister of the Kingdom of Saudi Arabia is scheduled to visit New Delhi on November 14 for a one-day visit before heading to Bali, Indonesia, for the G20 Leaders Summit. According to a source, Saudi Crown Prince and Prime Minister Narendra Modi are expected to meet with External Affairs Minister S Jaishankar and National Security Advisor (NSA) Ajit Doval. This fiscal year, trade between the two countries has reached USD 43 billion. According to a report, India is looking for more exports to the region, while Saudi is already a major exporter of Indian footwear and textiles. Meanwhile, Saudi Arabia is also planning to expand its presence in India's petrochemical sector.

There is also discussion on institutionalizing the Rupee-Riyal trade, as well as the use of UPI and Rupay cards. The Russia-Ukraine conflict has sparked a dramatic increase in global inflation, owing to higher oil prices. Saudi Arabia is a major oil exporter to India, and New Delhi will be wishing for some support in this regard. The Saudi-led OPEC has already been chastised for curbing oil production from November to November.

Prince Abdulaziz Bin Salman, Saudi Arabia's energy minister, recently visited India. Minister Jaishankar visited Riyadh in September and met with him on the political, security, and socio-cultural pillars of strategic partnership.