How Israel-US war on Iran puts $50bn in Indian remittances at risk
Al Jazeera
The US-Israel war on Iran has caused gas shortages, while nine million Indian expats in the Gulf face uncertainty.
As the United States-Israeli war on Iran completes two weeks, it has triggered a global energy crisis, even as Iran’s retaliation threatens to pull the rest of the Middle East into the conflict.
The Strait of Hormuz, through which some 20 to 30 percent of global crude and liquefied natural gas (LNG) pass, has effectively been closed because of the conflict, sending crude prices soaring and disrupting oil and gas supplies.
From Southeast Asia to Pakistan, the ripple effects of the war are being felt across Asia and beyond.
But one country in particular could face a double whammy if the conflict intensifies: India, the world’s fourth-largest economy, depends on the Gulf for its energy needs and also for remittances sent by a vast workforce resident in the Middle East.
We unpack how the war is bleeding India’s economy.
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