INDIAN prime minister Narendra Modi will begin a five-nation tour covering the United Arab Emirates and Europe from May 15-20, India’s foreign ministry said in a statement on Monday, as the West Asia crisis pushes up global oil prices and puts pressure on India’s foreign currency reserves.
Modi will visit the UAE on May 15 before travelling to the Netherlands, Sweden, Norway and Italy, the statement said.
The visit comes after Modi called for measures including fuel conservation, fewer imports and gold purchases, along with reduced travel, as rising energy prices affect the country’s foreign exchange reserves.
Indian shares fell on Monday and Tuesday, while the rupee recorded its sharpest fall in more than a month to close at a record low after Modi’s call for austerity measures.
Higher oil prices remain a major concern for India, which imports most of its energy needs.
The rise in prices could widen the country’s current account deficit, slow growth and push up inflation.
Modi and UAE President Mohammed bin Zayed Al Nahyan will discuss bilateral issues, especially energy cooperation, as well as “regional and international issues of mutual interest”, the statement said.
The statement added that the European leg of the trip is aimed at strengthening India’s trade and investment ties with the countries, following up on the India-EU trade deal agreed earlier this year.
