Why this is India’s opportunity to build a Dubai-style city

Even as a ceasefire between the US and Iran has helped reopen the Strait of Hormuz, the latest US strikes on Iranian missile and drone facilities following Tehran’s attack on a cargo ship have underscored how fragile the truce is and the long shadow the conflict casts on several economies.
Gulf countries, some of which found themselves in Iran’s crosshairs, are facing a slowdown. India is also bearing the brunt of higher oil prices and the resulting inflationary pressures. Additionally, India may face a decline in remittances from GCC countries, which account for nearly 38% of India’s remittance inflows and play an important role in supporting the balance of payments. The Indian rupee has depreciated by around 5% this year, amid elevated energy prices and a strong US dollar.