India and Monaco
India and Monaco connect tourism, taxation and sustainability discussions. Formal diplomatic relations are more recent than consular contacts.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Consular relations began in September 1954 and diplomatic relations on 21 September 2007.
Cooperation and bilateral issues
The 2018 smart city, marine protection and renewable energy proposals are described as cooperation areas, not completed construction projects.
Cooperation and bilateral issues
The 2018 smart city, marine protection and renewable energy proposals are described as cooperation areas, not completed construction projects.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | ||
| Goods: India to Monaco | ||
| Goods: Monaco to India | ||
| Services trade | ||
| Export share: India to Monaco | ||
| Export share: Monaco to India | ||
| Investment stock: India in Monaco | ||
| Investment stock: Monaco in India |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Some annual indicators refer to different years. Check the period beside each value before comparing them.
| Indicator | India | Monaco |
|---|---|---|
| Nominal GDP | 3.96 trillion USD2025 · WB | 11.13 billion USD2024 · WB |
| GDP per capita | 2,702.48 USD2025 · WB | 288,001.57 USD2024 · WB |
| GDP growth | 7.57 %2025 · WB | 8.51 %2024 · WB |
| Policy interest rate | 5.25 %2026-10-06 · RBI | |
| Inflation · annual average | 2.4 %Annual average · 2025 · WB | |
| Inflation · latest year-on-year figure | 4.82 %provisionalprovisionalYear-on-year · Aug. 2026 · MoSPI | |
| Unemployment | 4.22 %ILO est.2025 · WB | |
| Budget balance (% of GDP) | -7.4 %IMF est.2025 · IMF | |
| Gross public debt (% of GDP) | 84.1 %IMF est.2025 · IMF | |
| Current account balance (% of GDP) | -0.42 %2025 · WB | |
| Population | 1,463,865,5252025 · WB | 38,6312024 · WB |
| Area | 3,287,260 km²2023 · BM / FAO | 75 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDIndia: 2025 · World BankMonaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personIndia: 2025 · World BankMonaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)India: 2025 · World BankMonaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)India: 2026-10-06 · RBI policy repo rate · Reserve Bank of India (RBI) · Access date for Current Rates; does not represent a new decision on 6 October. · Alternative official source; verified 2026-10-06
- Inflation · annual average
- Average annual change in headline CPI (%)India: 2025 · Average annual CPI change (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedIndia: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · MoSPI / Press Information Bureau, Government of India · Published: 2026-09-14 · provisional · Provisional · Combined rural and urban headline CPI, 2024 base; provisional MoSPI figure. Not food or wholesale inflation. Provisional figure or official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionIndia: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)India: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)India: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPIndia: 2025 · World Bank
- Population
- PeopleIndia: 2025 · World BankMonaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceIndia: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOMonaco: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
India to Monaco
| Product or sector | Value / share |
|---|---|
Monaco to India
| Product or sector | Value / share |
|---|---|
Connections between people
Consular relations began in September 1954 and diplomatic relations on 21 September 2007. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from India living in Monaco | ||
| Residents from Monaco living in India | ||
| Study and training: India in Monaco | ||
| Study and training: Monaco in India | ||
| Academic stays: India in Monaco | ||
| Academic stays: Monaco in India | ||
| Travel: India to Monaco | ||
| Travel: Monaco to India |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
Consular relations began in September 1954 and diplomatic relations on 21 September 2007. India's ambassador in Paris is accredited to Monaco. [1]
The scale of both economies
Nominal GDP for India is 3,956.1 billion USD (2025), compared with 11.1 for Monaco (2024). The reference populations are 1,463.87 and 0.0386 million, respectively. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [2] [3] [4] [5]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The 2018 smart city, marine protection and renewable energy proposals are described as cooperation areas, not completed construction projects. [1]
Taxation and financial transparency
Consular relations date to September 1954 and diplomatic relations to September 2007; India maintains accreditation from Paris. Tax information exchange is a specific area: the November 2022 profile records both countries' participation in the multilateral Convention on Mutual Administrative Assistance in Tax Matters and agreements on automatic financial information exchange and country-by-country reports. These tools facilitate investigations and tax risk assessment. They are not equivalent to a general tax exemption or an investment protection treaty. [1]
Environmental cooperation and business contacts
Albert II's February 2019 visit to India included an energy and climate conference organised by TERI and a business meeting with FICCI. A memorandum between FICCI and Monaco Economic Board was signed in that context. Marine protection, biodiversity, pollution and the blue economy are among the identified areas. The May 2018 Indian ministerial visit had addressed smart cities, renewables and coastal tourism. These are cooperation agendas and instruments; the profile does not allow implemented investment or a measured environmental outcome to be assigned to each area. [1]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — IND-MCO
Ministry of External Affairs of India · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07