India's 'Boycott Turkiye & Azerbaijan' drive: How much money could they lose for backing Pakistan?

Indian businessman and RPG Group Chairman Harsh Goenka indicated that the combined financial loss for Turkey and Azerbaijan could exceed ₹4,000 crore ($480 million) annually if Indians refused to visit them.

Amid rising geopolitical tensions, the decision of Indians to boycott Turkiye and Azerbaijan for their alignment with Pakistan is expected to have significant economic repercussions — potentially costing both nations more than ₹4,000 crore ($480 million) in annual tourism revenue.

Indian businessman and RPG Group Chairman Harsh Goenka indicated that the combined financial loss for Turkiye and Azerbaijan could exceed ₹4,000 crore ($480 million) annually if Indians refused to visit them.

He wrote on X, “Indians gave more than ₹4,000 crore to Turkiye & Azerbaijan last year through tourism. Created jobs. Boosted their economy, hotels, weddings, flights. Today, both stand with Pakistan after the Pahalgam attack. Plenty of beautiful places in India & the world. Please skip these 2 places. Jai Hind.”

Traders, film associations, and even universities have registered their protest and cut off ties with these countries. Meanwhile, the Indian government revoked security clearance for Turkish ground handling firm Celebi Airport Services. Celebi handles ground handling at two of India's largest airports - Delhi & Mumbai.

Tourism

It is reported that nearly 3.3 lakh Indian tourists visited Turkiye last year, up from 2.7 lakh in 2023. Tourism is a major source of income for Turkiye, earning over $54 billion last year. Indian travellers are considered important because they often spend on good hotels, shopping, and sightseeing. If Indians stop visiting, Turkiye could lose thousands of crores of rupees in income.

Azerbaijan saw around 2.5 lakh Indian tourists in 2024, a big jump from just 60,000 in 2022. On average, each Indian tourist spends about $1,276 (roughly ₹1 lakh) during their trip. If Indians stop going there, Azerbaijan could lose over ₹2,500 crore every year from tourism alone. This means Azerbaijan could lose more than $310 million (around ₹2,500 crore) every year if Indians continue to boycott the country..

Export revenue

Around 70% of India’s marble imports come from Turkiye, which is worth Rs 2,500 crore to Rs 3,000 crore per year. According to reports, the Udaipur Marble Processors Committee has suspended imports of Turkish marble in view of the boycott. India is Turkiye's second-largest marble buyer, accounting for 23% of its marble exports—worth $156 million—highlighting just how crucial the Indian market is to Turkiye’s natural stone industry. China currently imports about 64% of Turkish marble, and if India withdraws from the market, Turkiye would likely need to rely even more on China to make up for the loss.

Apples, which India mostly imports from Turkiye, valued at nearly Rs 1000 crore would be procured from other markets such as Iran and New Zealand. Over recent years, Turkiye has increased its fruit exports to India and has b Turkiye is among the top suppliers of apples to the Indian market, alongside countries like the US, China, and Poland.

A whopping trade of around Rs 5,293.77 crore was made in 2024 in mineral fuels, oils, distillation products between India and Turkiye, according to Trading Economy. Losing India as a customer would force Turkiye to find new markets, which may not be as lucrative or stable. For India, the absence of Turkish products could force a shift to alternative suppliers, possibly at higher prices or with less favorable terms, impacting energy costs and the broader economy.

In 2024, India imported more than Rs 6,000 crore worth of crude oil from Azerbaijan, making it a significant energy supplier. Other major items through which these countries could lose export revenue include precious items such as pearl and metal, defence equipment, edible fruits and nuts, textile.

What does this boycott signify?

The economic fallout from a sustained Indian boycott of Turkiye and Azerbaijan could be significant, impacting tourism, trade, and diplomatic relations. For India, this also presents an opportunity to explore new trade partnerships and promote domestic tourism, aligning economic decisions with national interest.

Apart from the boycotts, India's decision to supply arms to Armenia, amid its ongoing tensions with Azerbaijan, underscores a calculated shift in foreign policy. According to reports, Armenia received Indian-made PINAKA multi-barrel rocket launcher systems, anti-tank missiles and radar systems. This approach highlights India's intent to assert its influence in regional affairs while reducing dependency on nations whose actions conflict with its strategic priorities.