the central location of India at the head of the indian ocean is considered of great significance
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It has given India a strategic advantage due to the Trans Indian ocean routes which connect the countries of Europe in the West and the countries of East Asia.
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Yes it is considered of a great significance because of its location, it has many trade relations with many countries and goods are transported through the various sea routes. The concepts of decimals and Vedas were also shared with other countries through these routes.
Due to its significance, the ocean is named after the country, i.e., The Indian Ocean.
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