This study addresses the growing importance of the Indian Ocean Region to the littorals and non-littoral states including the super powers. After the departure of Great Britain from the area it remained neglected till early 70's when the oil embargo by the Arabs brought home the importance of a region which produces largest amount of oil. The study reveals that the super powers are not only present in greater strength than ever before but are working hard to create stable areas of influence. The littorals, led by India, are against super power presence and see a danger in super power rivalry. Indian perceptions form a major portion of the study which concludes with a recommended role for India, as most Indians see it today.