{"id":175354,"date":"2022-03-22T20:23:25","date_gmt":"2022-03-22T14:53:25","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=175354"},"modified":"2022-03-22T20:25:12","modified_gmt":"2022-03-22T14:55:12","slug":"when-west-weaponizes-sanctions","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/when-west-weaponizes-sanctions\/","title":{"rendered":"When West Weaponizes Sanctions"},"content":{"rendered":"\n

News: <\/span><\/b>Recently, the Indian PM pointed towards the domestic political stability in the face of external threats and challenges like global conflict, instability and mounting inflationary pressures.<\/span><\/p>\n

Consequences of the ongoing Russia-Ukraine Conflict and the economic sanctions<\/span><\/b>\u00a0<\/span><\/h5>\n

The military campaign in Ukraine has destabilised the European security order<\/strong>. The western economic sanctions on Russia are destabilising the global economic order<\/span>\u00a0<\/span><\/p>\n

Due to the ongoing crisis, <\/span>India<\/span><\/b> and <\/span>developing countries<\/span><\/b> are going to pay a heavy price. The unintended consequences may range from rising commodity prices<\/strong> to shrinking markets, from devalued currency to fiscal constraints at home.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

–<\/strong> India is also facing challenges of rising price of oil, gas, coal, fertilisers and vegetable oils. <\/span>\u00a0<\/span><\/p>\n

The developing economies are already facing risk of another wave of COVID-19. If it comes, it may slow down the global trade and the movement of people across the world.\u00a0<\/span>\u00a0<\/span><\/p>\n

What measures can be taken to address the situation?<\/span><\/b>
\n<\/span><\/h5>\n

Short Term<\/b>\u00a0<\/span><\/p>\n

It is in everyone\u2019s interest that a ceasefire be immediately declared by Russia.<\/strong><\/span><\/p>\n

It is also equally in global interest that the US and EU step back from the reckless attempt to weaponize global economic links<\/strong>. <\/span>\u00a0<\/span><\/p>\n

There is a need to focus on <\/span>inflation<\/span><\/b> control<\/span><\/b>, <\/span>employment generation, external economic<\/span><\/b> & <\/span>security challeng<\/span><\/b>es<\/strong> and internal social and political stability.<\/span>\u00a0<\/span><\/p>\n

India<\/strong>:<\/p>\n

–<\/strong> India has very well resisted US pressure on Indian purchase of Russian oil. India cannot afford to ignore low-cost options<\/strong> considering India\u2019s external dependence in oil and gas.<\/span>\u00a0<\/span><\/p>\n

–<\/strong> India has the opportunity to discuss common issues<\/strong> important for India and the global south in the upcoming G20 Summit<\/strong> next year (India to host). These issues are related to the comprehensive national power through the building of economic, social and human capabilities<\/span>\u00a0<\/span><\/p>\n

–<\/strong> The \u201cneighbourhood first<\/strong>\u201d should be India\u2019s foreign policy priority. There is a need to improve India\u2019s relations with its neighbourhood. Stability and peace in our neighbourhood should be part of our strategy for <\/span>building comprehensive national power.<\/span><\/b> For example, India has renewed ties with Sri Lanka.<\/span>
\n<\/span><\/p>\n

Long Term<\/b>\u00a0<\/span><\/h5>\n

Sustained economic growth<\/strong> is needed to generate the revenues needed to fund the welfare programmes.<\/span>\u00a0<\/span><\/p>\n

–<\/strong> India would have to grow at 9% per annum over the next five years<\/strong> so that India can grow from the current level of $2.7 trillion to $5 trillion economy by 2022.<\/span><\/p>\n

–<\/strong> India needs to expand its nuclear and renewable energy programmes<\/strong> to reduce India\u2019s external energy dependence.<\/span><\/p>\n

–<\/strong> India\u2019s RuPay card can be promoted<\/strong> both at home and abroad. It can insure against potential threats to the SWIFT system.<\/span><\/p>\n

S<\/span><\/b>ource: <\/span><\/b>The post is based on an article \u201c<\/span>When West Weaponizes Sanctions<\/span><\/b>\u201d published in the Business Standard<\/strong> on 22nd<\/sup> Mar 22<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

News: Recently, the Indian PM pointed towards the domestic political stability in the face of external threats and challenges like global conflict, instability and mounting inflationary pressures. Consequences of the ongoing Russia-Ukraine Conflict and the economic sanctions\u00a0 The military campaign in Ukraine has destabilised the European security order. The western economic sanctions on Russia are… Continue reading When West Weaponizes Sanctions<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,212],"class_list":["post-175354","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704779314},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/175354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=175354"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/175354\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=175354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=175354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=175354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}