The Fallout of Israel and America’s Illegal War against Iran on India and the World

The appeals made by the Prime Minister of India to the populace of the country are part of global mitigation measures announced by different countries in the aftermath of Israel and America’s ill-conceived and illegal war against Iran, and the destruction it has wrought on India and the world.

In this context, the ongoing war in the Middle East has especially been painful for India. For a country that imports more than 80% of its crude oil, and 60% of its natural gas, as well as many precious forms of fertilizers for its agricultural sector, the war has particularly been a source of immense concern for India. Therefore, it becomes essential to analyze the impact of the ongoing war on India’s economy.

Forex Reserves in a Freefall

Foreign exchange reserves, also known as forex reserves, are the monetary resources a country uses to pay for the imports of goods and services from other countries. In the context of India, crude oil, gold, and fertilizers account for the lion’s share of the outgoing foreign exchange reserves in India. Since the commencement of the war on February 28, India’s forex reserves have been over $750 billion, enough to service more........

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