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Essence: The editorial talks about the impacts and consequences of reshaping and realignment of the world order impacted by Russia-Ukraine crisis. Globalization, which began with the fall of Berlin wall led to opening of trade barriers and free economic participation between countries. It placed trade percentage as an important part of the GDP of the nation. It helped in improving per capita GDP as well.
The integrated world assured that if supplies were linked, the constraints were also linked. But, today, the world is facing food crisis, fertilizer shortage, electronics shortage, which are side effects of the global village created out of integrated economies.
While India looks at bypassing the US sanctions on Russia and conducting trade in local currency, India’s geo-economic advantages must be weighed. India stands to gain more from the trade relations with western world than discounted trade with Russia-China. India holds the potential to drive the geo-economics of the future and could act as a fulcrum to future economic interactions.
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