Raghuram Rajan recently sent out a dire message about weapons of mass destruction. “When fully unleashed, (these) WMDs… destroy firms, financial institutions, livelihoods and even lives. They inflict pain indiscriminately, striking both the culpable and the innocent,” he warned.
The former Reserve Bank governor was not talking about nukes or chemical agents or bioweapons; his warning was about the dramatic and sweeping set of economic sanctions that the western powers have slapped on Russia following its invasion of Ukraine.
“If used too widely, they could reverse the process of globalisation that has allowed the modern world to prosper,” he said.
It is a warning for India, too. “India was a closed economy once, but our global integration has increased over the last 30 years and is now very high. So the impact on a globally interconnected economic system is going to be severe,” said Pradeep Multani, president of the PHD Chamber of Commerce and Industry.
While the government played down a similar scenario battering the Indian economy, it has not stopped future possibilities being played out where India bears the brunt of a similar economic chokehold, over its nuclear arsenal or maybe Kashmir. “The sanctions by the US and other western countries against Russia have triggered a fresh debate on international trade,” said K.R. Sekar, president of the Bangalore Chamber of Industry and Commerce and partner at Deloitte India.
この記事は THE WEEK の April 10, 2022 版に掲載されています。
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この記事は THE WEEK の April 10, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
SAHEB LOSES STEAM
Coalition dynamics and poor electoral prospects continue to diminish Ajit Pawar's political stock