Some of the recent international economic issues in India include:
- Trade disputes: India has been involved in various trade disputes with countries such as the United States, China, and the European Union. These disputes often arise due to issues such as tariffs, subsidies, and intellectual property rights.
- Global economic slowdown: The global economic slowdown, caused by factors such as the COVID-19 pandemic and trade tensions, has affected India’s economy. India has experienced a decline in growth rates, and industries such as automobiles and real estate have been adversely affected.
- Rising crude oil prices: India is a major importer of crude oil, and rising oil prices can have a significant impact on its economy. Higher oil prices can lead to inflation, a decline in the value of the rupee, and an increase in the trade deficit.
- Climate change: Climate change is a major global issue that affects economies worldwide. India has been taking steps to address climate change, such as investing in renewable energy sources and promoting energy efficiency. However, the transition to a low-carbon economy can be challenging and may require significant investments.
- Cybersecurity: As India becomes increasingly digital, cybersecurity has become a major concern. Cyber attacks can lead to significant economic losses, and protecting against these attacks requires investment in cybersecurity infrastructure and training.
- Multilateralism: India has been a strong supporter of multilateralism and has been involved in various international organizations such as the United Nations and the World Trade Organization. However, the rise of nationalism and protectionism in some countries has led to a questioning of the benefits of multilateralism, which can impact India’s economic relationships with other countries.