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It’s time for India’s economy to shine

Indian prime minister Narendra Modi. Photo: Reuters

India’s refusal to take a side over Russia’s invasion of Ukraine is typical of a geopolitical approach that aims to keep everyone onside – to India’s advantage. Doing so helps the country to keep inflation in check, the one threat to an exceptionally powerful domestic story that is enticing the banking sector.

In March, as his BJP party headed for a decisive election victory, Indian prime minister Narendra Modi struck a statesman’s tone in a speech to his party workers in New Delhi. Explaining his decision to abstain from a UN General Assembly resolution to censure Russia over its invasion of Ukraine, he said: “India is on the side of peace and hopes that all problems are resolved with deliberations.”

But beyond Modi’s 'Give peace a chance' narrative was another more relevant explanation. “India has a connection with countries involved in the war – economically, security-wise, education-wise and politically as well,” he said. “India’s several needs are connected to these countries.”

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Chris Wright head.jpg
Asia editor Euromoney
Chris Wright is Asia editor. He covers the Asia Pacific region and is based in Singapore. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. He has also written two books.
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