It’s time now for the nation to prepare for the worst as the ongoing war between Russia and Ukraine is showing no signs of slowing down. If the war continues, India will be unable to meet its energy needs due to the exorbitant rise in crude oil price. Thankfully for India, at present the crude oil price has come down from US$ 139 to US$ 110 per barrel as the sanction imposed by the United States (US) and United Kingdom (UK) against Russian oil and gas imports, has proved to be ineffective due to the non-cooperation of many European countries. But the relief may not last long because both the US and UK are putting enormous pressure on these countries to corner Russia economically. They are working to stop Moscow from invading Ukraine at the earliest. Washington has even asked India to stop military cooperation with Russia for the same purpose, knowing well that New Delhi cannot adhere to it as the Indian Army is largely dependent on Moscow for ammunition spares. All these developments prove that the US and it’s allies will not leave any stone unturned to put pressure on Russia, without being directly involved in the war. As India has already adopted a neutral stand and issued a call for peace, both warring sides are unpleased with New Delhi and will try to exert its pound of flesh at the slightest provocation. The breaking up of the Non-Aligned Movement (NAM) has also contributed to India’s woes as in the absence of a proper forum, no other countries have dared to stand beside New Delhi fearing the wrath of the superpowers. In all, India is in trouble for advocating peace and non-violence.
As it is now clear that not many nations will stand beside India during this crucial period, the country will have to adopt a comprehensive strategy to keep the situation under control. First and foremost India should take effective measures to ensure that fuel prices do not reach a new high and put inflationary pressure on the economy. To achieve this goal, the government may think of cutting excise duty further. It may be mentioned here that during the last financial year, the government collected INR 3.7 lakh crore on excise duty. In the ongoing financial year, the excise duty collection has already crossed INR 3 lakh crore. So, if the government cuts the excise duty now, the collection will be over INR 3.5 crore. The excise duty cut will definitely negate the inflationary pressure on the economy. There can be no good news for the economy if inflation remains under check. Along with this, the country should spend more money in the infrastructure sector to attract investments. It should be remembered that the fire in Europe will not be doused easily and sooner than later investors will be looking for new avenues. India should try to attract investors who want a peaceful atmosphere for their business interests to prosper. India should work hard to grab this opportunity and remove all adversities to peace and business.