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Emerging Economic and Political Conflicts as Threat to Prosperity

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Submitted By beas1993
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EMERGING ECONOMIC AND POLITICAL CONFLICTS AS THREAT TO PROSPERITY

Biyash Chakraborty
MBA- International Business
Email: chakraborty.biyash93@gmail.com
University of Petroleum and Energy Studies,
Dehradun. (Uttarakhand), INDIA
__________________________________________________________________________
Abstract
India’s rapid economic growth has made it the second fastest growing energy market in the world. Its domestic and international strategies has produced foreign policy differences with the United States that will require careful management on both sides. India’s basic approach to energy diplomacy has been to develop its supply potential and neutralize its potential competitors, principally China. India’s strategic interest in Iran as its energy partner and then the Iraq crisis are having a negative consequence on its economic prosperity, placing it on crossroads with the US. There is a divide between US and EU about the wisdom and desirability of imposing harsh economic sanctions on Russia. In any such confrontation, EU stands to lose much more than the US, though it can be argued that Russia will be the worst loser. In future, Russia may try to find new potential market for its gas and that could be India. So it is important for India to take its stand on Ukraine crisis carefully without tarnishing its relation with USA. India’s long-term prosperity hinges to some degree on a conflict free neighborhood; that an economically integrated region is in India’s overall security interests.
Keywords: oil crisis, energy diplomacy, Ukraine Crisis, trade agreement, SAARC Nations
Literature Review
Indian foreign policy has always concentrated around major powerful nations like USA and Russia. The research which has been done so far is focused on building relations with these nations. We see that a lot of work has been done in this field- there is a

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