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Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
4. The fallout from the Ukraine crisis will directly and indirectly impact the Indian economy. Analyze. What steps are needed to protect the Indian economic interests? (250 words)
Difficulty level: Moderate
Reference: Indian Express , Live Mint
Why the question:
India’s trade with Russia has not yet been severely impacted by the rising tensions in the border region of Russia and Ukraine, but there is looming prospect that it could be impacted if wider sanctions on Russia are announced.
Key Demand of the question:
To write about economic impact due to the Ukraine crisis and steps needed to mitigate it.
Directive word:
Analyse – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary.
Structure of the answer:
Introduction:
Begin by giving context regarding the economic fallout from the Ukraine crisis.
Body:
First, direct impact from the crisis – fuel prices, India’s gas requirements and price fluctuations.
Next, write about indirect impact from the crisis – Indian exports to Russia, Indian investments in Russia and impact of sanctions etc.
Next, write about the systemic measures that India must take to mitigate and reduce the negative fallouts from the crisis.
Conclusion:
Conclude with way forward.
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