Gaza Conflict A Major Concern For India, Affecting Oil & Exports, Says S Jaishankar

On Saturday, External Affairs Minister S. Jaishankar recently emphasised, that Gaza conflict has become a major concern for India due to its impact on oil prices and the country’s exports. “These developments are directly costing us.” said Jaishankar.

Addressing the issue during a Q&A session following the Sardar Patel Memorial Lecture on governance, S Jaishankar stated that conflicts anywhere in the world cause ripples everywhere, affecting economies and global stability.

Referring to the ongoing wars in both Ukraine and West Asia, Jaishankar highlighted that the situation worsened after Hamas’s terrorist attacks on October 7 last year and the subsequent Israeli military responses.

The tensions have now expanded to other regions, with Lebanon and other regional actors becoming involved.

“These developments are directly costing us.” said Jaishankar, citing rising shipping costs, higher insurance rates, and surging oil prices.

In addition, India’s exports and international trade have also taken a hit. The stock market also dipped sharply after Iran launched missile strikes against Israel in retaliation for Israeli airstrikes in Lebanon that killed Hezbollah leader Hassan Nasrallah.

Further, Jaishankar discussed the broader implications of global interconnectedness, stating, “Conflicts anywhere now create problems everywhere.” He added that whether it’s the war in Ukraine or the unrest in the Middle East, these conflicts contribute to instability, affecting countries like India.

Meanwhile, India has consistently urged the cessation of hostilities, both in the Russia-Ukraine conflict and the Israel-Hamas war, advocating for a return to diplomacy and peaceful dialogue.

In the case of the Israel-Hamas conflict, India has also called for the release of hostages and emphasized the need to protect civilians and resume humanitarian aid.

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