Global Economy is going through a period of turmoil these days due to Ukraine war and sanctions on Russia. This has disrupted the world supply chain.
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Wheat Prices Increase : The world is in economic crisis these days.Economic Crisis) is passing through. Less affluent countries are troubled by the pandemic and high fuel prices. The Ukraine war has blocked vast stocks of commodities such as wheat. Due to which the price of wheat is expected to increase. Western sanctions against Russia have reduced trade options for all countries. The most vulnerable people have been affected the most by this. New markets and new economies are also emerging. Global Economy (Global Economy) Ukraine is going through a period of turmoil these days due to war and sanctions on Russia. This has disrupted the world supply chain.
Explain that the prices of food, fuel and fertilizers are increasing and food security is in danger. Due to which the prices of wheat can increase in the country. If the prices of wheat increase, then the budget of the people’s house can deteriorate. Because the effects of the Ukraine war have worsened the gloomy outlook for the global economy. It is already under pressure due to the impact of the Corona epidemic and bitterness in relations with China between the US and the United Kingdom.
India’s time has now begun in the G20, next year i.e. by November 30, 2023, India will lead the group of 19 richest countries and the European Union. All these account for 85 percent of the gross world product and 60 percent of the world’s population. At a time when the world is going through a phase of transformation, India being the chair of the world’s richest and politically most influential group of countries will present many opportunities and challenges.
Sanctions against Russia made it difficult
Among the immediate challenges facing India will be to use its presidency to bring an end to the Ukraine war. In his first speech as the chairman of the G20 group, Prime Minister Narendra Modi reiterated his old advice to Russian President Vladimir Putin. PM Modi has reiterated the point included in the G20 declaration in Bali that this is not an era of war.
India’s Vasudhaiva Kutumbakam became a pillar
Now as the G20 President, India will be able to use enough power. Along with the summit, it will host a parallel meeting of Sherpas and meetings of finance ministers and heads of reserve banks around the world. Here India will demand reform in the economic governance of the world. India will also be able to use its position on Bretton Woods institutions like World Bank and IMF. During this, India will be able to strengthen its claims of leadership of Third World countries even more. There are many countries which are unable to expose their problems in front of the bullying of the West and China.
India will provide strength to such countries. Along with improving the global economic governance, India can also press for the reform of the UN Security Council which is long overdue. According to estimates, next year, India will become the most populous country in the world, surpassing China. In such a situation, there should definitely be an increase in its stature.
English News Headline : The budget of the house may deteriorate on Wheat prices increase
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