India-US Relation: In a joint news conference with US Secretary of State Antony Blinken on Tuesday, India’s External Affairs Minister Dr. S. Jaishankar discussed the growing price of crude oil, adding that it is a major problem and is breaking our back. According to Jaishankar, emerging nations are extremely concerned about how their energy needs are met. According to Jaishankar, “India, which has a USD 2,000 per capita GDP, is concerned about the rise in oil prices caused by the crisis in Russia and Ukraine because it is “breaking our back.”
EAM on Defence equipments
EAM also discussed the import of defence equipment, noting that India has a history of using multiple vendors and that for us, the main goal is to find the best price possible in a market that is competitive. “Believe it or not, we have never experienced any issues with the servicing or delivery of spare parts we received in the past from Russia. The source of our military hardware is neither a brand-new problem or one that has altered as a result of geopolitics. We make a decision that serves our country’s best interests.” In reference to the turmoil in Ukraine, Jaishankar stated, “We have taken the position that this conflict is not in anyone’s interest, privately, publically, confidentially.” Returning to conversation and diplomacy is the wisest course of action, he added.
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EAM on Prices of oil
- “We are an economy with a USD 2,000 per capita income, but we are concerned about the price of oil. When the price of oil is out of control and a major problem, “added he. In response to a query regarding a cap on Russian oil, Jaishankar spoke.
- Energy markets are under pressure and must relax, which is of great importance to emerging nations.
- No one has anything to gain from this war. Returning to conversation and diplomacy is the best course of action in the conflict in Ukraine, says Jaishankar.
- I see the US now as being quite receptive to dialogue with India and thinking beyond long-standing alliances. QUAD is also functioning extremely effectively right now and has developed wonderfully. Our connection with the US now provides up a wide range of opportunities for us… I have high hopes for the connection.
- Don’t think there was ever a problem with the servicing or provision of spare parts we received in the past from Russia. The source of our military hardware is neither a brand-new problem or one that has altered as a result of geopolitics. We make a decision that serves our country’s best interests.
- We have a history of using multiple vendors, and for us, the main goal is to find the best bargain possible in a market that is competitive.
- Energy markets that are under pressure must relax. Any event would be evaluated based on how it would impact us and other global south nations. Developing nations are deeply concerned about whether or not their energy needs are being met.
- There will be convergences and best practises that we may use to our advantage and perhaps even pass down to third-world nations.
- I wish to express my gratitude for the US’s robust assistance in combating worldwide terrorism, particularly the US sanction process’ designation of well-known and wanted terrorists.
- India and the US have a keen interest in promoting more robust and resilient supply chains, which calls for both governmental decisions and practical steps engaging corporate communities. We’re concentrating on this.
- We exchanged opinions on working together to address significant regional concerns and global challenges during our discussion today. We also addressed our political cooperation. I want to specifically bring up the crisis in Ukraine and the Indo-Pacific region in this context.
The security of our nation, economy, and technology are all improved by greater cooperation… India’s National Education Policy is of great importance, and we will investigate how best to use it to develop our collaboration.
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Whenever we have been able to offer something in the past, he continued, “we have been open to it.” There are some problems right now, he admitted.
The G-7 nations and the European Union have proposed an oil price ceiling on Russian crude and processed goods to limit the Kremlin’s earnings because the sanctions imposed by western countries have had little effect on Russia.
The price cap, according to a statement from the G-7 Finance Ministers earlier this month, was made particularly to cut down on Russian earnings and its capacity to finance the Ukraine War.
In order to limit the price of Russian oil, the US has requested India to join a coalition. However, New Delhi has stated that it will “seriously analyse” the request before making a decision.
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