National interest is not at odds with core values. Recalibrate foreign policy, Pg10

Key Highlights:

• The US and Israel launched a "preemptive war" against Iran, codenamed Operation Epic Fury and Roaring Lion, respectively.
• Ayatollah Ali Khamenei was assassinated, and 2,500 bombs were dropped on 131 Iranian cities in the first 30 hours.
• Iran retaliated asymmetrically with Operation True Promise 4, targeting military and energy infrastructure in the Gulf monarchies.
• Major maritime insurers are cancelling war risk coverage, potentially halting shipping in West Asia and triggering a global financial crisis.
• India is heavily reliant on West Asia for energy imports and remittances, making it vulnerable to the conflict's economic consequences.

Detailed Insights:

• The US-Israeli operation aimed to redraw the balance of power in West Asia, disrupt China's oil lifelines, and reassert the petro-dollar's hegemony.
• Iran's retaliation includes redefining escalation thresholds and activating the Axis of Resistance to deter deeper allied engagement.
• The closure of the Strait of Hormuz has exacerbated the conflict, leading to potential global economic consequences due to insurance repricing.
• India's dependence on oil and gas imports from West Asia exposes it to socio-economic volatility, with rising crude prices impacting inflation and economic growth.
• Disruption of trade with GCC countries will affect fertilizer subsidies for farmers and lead to cooking gas shortages for Indian households.
• Reduced remittances from 9 million Indians in West Asia will compress mass-market consumption and impact India's GDP.
• The current government's foreign policy is perceived as undermining India's position on Pakistan-Occupied Kashmir and dismantling the rules-based world order.

Key Concepts Involved:

• Axis of Resistance: An informal political and military alliance of Iran, Syria, Hezbollah and other non-state actors.
• Petro-dollar: A national currency that is used to price and trade petroleum on the global market.
• Strait of Hormuz: A narrow waterway between Oman and Iran, connecting the Persian Gulf to the Gulf of Oman and Arabian Sea.