When economics becomes big, it is strategic. That used to be something Manmohan Singh used to say. This week, as Prime Minister Narendra Modi sealed a landmark state visit to Washington, we saw a different picture. Geopolitics determines trust, strategy and future economics. In a world where technology choices will determine foreign policy, India and the US are betting big on each other.
India is in a geopolitical sweet spot. A year ago, it was in the crosshairs of global opprobrium for refusing to condemn Russia’s invasion of Ukraine, and later for buying Russian oil. A year later, that opportunism is a virtue. India’s exports of petroleum products stabilised global energy markets, controlled inflation and kept India on a steady growth path.