Implications

A global energy crisis of unparalleled scope and complexity is currently roiling the planet. Although the crisis is most acute in Europe, it is having a significant impact on markets, regulations, and economies all over the world. Europe was the region most impacted by the crisis since the Ukraine conflict where Russia’s supplies to Europe were disrupted. The nation took action to mitigate the effects of the crisis as a result of this interruption, one of which was the urge to find new sources of energy. The African continent is rich in energy resources, but the question that remains is whether it will be able to replace Russia in meeting Europe's energy needs.

The current state of the world economy can be linked in large part to global uncertainties, the escalating crisis in Ukraine, the volatility of commodity prices, tight monetary policy, and other factors. Nevertheless, the World Bank said in its most recent analysis on India's development that the country displayed more resilience to global shocks and better than anticipated quarterly growth figures. In recent years, India's economy has become one of the world’s most dynamic and fastest-growing, and it is now largely regarded as an emerging economic power. India's large and rising workforce, its massive domestic market, and a number of economic reforms and laws meant to encourage it are just a few of the factors that have contributed to the country’s economic success. India is now the fifth-largest economy in the world. India’s emergence requires the assessment of the factors and the signs that India is growing to be a significant global power and its implications.