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1. India’s main position: Support peace and diplomacy • India has not taken sides openly in the conflict involving the Israel, Iran, and the United States. • Instead, India is calling for peace, dialogue and diplomacy. • External Affairs Minister Subrahmanyam Jaishankar said the sovereignty and territorial integrity of all states must be respected. ⸻ 2. India has major stakes in the region India cannot remain unaffected because: Energy security • India imports over 88% of its oil. • Oil prices have surged to levels last seen after the Russian invasion of Ukraine. • Rising oil prices can increase inflation and affect India’s economy. Critical shipping route risk • Around 50% of India’s crude oil and LNG imports pass through the Strait of Hormuz. • More than 80% of India’s LPG imports also move through this route. • If the Strait gets blocked, India’s energy supply will be severely affected. ⸻ 3. Safety of Indian diaspora • Nearly 1 crore Indians live in the Gulf region. • Their safety and livelihoods are very important for India. • The government is in touch with regional governments to ensure safety and possible evacuation if needed. ⸻ 4. India’s diplomatic balancing India maintains relations with all major actors in the conflict: • Israel • Iran • United States • Gulf states like Saudi Arabia and United Arab Emirates Because of this balanced diplomacy, India is urging de-escalation rather than taking sides. ⸻ 5. Recent developments mentioned • India allowed three Iranian ships to dock at Indian ports. • One of them, IRIS Lavan, reached Kochi. • This happened after the sinking of IRIS Dena by the US in the Indian Ocean region. ⸻ 6. War spreading beyond main battlefield • The conflict is expanding geographically. • The island nation Cyprus was attacked by a drone. • The drone is believed to be launched by Hezbollah, which is supported by Iran. ⸻ 7. conclusion • Neither side appears ready to step back. • The situation remains dangerous and unpredictable. • India should oppose expansion of the war and push strongly for diplomatic solutions.

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1. 250 years of The Wealth of Nations • In 1776, Adam Smith published the book “An Inquiry into the Nature and Causes of the Wealth of Nations.” • The editorial revisits the ideas of this book after 250 years. • The book is one of the most important works in economics. ⸻ 2. Wealth of a nation means productive capacity • Smith argued that a country’s wealth is not gold or money. • Real wealth is the ability of society to produce goods and services. • Economic progress should improve living standards of ordinary people. ⸻ 3. Focus on production and division of labour • Smith highlighted division of labour (people doing specialized tasks). • Specialization increases efficiency and productivity. • Example: different workers performing different steps in production. ⸻ 4. Self-interest drives economic activity • Smith said people act out of self-interest, not charity. • Famous idea: • We get dinner not from the kindness of the butcher, brewer, or baker, but from their desire to earn profit. • Markets allow people to exchange goods for mutual benefit. ⸻ 5. Markets work through exchange and independence • Market exchange allows people to deal as equals. • It reduces dependence on charity or hierarchy. • But markets must be supported by institutions, education, and social norms. ⸻ 6. Criticism of mercantilism • Smith strongly criticized mercantilism (government policies that tried to control trade and accumulate gold). • He believed such policies often benefited powerful merchants and monopolies, not society. ⸻ 7. Suspicion of concentrated power • One major idea of Smith: be cautious of concentrated economic power. • Merchants and businesses often try to influence governments for their own benefit. • Policies should not allow special interests to capture the state. ⸻ 8. Concern about inequality and poverty • Smith acknowledged the problem of poverty. • Poverty can become invisible in large societies. • Economic growth must also consider human dignity and social welfare. ⸻ 9. Division of labour can have negative effects • Extreme specialization can make work boring and mentally limiting. • Smith suggested public education to reduce this effect. ⸻ 10. Relevance today • The book remains important because it warns about: • Monopolies • Corporate influence on government • Concentration of wealth and power • Smith supported markets but did not support unchecked corporate power. ⸻ Core takeaway: Smith supported free markets, but he also warned that economic and political power should not become concentrated in the hands of a few, because it harms society.

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