Due to the war in the Middle East, India will change its development strategy for the first time in six years.
elchi reports that, according to The Economic Times, for the first time since 2020, India is reconsidering its self-sufficiency strategy to protect supply chains amid economic turmoil.
The source notes that Indian Prime Minister Narendra Modi has instructed the government to review the country’s national development strategy, the Atmanirbhar Bharat (Self-Reliant India) project.
This strategy proposes a review of measures to ensure the structural resilience of the economy. The Cabinet Committee on Security will oversee the development of the updated strategy. It will be tasked with assessing the impact of a blockade of the Strait of Hormuz on the Indian economy.
On April 12, it was announced that the US began blockading the Strait of Hormuz after key agreements with Iran were violated. The US Navy is tracking and detaining ships paying duties to Iran in international waters and also plans to clear mines in the area.
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