Topic: Effect of policies and politics of developed and developing countries on India’s interests,
5) The developments in Venezuela offer huge advantages for Indian economy. Comment.(250 words)
Why this question
The recent political crisis may not be in the interest of the country or the world in general but it offers benefits to countries like India and China. In this context it is important to discuss these developments and their effects on Indian economy.
Comment- here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Key demand of the question.
The question wants us to express our knowledge and understanding of the recent political crisis in Venezuela and express our opinion as to how it will impact Indian economy.
Structure of the answer
Introduction- write a few introductory lines about the recent crisis in Venezuela. E.g mention the formation of interim government by opposition leader and his recognition by the US etc.
Discuss the India- Venezuela relationship and how India could benefit from these developments. E.g
Venezuela was the fourth-biggest crude supplier to India — after Iraq, Saudi Arabia and Iran.
“The quality of Venezuelan oil has been deteriorating after years of under-investment and aging infrastructure,
This means it’ll be tough for Venezuela to sell more oil to new markets and customers outside of traditionally active buyers in China and India.”
US sanctions against Venezuela could further help India getting cheaper supplies of oil.
India could explore a rupee-payment mechanism for trade with Venezuela, besides exporting rice and drugs to the South American nation, all in return for crude oil etc.
Conclusion– based on your discussion, form a fair and a balanced conclusion on the given issue.