The military-economic alliance in place in the West since the end of WWII (North Atlantic Treaty Organization, and the European Union), made possibilities of a war breaking out in Europe beyond belief. So, when Russia invaded Ukraine, it sent shockwaves across the world, which was emerging from the chaos of Covid. The impact on the Indian economy was manifold. For a nation critically dependent on imported oil and other key commodities, whose prices rose sharply, it adversely impacted our current account and the value of the rupee. When persistently high inflation due to easy money policy and supply chain shortages led to the US Federal Reserve raising interest rates multiple times, the resulting outflow of money from all markets into the US further accentuated the problem. That said, the Indian economy and the rupee have fared much better than most developing and even developed economies, largely due to robust domestic consumption and active steps taken via monetary and other fiscal policies. While the Indian government and the Reserve Bank of India (RBI) have done a stellar job of...