India’s quiet front in the resource war
By Shayak Mazumder
There are two ways to read the Prime Minister’s appeal in Secunderabad on 10 May 2026. The first is the obvious one: gold, fuel, foreign travel, edible oil — discretionary dollar outflows the country can defer in a hard quarter. The second is more useful. The world has entered a generalised resource war, and a nation’s strategic position is now defined by what it cannot produce at home.
The war on Iran has pushed crude above $100 a barrel. India’s foreign exchange reserves have fallen from $728.5 billion before the war to $690.69 billion by 1 May 2026. The rupee is trading near 95. But energy is only the visible front.
A Stockholm International Peace Research Institute analysis this year describes critical minerals as having undergone “politicisation, securitisation, and militarisation” — linking them directly to conflict dynamics in Ukraine, the DRC, Greenland, and Venezuela. In February, the...
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