2022 in Review: Events that defined India's relations with the world

From India's stand on sanctions on Russia to a trade pact with Australia, take a look at some of the top events that defined India's relations with the world

From a competitive marketplace to a leader of the G20 group, India's geopolitical influence grew significantly in the year 2022. Take a look at some of the top events that defined India's relations with the world:

1. India, a friend in times of crisis

With Russia and Ukraine (the breadbaskets of the world) at war, India extended support to help countries meet their food security needs. According to the commerce ministry, India's wheat exports more than doubled to $1.48 billion during April-September 2022-23 compared to the same period last year.

However, in May, India banned wheat exports, citing a risk to its food security, partly due to the war. Moreover, its wheat harvest suffered from a record-shattering heat wave that stunted production.

2. A balancing act

As a member of the United Nations Security Council (UNSC), India has mostly abstained from resolutions related to the Russia-Ukraine war.

The Indian envoy said: "Dialogue is the only answer to settling differences and disputes, however daunting that may appear at this moment...The path to peace requires us to keep all channels of diplomacy open."

Though India's balancing act drew numerous criticisms from the West, minister of external affairs Subrahmanyam Jaishankar assured that the actions were taken in India's best interest.

3. Oil deal with Russia

The European Union (EU) announced a barrage of economic sanctions to punish Moscow for invading Ukraine, including a ban on Russian seaborne crude oil. As a result, Moscow turned to economies like China and India to buy its oil at a discounted rate.

Russia, which made up just 0.2 per cent of all the oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up more than a fifth of India's oil supplies.

4. China Plus-One Strategy

China's pursuit of the Covid-19 policy, a gradual increase in labour costs, nationwide protests, and strict data privacy prompted companies to look for alternative destinations to diversify their businesses. The China-Plus-One, or just Plus One, placed India in a vantage position to serve as a component in the global supply chain.

5. Free Trade Agreement with Australia

Almost nine months after signing the interim free trade deal, the Economic Cooperation and Trade Agreement (ECTA), Australia ratified the free trade agreement with India that will come into force on December 29.

Under the deal, Australia has agreed to eliminate customs duties on 98.3 per cent of the traded goods and on 100 per cent of tariff lines over five years. On the other hand, India will do away with customs duties on 40 per cent of products and 70.3 per cent of tariff lines over ten years.

The India-Australia ECTA will help almost double bilateral commerce to $45-50 billion in around five years.

6. G20 Presidency

India officially assumed its year-long presidency of the Group of 20 (G20).

Speaking on the occasion, PM Modi said that given how India has carved out a place for itself in the world, how expectations have grown, and how India is increasing its participation on international platforms, receiving the G20 Presidency at this time is a huge opportunity.