A US-Iran peace deal will be cheered by governments around the world. But in India, critically dependent on the Strait of Hormuz for everything from cooking fuel to fertilizers, an end to the energy squeeze of the last three months will only bring short-term relief. That’s because the Middle East crisis has exacerbated a different kind of shortage in the world’s most-populous nation — of capital and ideas. Neither gap will get plugged any time soon.
The two flows are interlinked.
