Just last week, an attack on a tanker off the western coast of India sent shockwaves through the country. The vessel, carrying valuable oil from Saudi Arabia to the Mangalore Port in southern India, fell victim to an explosion and fire. Prime Minister Narendra Modi had earlier called for dialogue and restraint to deal with the Israel-Hamas crisis. India had also voted in favour of a humanitarian ceasefire at the United Nations. But there is no end in sight for the conflict, which has dragged on for over two months. The costs of the crisis are now being paid by countries across the world as Houthi rebels vow to continue the attacks.
Credits:
Producer : @AnkitPanwarr
Script Editor : Prachi Khanna
Script Writer : Ayaan Kartik
Credits:
Producer : @AnkitPanwarr
Script Editor : Prachi Khanna
Script Writer : Ayaan Kartik
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NewsTranscript
00:00 Just last week, an attack on a tanker off the western coast of India sent shockwaves through the country.
00:06 The vessel, carrying valuable oil from Saudi Arabia to the Mangalore port in southern India,
00:11 fell victim to an explosion and fire.
00:14 This incident has prompted India to take decisive action and deploy three warships to the Arabian Sea,
00:20 serving as a "force deterrent" in the precarious Red Sea region.
00:24 The increasing economic and military power of India has filled some of its powers with jealousy and hatred.
00:36 The drone attack on the Yamvicham Pluto in the Arabian Sea and the attack on the Yamvi Sai Baba in the Red Sea
00:46 were seriously taken by the Indian government.
00:50 The Indian Navy has increased its maritime surveillance. Whoever has committed this attack,
00:56 we will also throw them out of the sea and a harsh action will be taken against them.
01:02 I want to assure you.
01:04 Why has India found itself in this tough spot?
01:09 Well, the answer lies in the sheer volume of trade flowing through the Red Sea.
01:13 Approximately 200 billion dollar worth of India's exports pass through this vital maritime channel.
01:20 Any disruption to the stability and security of this route poses a significant threat to India's economy
01:25 and as well as to the global trade ecosystem.
01:28 So, what exactly is the Red Sea crisis, and why has India deployed warships?
01:33 How will this crisis affect India and global trade if the Red Sea turns into a battleground?
01:39 Join us as we explore the intricacies of this evolving situation and its potential ramifications on the world stage.
01:45 Israel's War With Hamas Has Thrown The Entire Middle East Into A Crisis
01:52 Israel's war with Hamas has thrown the entire Middle East into a crisis.
01:57 Israeli army's ongoing operations in the Gaza Strip have angered several Arab nations,
02:02 sparking protests by thousands on the streets across the region.
02:06 Opening a new front against Israel, Yemen's Houthi rebels have launched several drones towards the country in last few months.
02:14 What started as a regional conflict has now spilled over to the global stage,
02:18 with the rebels deciding to target ships passing through the Red Sea.
02:22 Cargo ships found themselves in the crossfire on December 3rd when a Houthi attack hit three ships.
02:28 Since then, the situation has continued to worsen as the rebels escalated their attacks on the ships.
02:35 Several companies have refused to take the route and have diverted the shipments to the Cape of Good Hope.
02:40 Houthis vowed to "prevent Israeli ships from navigating the Red Sea and Gulf of Aden
02:46 until the Israeli aggression against our steadfast brothers in the Gaza Strip stops."
02:51 The West has been forced to come to the defense of ships passing through the narrow channel.
02:56 United States Navy has shot down several drones to protect global supply chains as part of its Operation Prosperity Guardian.
03:03 Some chinks have appeared in the strategy as American ally EU backtracked
03:07 after committing to join the operation to protect the ships.
03:11 The Houthis' reckless attacks on commercial shipping in the Red Sea
03:15 threaten the free flow of commerce in the region's vital waterways,
03:19 endanger innocent ship workers, and are a flagrant affront to international law.
03:24 Simply put, these attacks threaten global prosperity.
03:28 Yesterday, the Department of Defense announced the establishment of Operation Prosperity Guardian,
03:33 a multinational security initiative focused on advancing security in the Red Sea in the face of this threat.
03:39 United States and Iran have traded blows over the situation.
03:43 President Biden's administration has blamed the Iranian regime for the crisis,
03:47 while Tehran has rejected the allegations.
03:50 Anyone thinking of taking advantage of the situation, I have one word, don't. Don't.
03:58 Not only Houthis, Iran-backed Hezbollah has also attacked Israel, sparking fears of widening of conflict.
04:05 Iran has vociferously opposed Israel's attacks on the Gaza Strip.
04:09 Visuals of meeting with Hamas leadership have also gone viral in the past two months.
04:15 Red Sea turning into a battlefield has come as a setback for India at a time
04:19 when exports have seen a decline in the first eight months of the financial year.
04:23 India's trade with Israel is also expected to see an impact as it depends on Eilat port
04:28 located on the southern coast of the country.
04:31 Ships taking the Cape of Good Hope route would hurt shipments to India due to increase in cost and time.
04:37 For example, a ship from Italy to India would take nine days to reach the country via the Ray Sea route
04:43 but three weeks if it comes from the Cape of Good Hope.
04:46 Indian exporters are anticipating an increase in freight rates of up to 25%
04:51 and a rise in insurance premiums as well.
04:54 Experts express concern that if the disruption continues for an extended period,
04:58 trade could suffer significantly.
05:01 The ongoing attacks by Iran-backed rebels could also fuel imported inflation
05:05 and lead to higher costs of capital goods and raw materials for corporate India,
05:09 which is on the verge of a new investment cycle.
05:12 India also heavily relies on fuel shipments from the Middle East,
05:16 particularly from Saudi Arabia and Iraq.
05:19 Any disruption in this route can be problematic for India's demand for oil
05:23 and can lead to huge spike in oil prices.
05:26 That's not the end.
05:28 The disruption in the Red Sea route will push up the prices of Indian agricultural products
05:33 by 10 to 20% since shipments would need to be rerouted.
05:37 Additionally, the Middle East issue will also impact Basmati rice shipments.
05:42 According to a report, the government may need to explore an alternative route for shipments,
05:47 which could result in a price increase of about 15 to 20%.
05:51 Leaders are now worried about the escalation of the crisis in other important trade routes.
05:56 Prime Minister Narendra Modi had earlier called for dialogues and restraint
06:00 to deal with the Israel-Hamas crisis.
06:03 India had also voted in favor of a humanitarian ceasefire in the United Nations.
06:08 But there is no end in sight for the conflict which has dragged on for over two months.
06:13 The costs of the crisis are now being paid by countries across the world
06:18 as Houthi rebels vow to continue the attacks.
06:21 [Music]