After the human cost, the economy is the biggest casualty of war. This has been made amply clear by how the Indian and Pakistani stock markets have reacted to the Indian Air Force’s (IAF) aggression inside Pakistani territory on Tuesday morning. According to reports, India’s Sensex plunged 500 points in opening deals and Nifty slipped below the 10,740 level. Indian brokers noted that market sentiments were down as domestic institutional investors initiated a fresh round of selling. Meanwhile here in Pakistan, the Karachi Stock Exchange (KSE) slipped 1,491 points to the 37,330 level after closing at 38,821 the previous day.
The subcontinent is one of the poorest regions in the world. A 2018 World Bank report entitled Poverty and Shared Prosperity showed that India had over 170 million people living in poverty (with the poverty line being set at $1.90) in 2015, while Pakistan had 9.9 million. In such a situation, it is both irresponsible and callous of politicians, military personnel as well as media personalities to engage in war-mongering.
Not only does the militaristic jingoism that has been broadcast from television screen and twitter accounts lead to events like India’s recent violations which shook the economies of these impoverished countries, it also makes it harder for India and Pakistan to get out of the vicious arms race they have been embroiled in for years. The two states continue to spend billions every year in attempts to one-up each other in terms of military superiority, while millions of their citizens remain deprived of the basic amenities of life; including decent diets, potable water, education, healthcare, and shelter.
New Delhi in particular needs to realise that even though India has made massive economic strides in the past decade, not all Indian citizens have benefited from this. As such, it must seek a peaceful solution to the Kashmir dispute and the issue of cross border terrorism. These problems cannot be resolved while India and Pakistan are firing across the border at one another. However, this will not happen while Indian anchors and journalists are actively promoting illegal cross-border adventures and the cutting off of cultural and trade ties with Pakistan.
It is hoped that better sense prevails in the days to come, and the resources currently being wasted on bombs and bullets can be diverted towards making this a more prosperous subcontinent for all.
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