The latest exchange between Iran and Israel, the most serious breach of their fragile April ceasefire, has threatened to throw the Middle East into turmoil once again. But as has been the case since the war began on February 28, its fallout has impacted the world. And the world, exhausted and economically battered, simply cannot afford another spiral into full-scale conflict.

India finds itself among the hardest hit bystanders. Our economy, still nursing wounds from years........

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