New Delhi, May 27 -- The churn in the international economic system since Donald Trump became US president for a second time has fanned uncertainty for companies, investors and governments. As with the famous story from Indian mythology, the Samudra Manthan, in which the churning of the ocean generates nectar as well as poison, the ongoing episode will likely have good as well as bad consequences.

This column is a tentative attempt to list out four changes that are likely to cast a shadow on Indian economic policy in the years ahead. Each change alliteratively begins with the same letter: Diversification, defence, debt and the dollar.

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Diversification: There are several...