TEL AVIV: Israelis go to the polls on October 27 in a general election that could prove a turning point for West Asian politics. It is the first national vote since the Hamas attack of October 7, 2023, and voters are focused chiefly on security failures and the country’s economic difficulties.
Inquiry demand
Former army chief Gadi Eisenkot has demanded an independent judicial inquiry into the attack, the deadliest in Israel’s history. Prime Minister Benjamin Netanyahu has faced criticism that he is stalling on the issue and shifting blame onto the defense establishment.
Economic pressure and social rifts
Years of conflict have strained the national treasury. The defense budget has doubled since 2023, the cost of essentials continues to climb, and a dispute over military service exemptions for ultra-Orthodox Jews has deepened divisions within society.
Tensions remain along the borders with Gaza, Lebanon and Syria. Even so, a reduced risk of a broader war between Iran and Israel has brought relief to international energy markets.
Implications for India
India stands to benefit significantly. With the conflict contained and supply chains largely unaffected, international crude prices have been easing steadily. India imports more than 85 percent of its oil needs, and lower prices are substantially reducing its import bill.
Easing inflation is expected as a result, with domestic petrol and diesel prices potentially declining. Should the election outcome promote restraint in the region, India could see further gains from cheaper crude.