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India has hosted a plethora of India-Africa conferences, expressing commitment to deepen mutual cooperation. It is further expected that the president, vice president, and prime minister may visit Africa this year, to follow up actively. Indeed, a senior official predicts Africa will even become “the diplomatic flavour in 2016”. An analysis.
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The third India-Africa Forum Summit in New Delhi concluded on 29 October 2015. It is time that India begins work towards elevating the partnership with Africa and move ahead from the lofty ideals and grand vision statements. A conscious effort to shift gears and pour in investment in Africa is the need of the hour.
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The U.S. is urging India to alter its IPR regime, and the potential impact on prices in the pharmaceuticals sector is of concern to African countries that depend on India for low-cost generic medicines. The recent India-Africa Forum Summit in New Delhi sought to address this issue, but it will be a challenge for India to balance competing pressures.
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Changes in how India plans to approach its relationship with Africa were evident at the recent India-Africa Forum Summit, including the wider representation of African countries, and Modi’s push to forge a united front with Africa at multilateral institutions on trade and other issues. But beyond these, gaps in the India-Africa alliance remain to be addressed.
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If, after nine years, BRICS remains a disparate grouping, and its trade and investment flows remain dismal, it is time to explore new avenues of cooperation to consolidate the alliance—and culture and education can provide the necessary cementing factor when combined with the New Development Bank
The establishment of a BRICS Development Bank will be among the prime topics of discussion at the BRICS Summit on March 26. Gateway House’s Akshay Mathur interviews former Indian Ambassador and Foreign Secretary, Shyam Saran, on the prospects and viability of alternate financial architectures.
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All the major economic forces in the world have come together in Africa in a new version of the Great Game. The competition for the continent’s resources will ultimately harm Africa unless Africa uses this opportunity to its advantage and to address its own serious problems.
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Banks around the globe would be wise to take a second look at what now could be the most significant agreement in international finance since the Euro: the BRICS currency swap. Though certain geopolitical risks are involved, could this free India from unpredictable currency fluctuations?
As India’s growth slows, it becomes increasingly important to enact reforms so it can return to its intended growth rate of 9%. Gateway House’s Hari Seshasayee interviews Anoop Singh, Director of Asia and Pacific at the IMF, to discuss the impact of the Euro zone crisis on India and the way forward for Asia.
