Courtesy: BIMSTEC
BIMSTEC is of special importance to India as it is a crucial link between the Neighbourhood First and Act East policies. This almost 25 year old multilateral can contribute to the Indo-Pacific region by addressing challenges in strategic areas of regional connectivity, security cooperation, free trade, and geoeconomic ties with external partners.
Courtesy: TIME
Last month, the Government of India released its Green Hydrogen Policy with the goal of boosting energy self-reliance and inspiring clean energy transitions. The time is right for the Indo-Pacific economies to finance green hydrogen projects and integrate them into supply chains.
Courtesy: Press Information Bureau
The 2022-23 Indian budget has made a provision to encourage private sector participation and military collaborations in drone technology and manufacture. This will boost indigenous production, limit imports, and develop India's drone capabilities and counter-measures.
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Concerns of global supply chains being overdependent on China has shifted the focus to India. This became clear in 2021 when Australia, Japan and India together launched the Resilient Supply Chain Initiative. India must now leverage its unique position in the Indo-Pacific region by incorporating well-planned industrial clusters and models.
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In the last two decades, there have been three India-Africa summits, a testament to the growth of bilateral relations. Rajiv Bhatia's book, India-Africa Relations: Changing Horizons, highlights Africa’s emergence as a global powerhouse, with several countries vying for a stake in the region. India’s unique political and economic development model appeals to the African, and can be used to forge an enduring relationship with the continent.
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A shift is taking place in the business of global dominance and hegemony, from the model of expressing force through troop presence to financial sanctions. But China and Russia, in concert, may provide a way out of the sanctions regime.
Courtesy: TDB
Financial intermediaries are critical lubricants for business, growth and development. The Indo-Pacific countries are industrializing, but smaller nations lag behind economically. The Quad countries can aid the advancement of the financial architecture in the Indo-Pacific by helping to develop an ecosystem, modelled on the examples of Japan and India.
Courtesy: Ministry Of External Affairs
The Quad Foreign Ministers’ Meeting, held in Melbourne on February 11, revealed an ambitious plan for economic and developmental affairs, beyond the security concerns posed by China. Despite differing approaches towards Myanmar and Ukraine, the Quad countries are strengthening their cooperation while maintaining strategic autonomy.
Courtesy: BBC
The 2022 Beijing Winter Olympics came to a close on 20 February. It was marked by Covid restrictions, athlete dramas, and a united diplomatic boycott by Western democracies citing human rights concerns in Xinjiang, a boycott India later joined for Galwan-related issues. In contrast with the unity presented by China and Russia with summit meetings in the lead up to the Olympics, shifting alliances are now the norm.
Courtesy: Gateway House
Multilateral funding can aid regional financial connectivity between the Bay of Bengal states, where financial networks are scarce. India's successful fintech can be mobilised to create a local ecosystem of startups with better access to funds and strong ties to the Indian market.