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The Anglo-French commercial treaty of 1860 opened trade between France and Bombay, and brought two iconic French companies – a shipping line and the city’s first European bank. Bombay’s affluent residents were already familiar with French fashion, luxury goods, wines and liqueurs.
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India and France have common interests bilaterally and multilaterally, and these are increasingly forging together. India must now step up its commitments to trade, technology and defence, all areas where France has an expertise and can make a greater contribution as India’s old allies like Russia become vulnerable.
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Three hundred years ago, the Anglo-French rivalry in Europe spilled over to India, and threatened the dissolution of the powerful Bombay Presidency. Three centuries later, India and France are in a different place, with economic ties blossoming and the bilateral upgrading in 1998 into a strategic relationship. The speed with which this has scaled up reflects the deep familiarity between the two nations rooted in colonial history.
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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.
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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.
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The Quad Foreign Ministers' meeting held on February 11 is the latest example of growing geopolitical cooperation. Several loci of power have emerged, indicating the end of the post-Cold War western hegemony. China's rise and alliance with Russia hints at a bipolar tendency in this nascent global multipolarity. India must ensure power distribution in Asia by sharpening its diplomacy to achieve its own interest - true multipolarity in Asia.
Courtesy: Gateway House
On 1 February 2022, Gateway House and the U.S. Embassy, New Delhi, co-hosted a panel discussion on India in the Indo-Pacific: Pursuing Prosperity and Security. The panelists explored the comprehensive role that India can play in the Indo-Pacific from the perspective of business, think tanks, academia and diplomacy.
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Renewable energy is trendy, but still unreliable at this early stage. Countries will find it necessary to fall back on traditional energy sources like coal and oil for their needs, and this can lead to energy price spikes. To protect itself from this scenario, now is the time for energy-dependent India to set up a wealth fund that invests in listed oil companies around the world, to reduce the risk of energy insecurity.
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Nine great powers and a number of important multilaterals have vested interests in the Indo-Pacific. Given the U.S.-China standoff in the region, the role of new groupings like the Quad and AUKUS is significant. The time is ripe for India to use its position in the region, and convert its humanitarian duties into economic and strategic opportunities in 2022.
On 20 December 2021, the Gateway House-FLAME Policy Lab organised a webcast on geopolitical contestations in cyberspace. Gateway House’s Sameer Patil moderated the discussion with former deputy National Security Advisor Latha Reddy, National Law University’s Gunjan Chawla and cybersecurity expert Atul Khatavkar.