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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Since August 2021, Western Europe has faced a problem with renewable energy, causing it to turn to natural gas as an emergency alternative. This has led to a significant increase in gas prices and has serious implications for fertiliser and food prices. If this trend continues, it will be likely to cause food insecurity especially in poorer nations which do not have the monetary cushion of the West.
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India has seen a recent influx of refugees from Afghanistan and Myanmar. This has highlighted the absence of a concrete refugee policy in India. India must formalise its approach towards refugees. The Citizen Amendment Act of 2019, is a start. India can move this forward by learning from the examples of other democracies like the U.S., Kenya and South Korea, on how to balance international law with its national security interests.
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The current crisis in Europe is a lesson in the diplomatic costs of lost opportunities, of reforming NATO as a basis for constructing a new security architecture in Europe at a time when such reform was possible. Now perhaps it is too late.
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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.