World – Insight https://oninsight.in Inspiring change through insight Wed, 19 Mar 2025 05:24:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.1 Tulsi Gabbard’s Raisina Dialogue Speech Highlights India’s Future Role in U.S. Strategy https://oninsight.in/2025/03/19/tulsi-gabbards-raisina-dialogue-speech-highlights-indias-future-role-in-u-s-strategy/ https://oninsight.in/2025/03/19/tulsi-gabbards-raisina-dialogue-speech-highlights-indias-future-role-in-u-s-strategy/?noamp=mobile#respond Wed, 19 Mar 2025 05:23:57 +0000 https://oninsight.in/?p=850 New Delhi, March 19 – In a speech that blended cultural symbolism with geopolitical significance, U.S. Director of National Intelligence Tulsi Gabbard addressed the Raisina Dialogue, emphasizing the deep spiritual and diplomatic ties between India and the United States.

Gabbard, a former U.S. Congresswoman and the first Hindu member of the U.S. House of Representatives, opened her speech with a heartfelt greeting: “Good morning, aloha, namaste, Jai Shri Krishna.” The words, she noted, symbolized the fusion of her Hawaiian roots and Hindu-American identity. Her address came as part of a multinational tour of the Indo-Pacific, a visit strategically timed just two weeks before the Trump administration’s reciprocal tariffs on India and other nations.

Peace, freedom, security, and prosperity were central themes of her speech, with a recurring emphasis on uniting the people of India and the United States. Gabbard leveraged her Pacific roots in Hawaii to reinforce the message of a stronger and more prosperous Indo-Pacific. Since the previous Trump administration, the Indo-Pacific has become a focal point of U.S. foreign policy. The Indian Ocean serves as the theater for four of the world’s major maritime chokepoints, with approximately 80% of global maritime oil trade passing through these narrow passages.

She advocated for a pragmatic, realpolitik approach to world peace, one rooted in economic ties. This stance reflects the recently failed U.S.-Ukraine mineral agreements, which, if successful, would have strengthened economic relations and provided Ukraine with a natural layer of security. While Gabbard did not explicitly reference any specific country or conflict, she stressed that securing peace requires “commitment to fostering cultural and economic ties that reduce the likelihood of an escalation to conflict” and “courage to engage directly with both friends and adversaries alike.”

During her address, Gabbard tackled the growing debate over America’s ‘America First’ policy, clarifying that it should not be misconstrued as ‘America Alone.’ Instead, she stressed the importance of expanding U.S.-India relations, an effort that aligns with Washington’s broader Indo-Pacific strategy. With China’s growing influence in the region, the U.S. has been working to position India as a key strategic counterweight. However, Gabbard asserted that such an alliance can only succeed if the U.S. treats India as an equal partner. In an exclusive conversation with NDTV gabbard stated “the long-time unfortunate persecution and killing and abuse of religious minorities (in Bangladesh) has been a major area of concern for the US government. The talks are just beginning between Trump’s incoming cabinet and the Bangladesh government, but this continues to remain a central focus area of concern.”

She also reaffirmed America’s commitment to strengthening security ties with India, particularly in cybersecurity, emerging technologies, and artificial intelligence. Reflecting on her personal values, Gabbard shared that in both moments of triumph and adversity, she finds guidance in Lord Krishna’s teachings from the Bhagavad Gita.

Gabbard’s visit also included a meeting with Prime Minister Narendra Modi on March 18, during which Modi presented her with a ceremonial vase filled with water from the Mahakumbh, a gesture underscoring India’s appreciation for her long standing support of U.S.-India ties.

As Gabbard continues her Indo-Pacific tour, her remarks at the Raisina Dialogue highlight a future in which U.S.-India relations evolve beyond transactional diplomacy, paving the way for a deeper strategic and cultural partnership.

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RELEASED: GPAI’s New Delhi declaration https://oninsight.in/2023/12/13/released-gpais-new-delhi-declaration/ https://oninsight.in/2023/12/13/released-gpais-new-delhi-declaration/?noamp=mobile#respond Wed, 13 Dec 2023 14:44:03 +0000 https://oninsight.in/?p=759 On December 13, 2023, the GPAI Ministers convened in New Delhi for their annual summit, hosted by the Ministry of Electronics and Information Technology (MeitY) in collaboration with the Centre for Responsible AI (CeRAI) at IIT Madras. Blessed by the presence of Honorable PM Narendra Modi, the event included a Research Symposium and a Global AI Expo. This year’s symposium, themed “Responsible AI in Public-Sector Applications,” provided a global platform for researchers to share insights. The Expo showcased AI innovations addressing critical challenges and benefiting society, with the participation of industry leaders, policymakers, innovators, and stakeholders from 38 countries and the EU, including Mr. Ashwini Vaishnaw, serving as the Minister for Railways, Communications, Electronics & Information Technology; and Mr. Rajeev Chandrasekhar, holding the position of Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, and Jal Shakti in Government of Bharat.

GPAI collaborates to negotiate a consensus on the approach to AI by crafting a declaration document. Here is what the GPAI’s New Delhi Ministerial Declaration says:

GPAI New Delhi Ministerial Declaration

1. We, Ministers of the Global Partnership on Artificial Intelligence (GPAI), convening in New Delhi on 13th December 2023:

2. Reiterate our unwavering commitment, since the GPAI Council Meeting in Japan last year, to the principles for responsible stewardship of trustworthy AI and values reflected in the OECD Recommendation on AI, as noted in GPAI’s Terms of Reference, rooted in democratic values and human rights, safeguarding dignity and well-being, ensuring personal data protection, protection of applicable intellectual property rights, privacy, and security, fostering innovation, and promoting, trustworthy, responsible, sustainable and human-centred use of AI. 

3. We further affirm our commitment to continue to work within our respective jurisdictions to advance safe, secure, and trustworthy AI, including, as appropriate, through the development of relevant regulations, policies, standards, and other initiatives.

4. We acknowledge the noteworthy progress and achievements under the leadership of Japan as the 2023 Lead Chair with India as the Incoming Support Chair and France as the Outgoing Support Chair. This includes significant efforts related to the strengthening of GPAI as a diverse and inclusive multistakeholder initiative.

5. We applaud the contributions of the Multistakeholder Experts Group (MEG) towards the GPAI projects. We affirm our commitment to supporting the sustainability of GPAI projects by undertaking the adoption of relevant projects, in line with country-specific contexts and priorities as well as the shared interests and priorities of the GPAI community.

6. We recognize the rapid pace of improvement in advanced AI systems and their potential to generate economic growth, innovation, and jobs across various sectors as well as to benefit societies. We acknowledge the need to harness new opportunities and mitigate the risks arising from the development, deployment, and use of such technologies. This includes concerns around misinformation and disinformation, unemployment, lack of transparency and fairness, protection of intellectual property and personal data, and threats to human rights and democratic values. We further acknowledge the need for equitable access to resources, which must be considered, accounted for, or addressed in order for societies to benefit from and build competitive AI solutions. We underscore GPAI’s pivotal role in addressing contemporary AI issues, including generative AI, through applied AI projects aimed at addressing societal problems and global challenges, maximising the benefits and mitigating associated risks.

7. We support the intention of India, as Lead Chair for 2024, in its endeavour to promote collaborative AI for global partnership among GPAI members by supporting projects aimed at promoting equitable access to critical resources for AI research and innovation, such as AI computing, high quality diverse datasets, algorithms, software, testbeds, and other AI-relevant resources in compliance with applicable intellectual property protections and data protection legislations. We reaffirm the importance of fostering (US DEL an)  equitable AI ecosystem (US Add s) that ensures diverse, inclusive and multistakeholder engagement, including from under-represented groups and communities facing vulnerabilities towards the responsible design,  development, deployment, and sustainable use of trustworthy AI.

8. We support the development, in a collaborative manner, of necessary knowledge, skills, infrastructure, policies, risk management frameworks and governance mechanisms to effectively and responsibly leverage AI technologies and applications, including among low and middle-income countries to harness the potential of AI advancements and manage the associated risks, including ensuring robust protection of rights, safety, and security.

9. We embrace the use of AI innovation in supporting sustainable agriculture as a new thematic priority for GPAI. We acknowledge the importance of promoting the development of and access to risk-proportionate trustworthy AI applications for ensuring sustainable food production systems and implementing resilient agricultural practices that increase productivity and production, help regenerate ecosystems, strengthen capacity for mitigation and adaptation to climate change, extreme weather, drought, flooding and other disasters, and that progressively improve land and soil quality, as well as promote inclusion and empowerment of workers in the agricultural supply chain.

10. We commend the efforts undertaken by India, the incoming support chair, the GPAI secretariat, the Expert Support Centres, and the Executive Council to foster enhanced member-expert collaboration and increase the visibility of GPAI, through efforts such as the member-facilitated GPAI working group convenings and the GPAI Innovation Workshop. 

11. We are committed to continuing and strengthening our advocacy efforts to enhance the public visibility of GPAI’s outputs and facilitate the adoption of relevant work wherever feasible. 

12. We note the international community’s efforts over the year to drive international collaboration on AI. To this end, we acknowledge GPAI’s contribution to the G7 leaders’ statement on the Hiroshima AI Process, the Bletchley Declaration, and the G20 New Delhi leaders’ declaration as steps towards working together, in an inclusive manner, to promote trustworthy AI that supports the good of all. 

13. We reaffirm our dedication to strengthening GPAI’s independent and unique identity as a key multilateral initiative for practical approaches to advancing the trustworthy development, deployment, and use of AI. We are committed to positioning GPAI as a nodal initiative that plays a key role in global cooperation on AI innovation and governance, along with its expert support centres. Towards this, we support GPAI’s further engagement with other relevant international fora such as the G20, G7, OECD, UNESCO and other UN bodies, to leverage synergies and avoid duplication of efforts.

14. We reaffirm our commitment to pursuing a diverse membership, with a particular focus on low and middle-income countries to ensure a broad range of expertise, national and regional views and experiences based on our shared values. We are committed to ensuring that GPAI’s mission has a global impact, and helps address diverse global and societal challenges.

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BORROWED DREAMS: THE CANADIAN EXPERIENCE https://oninsight.in/2023/09/29/borrowed-dreams-the-canadian-experience/ https://oninsight.in/2023/09/29/borrowed-dreams-the-canadian-experience/?noamp=mobile#respond Fri, 29 Sep 2023 08:50:33 +0000 https://oninsight.in/?p=726 “If I would’ve invested the same amount that I did here in Canada, in India, I would’ve had better opportunities in consideration to what I see in Canada” these are the sentiments being echoed by Indian students who spent a good amount of money to migrate to Canada for higher education. 

The Canadian Experience, a documentary made and produced by Insight in collaboration with the Centre for Policy Research and Governance (CPRG) with ANI as Media Partner, sheds light on the reality of Indian students’ life in Canada. With a huge housing crisis, crumbling healthcare, nominal employment opportunities, and a fee discrepancy, Indian Students now would much prefer to stay and study in India rather than migrate to Canada which ranks among the most preferred countries for higher education. 

Along with the USA and UK, Canada has been in the top three most preferred places for pursuing higher education for Indian students. Every year almost 3 Lakh students migrate to Canada, what is so special about it? Is it the lifestyle? Job opportunities? Quality Education? Our documentary exposes that it is none of the above and rather, just the good marketing and the glossy picture being painted by these ‘agencies’ that make families spend lakhs on fulfilling their children’s “Canadian Dream.” 

This documentary interviews two Indian students Ms. Vrinda Kathore and Mr. Namra Shukla who pursued higher education in Canada, and these two students tell tales of not only monetary loss but also lack of basic amenities and racial discrimination. 

Our objective through this documentary is to expose that one realises their mistake almost instantly when they land in Canada. The country has minimal livelihood in its northern part due to the harsh weather conditions, and it is there that the majority of the population has accumulated in Southern Canada, giving rise to a major housing crisis. The year 2022 saw the lowest vacancy rate in the country while rents kept on increasing due to high demand. 

The Rental Market report by CMHC suggests that there has been a 9.6% increase in rental prices from April 2022 to April 2023, i.e., A student who would be paying $1827 in April 2022 now had to pay $2004 in April 2023 for the very same property. It is because of this that international students have to compromise on decent living, and have to often live in overcrowded small apartments with no personal space or hygiene maintained. 

Canada has created an image of a country well-equipped with world-class healthcare facilities but in reality, it is crumbling. Vrinda tells us how her friend who got a burn had to sit in the waiting room for 5-6 hours just to even be looked at by the doctor. She herself got a waiting time of 4-5 months for something as simple as an X-ray since it is classified as a ‘non-emergency’ case.

Canada’s 65% of land is covered in snow, it has long harsh cold winters and short cool summers. It gets difficult for an Indian for whom sunlight is such an essential part of daily life. Seasonal Depression is common in international students who have to spend months with temperatures reaching -40 degrees cel. Namra, who had to live in a basement, shares how he did not see sunlight for days if he didn’t step out, and snow-covered roads make it difficult to commute on a daily basis while the buses halt their operations.

Most students dream that getting good jobs comes with the ‘abroad package’, but the reality is strikingly different, there is a severe lack of job opportunities due to which even the brightest of minds have to work in low-paying jobs just to sustain themselves and pay off their debts. In India, almost all colleges have a placement cell in place that offers internships and job opportunities, however, such is not the case in Canadian colleges [Georgian College, Barrie in this case] which boast of high-paying jobs on their websites. 

Another factor that contributes to Indian students regretting their decision is the discrepancy in fee structure where an international student is paying significantly higher than a domestic student. Where an international student is paying $8000 for a semester, a domestic student is paying $1500 for the same. It is worth noting that while Indian colleges waived or decreased the fee during online classes in the pandemic, no such luxury was given to these students in Canada. It has been calculated that Indian students contribute 8 Billion dollars to the Canadian Economy. 

What will shock you the most is the revelation that Cape Breton University in Nova Scotia admitted students beyond its capacity and is now making Indian students study in nearby Cineplex due to a lack of infrastructure. What should be called out is being marketed as an ‘innovation’ by the college in question. As Vrinda fairly points out- they are running a ‘facade’ in the name of quality education.

Why should a student invest a hefty amount and not even get a proper return? Why should a person choose a place so miserable when they can get far better education and facilities in their own country?

The question remains- Is the Canadian Experience worth it?

Watch the full documentary, made in collaboration with the Centre of Policy Research and Governance (CPRG) and released via Asian News International (ANI) to experience what has yet been unseen and unheard. This documentary went on to feature on a prime time show on NDTV within 24 Hours of release, with subsequent coverage on CNN-News18. 

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Ethiopia Turmoil: A Complex Struggle for Stability https://oninsight.in/2023/09/23/ethiopia-turmoil-a-complex-struggle-for-stability/ https://oninsight.in/2023/09/23/ethiopia-turmoil-a-complex-struggle-for-stability/?noamp=mobile#respond Fri, 22 Sep 2023 20:04:00 +0000 https://oninsight.in/?p=702 Ethiopia, a nation with a rich cultural heritage and diverse population, has been marred by a series of conflicts and political unrest in recent years. The turmoil that has engulfed this East African country is deeply rooted in historical tensions and has its origins in the Tigray War. In this article, we will explore the complex web of events and factors that have led to the ongoing crisis in Ethiopia, emphasising the need for a diplomatic resolution.

The Tigray War, which erupted in November 2020, serves as the epicenter of Ethiopia’s current turmoil. The conflict began when the Tigray People’s Liberation Front (TPLF), a radical party dominant in the Tigray region, clashed with the federal government led by Prime Minister Abiy Ahmed Ali. Abiy Ahmed had assumed office in April 2018 and had embarked on a mission to root out TPLF influence from key government positions. This move, while promising a “safe” government for Tigray, created a deep-seated animosity between the federal government and the TPLF.

Tensions escalated further when elections in Tigray, scheduled for September 2020, were held despite the federal government’s COVID-19-related postponement. The TPLF emerged victorious in these elections, a move deemed illegal by the federal government. In response, the federal government froze funds to Tigray, demanding a redo of the elections. This standoff culminated in November 2020 when the TPLF attacked the federal military’s command in Tigray, capturing its military assets. Prime Minister Abiy Ahmed retaliated with airstrikes, resulting in civilian casualties and deepening resentment among the local population.

The Amhara region, Ethiopia’s second-largest ethnic group, played a pivotal role in the Tigray War by supporting the federal government’s forces. The region is also home to the Fano militia, which actively backed Prime Minister Abiy Ahmed. However, clashes with the Oromo Liberation Army (OLA), linked to the TPLF, in early 2021 led to further violence and instability in Ethiopia, particularly against the Amhara population.

Efforts were made to quell the conflict, including a peace pact between the federal government and Tigray, but this triggered an insurgency by the OLA. Ethnic violence against Amharas in Oromia ensued, eroding faith in the Ethiopian leadership’s ability to support the Amhara cause. Clashes between federal forces and Fano escalated in May 2022 when the government attempted to disarm and arrest Fano members, resulting in numerous detentions in the Amhara region.

The Arrest of Zemene Kase, a senior leader of Fano, in September 2022, further exacerbated tensions. In April 2023, federal forces entered the Amhara region to disarm regional troops, leading to the silencing of opposition media and the suspension of aid operations by NGOs due to the killings of aid workers.

As of May 2023, the Ethiopian Human Rights Commission reported militarised situations in various regions, with violence spreading to North Gondar, North Woll, and North Shewa zones. Meanwhile, the Amhara regional government cited the Fano militia’s eastern faction for the assassination of the Amhara Prosperity Party’s head, Girma Yeshitila. In August 2023, Fano clashed with the Ethiopian National Defense Forces (ENDF) and seized Lalibela airport, prompting the Ethiopian government to declare a state of emergency.

Conclusion

Ethiopia’s turmoil is a multifaceted crisis with deep historical roots, involving ethnic tensions, political rivalries, and regional dynamics. A peaceful and diplomatic resolution is essential to bring stability to the nation and ensure the well-being of its diverse population. The international community must continue to support efforts to find a lasting solution to this complex and devastating conflict.

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Afghanistan’s Darkened Dawn under Taliban: India’s Diplomatic Dilemma Unveiled https://oninsight.in/2023/09/16/afghanistans-darkened-dawn-under-taliban-indias-diplomatic-dilemma-unveiled/ https://oninsight.in/2023/09/16/afghanistans-darkened-dawn-under-taliban-indias-diplomatic-dilemma-unveiled/?noamp=mobile#respond Sat, 16 Sep 2023 15:27:52 +0000 https://oninsight.in/?p=697 Amid the challenging landscape of Afghanistan, with no future for democracy, the past two years under Taliban rule have evoked deep concerns. The resurgence of the Taliban has had implications not only for the hopes of democracy but also for the broader international context. This article endeavours to delve into the implications of this two-year milestone on India’s diplomatic endeavours, recognizing the intricate challenges it faces on the global stage.

Addressing the Complex Reality

Consider the situation: a nation where gender equality and access to education for women have regrettably become distant aspirations, where public life is characterised by a gender imbalance, and where the Hijab is no longer a matter of personal choice but a mandated requirement. Afghanistan’s two-year journey under the Taliban has been marked by a somber atmosphere. Additionally, the hesitance of the Taliban to fully endorse UNSC Resolution 2593, which emphasises inclusivity and the participation of women, has prompted deliberation about their adherence to international norms.

The Growing Humanitarian Challenge

In the midst of these complexities, international humanitarian organisations have painted a sobering picture. A humanitarian crisis looms large, with a substantial portion of Afghanistan’s population—15 million out of 40 million—facing the harsh reality of food insecurity in 2023. Mental health issues afflict 20% of the population, and an alarming four million individuals grapple with drug addiction. The accessibility of basic healthcare services remains an unattained objective.

India’s Strategic Interests and Contributions

India’s vested interests in Afghanistan extend beyond mere diplomacy, they serve as a vital cornerstone of its regional strategy. Before the resurgence of the Taliban, India stood among the top five contributors, with more than 500 projects spanning across all 34 provinces of Afghanistan. These initiatives encompassed humanitarian aid, infrastructure development, economic progress, and capacity-building endeavours. Imagine critical road networks, substantial dams, educational institutions, and healthcare facilities. Notably, India’s gift of the Afghan Parliament in Kabul symbolises democratic aspirations shared between the two nations.

A Historical Relationship Revisited

The resurgence of the Taliban marks the unraveling of two decades of painstaking diplomatic efforts and reconstruction in Afghanistan. The historical ties between India and Afghanistan have consistently held strategic significance. Afghanistan, once uniquely among SAARC nations, had long held a particular affinity for India. This connection was severed between 1996 and 2001, aligning India with the global consensus in opposition to the previous Taliban regime. However, India later rekindled this relationship through substantial development assistance, contributing significantly to Afghanistan’s rehabilitation.

India’s Current Strategic Approach

Presently, India’s role has evolved to primarily provide essential humanitarian assistance—a lifeline amidst the prevailing challenges. The United Nations World Food Programme has commended India’s contributions, supporting the sustenance of 16 million people in the first half of this year alone. India’s initial restrained response to the Taliban’s return in 2021 has evolved into a cautious engagement. In 2022, India dispatched a diplomatic delegation to Kabul, signifying an official engagement with the Taliban regime.

Charting the Course in Uncertain Waters

India’s recalibration towards engaging with the Taliban reflects the evolving dynamics within Afghanistan. The current fragmented state of the Taliban in power offers opportunities for nuanced political and diplomatic engagements. India’s resumption of diplomatic activities underscores a significant shift in policy. Importantly, these engagements have transpired without significant security threats thus far.

Conclusion:

The two-year milestone of Taliban rule in Afghanistan underscores the resilience of a nation in the face of formidable challenges. For India, navigating this multifaceted terrain entails a delicate balancing act between diplomacy and humanitarianism. As it charts its course in this complex landscape, India wields the influence and the capacity to provide vital assistance, all while upholding its cherished values of democracy, freedom, and human rights. In this challenging era, India’s diplomatic journey unfolds—a story characterised by resilience, adaptability, and an unwavering commitment to global peace.

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UK’s ‘Aid’ to India: Investment or Altruism? https://oninsight.in/2023/09/09/uks-aid-to-india-investment-or-altruism/ https://oninsight.in/2023/09/09/uks-aid-to-india-investment-or-altruism/?noamp=mobile#respond Sat, 09 Sep 2023 12:18:20 +0000 https://oninsight.in/?p=678 Amid India’s jubilant celebration of the Chandrayaan 3 success, the world witnessed an unusual request from a British gentleman inquiring about India’s plans to repay what has been characterised as “aid” provided by the UK between 2016 and 2021. This request, though it invites reflection, has raised eyebrows globally, leaving us to ponder whether this gentleman might still harbour some colonial sentiments.

First and foremost, let’s clarify that no substantial “aid” for humanitarian or poverty alleviation has been extended by the UK to India since 2017. While India did accept aid from the UK in its early post-independence years, the landscape has significantly evolved since then. Present-day India neither seeks nor requires financial assistance from the UK or any other nation. The financial inflows from the UK to India today are predominantly motivated by mutual economic interests, rather than a charitable gesture. In essence, what is being referred to as “aid” constitutes strategic business investments.

Before 2017, only a fraction of the funds could genuinely be considered as “aid,” with the majority being channelled through foreign Commonwealth and Development offices, multilateral organisations, and the British International Investment (BII), engaged in a wide range of endeavours, from mid-sized banks to coffee chains and media companies. When comparing these “aid” numbers with the substantial financial assistance India provides to other nations, the scale of this discussion seems somewhat skewed.

It is also important to note that the so-called “aid” from the UK was not directly allocated to the Government of India itself. India maintains a long-standing policy of not accepting foreign aid directly. Instead, these funds were directed towards selected companies and non-governmental organisations chosen by the UK based on their criteria. The Foreign, Commonwealth and Development Office (FCDO) reiterated in 2022 that no financial aid had been allocated to the Government of India since 2015. The primary focus, as it turns out, is on promoting business investments, creating new markets, and generating job opportunities. 


Since 2017, the UK has consciously refrained from getting deeply involved in India’s growing concerns related to democracy, human rights, and civic space—a few issues that have occasionally surfaced in global indices. The “aid” portfolio has seemingly shifted its emphasis away from poverty reduction, which remains the primary objective of UK Aid.


While I appreciate the inquisitiveness of the British gentleman and welcome open dialogues, it is paramount for all parties involved to be well-informed and precise in their assertions. The revelation that the UK proudly stands as India’s sixth largest investor might sound nice. But one needs to also ponder over the fact that India is the second largest investor in the UK, not sixth but second, according to none other than the UK’s own Department for International Trade FDI figures and the government data. 

For a moment, let’s consider history. A report from Columbia University Press, authored by economist Utsa Patnaik, reminds us that between 1765 and 1938, the East India Company and the British Raj managed to accumulate an astounding £9.2 trillion (or $44.6 trillion today) from India. Now, that’s quite the historical backdrop. If there are considerations for repayment, perhaps the UK should commence with settling accounts from the colonial era before scrutinising contemporary financial dealings.


In conclusion, the recent discourse surrounding India repaying UK “aid” is based on a series of misunderstandings, perhaps with a touch of historical reflection. These financial transactions more closely resemble strategic investments in India’s sophisticated democracy, aimed at bolstering economic cooperation and mutually beneficial opportunities. While the British gentleman’s homeland grapples with its own economic challenges, including unemployment, it may be wise to prioritise domestic matters over international financial affairs. 

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On De-Dollarization : Shifting Monetary Dynamics https://oninsight.in/2023/08/31/on-de-dollarization-shifting-monetary-dynamics/ https://oninsight.in/2023/08/31/on-de-dollarization-shifting-monetary-dynamics/?noamp=mobile#comments Thu, 31 Aug 2023 05:31:37 +0000 https://oninsight.in/?p=465 The influence of the United States Dollar (USD) in global trade has been substantial, serving as a hallmark of the West’s economic power. Its prevalence has long epitomised the strength of the West, a supremacy established post World War 2. This supremacy of the dollar has been paramount since then, solidifying the dominance of West hegemony and the financial institutions they founded. Consequently, developing nations found themselves compelled to embrace the dollar, apprehensive of the potential leverage that Western powers could exert.

The ascendancy of the Dollar sparked discussions between the nations straddling divergent economic spectra, encapsulated within the NORTH – SOUTH discourse or NORTH – SOUTH debate. Developing nations voiced apprehensions over the disparities that the Dollar’s dominance accentured, and the compulsion to interface with dollars rendered these nations susceptible to the economic decisions of Western powers, prompting dialogues on reshaping the Global Monetary framework to engender inclusivity and equity.

While the prospect of conducting global trade in native currencies holds allure, practical impediments persist. The talk around dealing in National currencies has been in talks for almost every BRICS summit, but it just remains to that. One needs to look at the complexities the IMF’s SDR system possesses.

The Special Drawing Rights system plays a pivotal role in the international monetary framework. It is a composite international reserve asset created by the IMF to supplement its member countries’ official reserves. While the SDR system itself doesn’t directly prevent global trade in local currencies, it introduces complexities that make conducting international trade solely in national currencies challenging. The IMF uses a basket of five currencies to define SDR, which consists of Dollar, Euro, Yen, Pound and Yuan. These currencies are determined by taking two factors into account, whether the currency’s parent country is among the top five exporters in the world and its ease of convertibility. Subsequently, these five currencies are called the HARD CURRENCIES. Such currencies are easily convertible and acceptable in world trade, and currencies like Indian Rupee, Rubles are not fully convertible due to the restrictions on current account convertibility by the central bank, to keep a balance between extreme market fluctuations.

Even though trade in national currencies poses practical challenges to it, developing nations are figuring out other alternatives to level the playing field. The recent BRICS Summit 2023 commanded global attention for the same, raising anticipations for deliberations surrounding a potential BRICS currency as a potential alternative to the dollar. However, the focal point of the summit orbited around the BRICS expansion, inviting Iran, Argentina, Saudi Arabia, Egypt, Ethiopia and UAE. The inclusion of six new members showcased the burgeoning influence of the consortium and its resolve to cultivate collaboration beyond its original composition. The inclusion, interestingly, shows a heavy participation from the Gulf and the Middle East – regions that play a pivotal role in oil exports, including the West.

As the dialogue on reshaping the international monetary landscape continues, the BRICS expansion sends a subtle reminder that while the direct trade in national currencies may currently pose intricate challenges, endeavours like these represent strides toward a more diversified financial landscape. In other words, maybe trade in local currencies is not practically possible for now, but this coalition is a step towards it.


 

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Two persons killed, two others injured in Kyiv after Russian missile attacks, says Ukraine -ANI https://oninsight.in/2023/08/30/two-persons-killed-two-others-injured-in-kyiv-after-russian-missile-attacks-says-ukraine-ani/ https://oninsight.in/2023/08/30/two-persons-killed-two-others-injured-in-kyiv-after-russian-missile-attacks-says-ukraine-ani/?noamp=mobile#respond Wed, 30 Aug 2023 11:51:33 +0000 https://oninsight.in/?p=527 Kyiv [Ukraine], August 30 (ANI): At least two persons were killed and two others injured after Russian missile attacks on Ukraine’s Kyiv in the early hours of Wednesday, CNN reported citing Kyiv’s Mayor Vitaliy Klitschko. He said fire and rescue services continue to work at the wreckage sites.

Klitschko said, “Fire and rescue services continue to work at the wreckage sites.

In particular, in the Darnitsky district and in four areas in the Shevchenkivskiy district of the capital.”

Meanwhile, Serhii Popko, head of the Kyiv city military administration, on Wednesday, said Russia using drones and missiles launched a “massive” attack on Kyiv on Tuesday night, CNN reported.

In a post shared on Telegram, Popko wrote, “Kyiv has not experienced such a powerful attack since spring.” He said several groups of drones travelled towards Kyiv “from different directions.” and later missiles were fired towards the city from Tu-95MS strategic bombers. Popko said that air defence forces destroyed over 20 “enemy targets,” according to CNN report.

Amid the ongoing conflict between Russia and Ukraine, the US has announced an additional USD 250 million security assistance package for Kyiv, US Secretary of State Antony Blinken said on Tuesday.

Blinken said the package includes air defence missiles, artillery ammunition, Javelin systems and rockets, and mine-clearing equipment. He stated that the US will also provide ambulances, spare parts, services, training, and transportation.

In a statement, Blinken said, “Today we are announcing the next package of military assistance to aid Ukraine as it defends its territory and protects its people. This package contains important capabilities to help Ukraine on the battlefield.”

He further said, “It includes AIM-9M missiles for air defence, munitions for High Mobility Artillery Rocket Systems, 155mm and 105mm artillery ammunition, mine-clearing equipment, Javelin and other anti-armour systems and rockets, over 3 million rounds of small arms ammunition, ambulances, demolition munitions for obstacle clearing, as well as spare parts, services, training, and transportation.”

On August 29, one person was killed in Ukraine’s Kupiansk due to Russian shelling, the governor of Ukraine’s Kharkiv oblast, Oleh Syniehubov said, according to Al Jazeera.

In a statement on his Telegram, Syniehubov said, “A 45-year-old civilian man died as a result of artillery shelling. The building of the meat processing plant where the deceased worked as a security guard was damaged.”

“An apartment building and a private household were also damaged in the city.

A 67-year-old man was wounded by shrapnel. He refused hospitalisation,” he said, according to Al Jazeera. (ANI)

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