The purpose of privatisation, therefore, should not be to find a private buyer for every government-developed rocket. It should be to create an industry capable of designing, manufacturing, operating and eventually improving India's future launch vehicles.
The last thing India needs is a debate in which concerns over public intellectual property become an argument against private participation. The country is already playing catch-up with the major space powers. We cannot afford to let a legitimate debate over ownership and sharing of value become an impediment to the much-needed privatisation of the space sector.
A common BIMSTEC policy statement on digital sovereignty would give the region a clearer collective voice and a stronger negotiating footing with foreign companies. Additionally, BIMSTEC can be used to initiate a shift from U.S. cloud storage companies to regional alternatives such as TATA Communications (India) and NIPA Cloud (Thailand).
India is carving out a vital role in the global back-end chip infrastructure. Washington actively views India's rise in this sector as a strategic hedge, codifying tech cooperation through bilateral frameworks designed to shift critical supply lines away from East Asia.
From Thursday this week, Nepal started selling electricity, around 37 MW to Indian buyers, Nepal Electricity Corporation spokesperson Suresh Bhattarai confirmed to The Kathmandu Post. More bids are invited to sell 200 MW in India’s power exchange market on a long-term basis.
Officials of both Nepal and Sri Lanka are already in talks with Indian officials about procuring fertilizers on an immediate basis. Nepal’s Agriculture Minister Mahendra Rai Yadav this week held talks with his Indian counterpart Mahendra Singh Tomar to import 60000 tons of urea and 20000 tons of DAP.
The country’s foreign exchange reserves are declining and just enough to cover imports for two months. Last week, authorities announced a ban on over two dozen luxury and other items to save foreign exchange reserves.
At a time when foreign exchange reserves are draining due to rising import bills, the country is due to pay major loans in 2023 and 2024. Going forward, if the recovery of the tourism industry gets impacted by the ongoing crisis, it will further limit the Maldives' government’s ability to fulfill its external debt obligations.
With the economic crisis and the shortage of forex, the Indian credit line of USD 500 million for fuel imports has provided a lifeline to the island nation, which is currently experiencing its worst economic crisis since gaining independence in 1948. With long lines for fuel, cooking gas, essentials in short supply and long hours of power cuts, the public has been suffering for months.
“As the economy recovers [from the Covid-19 pandemic], our assistance will increase access to economic opportunities by promoting employment in critical sectors such as tourism and renewable energy. It will also enhance social service delivery in the islands,” Faris H Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka was quoted as saying by The Times of Addu.
On Friday, when asked about the possibility of importing cheap fuel and wheat from Russia, Pakistan's Foreign Office didn’t rule out the possibility. Khan has constantly accused the Sharif government of not pursuing talks with Russia for fuel.
Sri Lanka will require fertilizers worth over $500 million this year and the government has sought fertilizers both from India and China. New Delhi had earlier assured of all possible help. While New Delhi has extended assistance worth over $3 billion this year, China has yet to extend any significant help despite Colombo’s repeated request.
Prior to the war, Russia was the top source market for its tourism. But the number of tourists has been declining as the war progressed, Solih said. The government’s expenditure, subsidies, and import bills are also rising.
Tourism accounts for 70 percent of the government’s total revenue. The government’s spending target on subsidies has already crossed the limit set by the budget 2022, making it extremely hard to reduce any taxes, which could result in potential revenue loss.
Indian authorities have explained that the wheat export ban has been undertaken to ensure domestic food availability and minimize food price-related inflation while supporting the legitimate requirements of India's neighbours and other nations in need.
Modi also invited Uniqlo's enhanced participation in India's journey to becoming a manufacturing hub for textiles, particularly through the use of technologies in textile manufacturing. Yanai said Uniqlo is exploring investments in the production and retail industry in India.
“Post pandemic, India has emerged much stronger in international trade and international exchanges. I believe that the target of a $5 trillion economy by 2030 is not only achievable but we can get there before that,” Puri said.
The import ban, though a necessary measure, will also impact the government’s revenue as luxury items are usually taxed heavily. The move was expected, especially when the government has failed to raise funds for its foreign exchange reserves. The talks with the IMF and other bilateral lenders in Gulf have yet to produce results.
Teledensity and internet users are fast expanding, Modi said, adding that mobile manufacturing units in India have expanded from just 2 to over 200 and the country is now the world's biggest mobile manufacturing hub.
