Despite its natural advantages, the Bay of Bengal region lags economically, in part due to insufficient connectivity between the member nations. Improving financial connectivity between them is the first step to easing movement of goods, services and people. Greater financial collaboration also can help the region mitigate the impact of ongoing geopolitical upheavals that have caused food and energy prices to rise.

India’s South Asian neighbours have all seen sharp currency devaluations since early 2022. These are a result of maintaining artificially strong exchange rates, made possible by remittances from migrant workers. However, by postponing the inevitable devaluations, these states have made their economic crises much worse.

Dhaka recently hosted the Indian Ocean Conference 2023, a multi-country event featuring speakers and participants from the Indian Ocean countries. In recent years, Bangladesh has gone from a ‘basket-case’ to a case study in progress, and across Dhaka are signs of a city undergoing dramatic change.

The dominance of the U.S. dollar in global trade and its status as a fiat currency means it is unlikely to be replaced in the near future. However, the repeated and continued use of sanctions has created the need for a multi-currency trading regime. India must now prepare alternative payment systems and promote the use of the Indian rupee in global trade.

In 2022, increased sanctions were imposed on Russia by the U.S., E.U., and their allies. The track record of Western sanctions shows they are quick to be imposed, but slow to be removed. In the current environment, it is reasonable to assume that sanctions on Russia will stay in place for a very long time. India should plan its defence and commercial relations accordingly.

Gateway House’s G20 Task Force Report on Energy Transitions and Climate Finance analyses the geopolitical and geoeconomic challenges, and proposes recommendations, for green transition among the G20 countries. Task Force co-chair Nadir Godrej, Chairman and Managing Director, Godrej Industries, and Amit Bhandari, Senior Fellow, Energy, Connectivity and Investment, Gateway House discuss the report’s recommendations on climate finance, green transition, affordable access, and energy security on CNBC-TV18 with Parikshit Luthra.

Brazil's Lula da Silva and Argentinian Alberto Fernández are strengthening bilateral ties. Argentina is Brazil's largest trading partner, and the two countries are in discussion around the introduction of a common currency. In this podcast, Argentinian Consul General Mr. Guillermo Eduardo Devoto in conversation with Amit Bhandari, Senior Fellow, Energy, Investment & Connectivity, Gateway House, discuss the significance of a common currency for economic integration in South America.

India’s economy is looking bright, but there is a shadow in its neighbourhood. Pakistan’s fast deteriorating political and economic condition can create fresh uncertainties for India on the national security and economic security front.

A quick look at the list of top Chinese companies shows that the vaunted private sector has receded and the state-owned giants now dominate. Under the new Xi Jinping regime, they are unlikely to relinquish their position. What does this mean for China – and for India?

Wide-ranging economic sanctions on Russia are likely to stay for several years, if not decades. Given Russia’s critical global role as a supplier of key commodities and military hardware, India should pursue long term solutions to continue this trade.