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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.
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India hosted the third Global South Summit virtually on August 17. Such summits are a necessary platform to network with other developing countries and bring neglected issues to attention. But now they must do more than be tick-box events. They must have achievable milestones, actively share experiences and solutions, and show how they matter.
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Prime Minister Narendra Modi is on an official two-day visit to Poland, the first by an Indian leader in 45 years, commemorating 70 years of India-Poland diplomatic relations. His trip has emotional significance for Poles, as India hosted thousands of Polish refugees during the Second World War. Bombay was the fulcrum from where the rescue, housing, health, and education of Polish children, women, and elderly were undertaken.
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The ghastly events in West Bengal reflect a state of helpless residents, run by an apathetic government actively sheltering anti-India migrants, and running Mexico-style narco-criminal syndicates.
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Russia has begun to make its presence felt in the Indo-Pacific as an independent player. A slew of high-level visits has shown Russian intention to engage, following its isolation by the West. The region is ambivalent, but open to listening to multipolar voices.
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The India-Australia bilateral is one of the most promising new partnerships within India’s circle of trusted countries. It is multi-dimensional and modern, ranging from enhanced people-to-people ties, to deepening government engagement, to futuristic technology and digital services. The free trade agreement can be a model for others seeking similar ties with India.
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The events of August 5 turned Bangladesh from a development model to unstable entity. A variety of players have been stirring trouble in the country, from within and without. Great powers and neighbours, NGOs and the diaspora, Islamist groups and armed forces. All these are entangled in the U.S.-China geopolitical rivalry that Bangladesh seems to be caught in.
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Bangladesh’s economy has been in distress for some time and is not doing as well as assumed. This could have been one of the factors that drove the protests and the subsequent coup.
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Sheikh Hasina’s recent ouster as the Prime Minister has highlighted the deep fissures in Bangladeshi society and pushed the subcontinent into political turbulence. Amb. Rajiv Bhatia, Distinguished Fellow for Foreign Policy Studies, Gateway House, speaks about the political, economic, and security implications the crisis in Bangladesh has for Indian foreign policy and geopolitics in the neighbourhood and beyond.
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The term Global South is no less ambiguous today than when it first originated in the 1960s. This time though, it is a big tent that accommodates all non-West aspirations, from the G77 to the Non-Aligned Movement to the Third World. It is a geopolitical fact rather than a geographical demarcation whose appeal lies in its ability to get to the heart of shared priorities and goals.