Image: NBC
Quick answer: No.
But, one can dream, right? So, I had an interesting thought this morning, and have been mulling over it for some time.
The total approximate external debt of India’s neighbours:
Pakistan ~US$120 billion
Bangladesh ~US$105 billion
Sri Lanka ~US$9 billion
Nepal ~US$7 billion
These are the same countries China is using to encircle India. These are also the countries where the economy and even society is either collapsing or has collapsed and is in turmoil. And these are the same economies that China controls to a vast degree using its money and military muscle. (OK, maybe I am exaggerating about Bangladesh, which is in good shape, but that said, this is not for the lack of trying by the Chinese).
India’s forex reserves ~US$650 billion
This figure may not be as big as China’s (in excess of US$4 trillion at the moment) but is substantial if used cleverly.
Anyone has any ideas to use this strategically to kickstart a new era of friendship and peace in the region, unlike China, whose ambitions know no bounds of sovereignty, humility, or even humanity?
I am not suggesting we ‘buy’ these countries. If we harbour such thoughts, we are no different that China. I am suggesting we sit down with the decision-makers (and this has to be on a practical basis; for example, there is no point speaking to the PM in Pakistan, but the Army Chief might be interested) and find ways to infuse such funds as to stave off total destruction of their economy and their nation. Perhaps we could take over their external debt, with some strings attached. Perhaps, as goodwill, we could simply forward them the money on a zero-interest basis to be repaid when able. I don’t know. I am presuming there are smart ways to do this. My question isn’t about the ‘how’ of it but the ‘why’. I do not want to discuss the mechanism but the reason to do it or not.
Could we become the true ‘bade bhaiyya’ (elder brother) of the region by injecting cash into these economies to save them from collapse and becoming easy fodder for Chinese ambitions?
Could we be Gandhian in a time of strife? Could we be principled and at the same time, practical in using our soft power and diplomacy along with our money to calm down a turbulent sea, the cause of which has been a very deliberate process to destabilise and take over India’s neighbours with a view to put pressure on India, her foreign policy, defence preparedness, economy, and the wellbeing of the people?
Or do you think this is too much thinking like an entrepreneur and not enough like a politician? That this is too much soft Nehruvian internationalism in a time of Modi’s preferred weapon of muscular nationalism?
