NEW DELHI, May 13: Saying-“crisis is also a chance”-seems emerging true to India relating to ‘sideline’ China-both economically and politically.
Prime Minister Narendra Modi’s identification of “atmanirbhar Bharat (self-reliant India)” while announcing the Rs 20 lakh crore package to nurse the economy back to health is a step in that direction.
Addressing the Nation on Tuesday, a day after he held discussions with chief ministers and days before lockdown 3.0 ends, the PM said the package would not be a ‘self-absorbed vision’ but would rather make the country a part of global supply chains.
According to experts, among others, the Prime Minister’s announcement is -seen as part of the Government’s overall strategy to attract foreign companies planning to shift from China.
Amid the ongoing heightened tensions between Indian and Chinese troops over the Ladakh region, the Union Finance Ministry has already decided to look at options, including the possibility of mandating the ‘approval route’ for Chinese foreign portfolio investment (FPI) as well.
Reports said, the Government will initiate the steps in consultation with markets regulator SEBI soon.
Several other countries-from Italy and Germany to Australia and Japan-have set up screening mechanisms to block possible takeover bids by Chinese investors,many of whom suspected to be extended arms of the state.
Although Indian Authorities had begun work months ago, acquisition of over one per cent stake by People’s Bank of China in HDFC Bank was seen as one of the triggers for speeding up the FDI policy change last month.
According to some political pandits, China is now on ‘backfoot’ on both fronts globally – economy and politics and India should ‘exploit’ the situation.
A German magazine citing the country’s intelligence agency said, ” The World may have lost a precious four to six weeks in taking defensive measures against the Covid pandemic after the Chinese President asked the WHO director general to delay a warning about human – to – human transmission.”
The report, however, was contested by the WHO, and would strengthen the US Administration’s claim that the organisation is under China’s control and that Beijing concealed the seriousness of the outbreak for several weeks.
The pandits also focussed on the debates and controversy in respect of New Delhi’s support to Taiwan’s participation at the upcoming World Health Assembly (WHA)in Geneva observing that India should support Taipei at the May 18-19 WHA.
Asked to comment on the China – Taiwan controversy involving the WHA, professor of Economics Satyendra Basu said, “If any Government is to be credited with success in containing Covid-19, Taiwan has to be high up on that list. Despite having significant people-to-people and business connections with China and being in geographical proximity to Wuhan, Taiwan has been able to contain the spread of the pandemic to just 440 cases with six deaths”.
Mr Basu also pointed out that there has been no total lockdown of Taiwanese economy and society.
Mr Basu’s ‘view’ was echoed in the observations of Dr Ashima Paul saying ” Given Taiwan’s experience in tackling the disease, it can surely contribute to the WHO reforms to be finalised at the WHA.
” Taiwan’s participation at the WHA is wholly justified. There’s also reason to believe that China has, through its opacity, contributed to the spiralling Corona pandemic which has caused so much suffering in India,” Dr Paul maintained.
Meanwhile, the Chinese Embassy here said as Taiwan is seeking India’s support to attend the WHA, the issue must be handled keeping in mind the “One China principle.” (UNI)
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