7 Dec 2023 : Indian Express
Indian Express
7- December-2023
1) Partners in uncertain times
Context:
- A major turning point in the history of Italy-India ties was the March visit of Italian Prime Minister Giorgia Meloni to India.
- Following the meeting with Prime Minister Narendra Modi, a joint statement detailing a new foundation for collaboration was released.
- With the identification of important areas including defense, space, connection, mobility, and energy transition, this set the stage for improved bilateral communication.
Broadening Partnerships
- The strengthening relationship was further cemented by PM Meloni’s September return to India for the G-20 conference.
- Antonio Tajani, the deputy prime minister and minister of foreign affairs, traveled to India alongside a number of other Italian ministers and deputy ministers.
- The strength of the connection was highlighted by the reciprocal visits to Italy by India’s External Affairs Minister S Jaishankar, Defense Minister Rajnath Singh, and Commerce Minister Piyush Goyal.
Shared Strategic Vision: Indo-Pacific Cooperation
- India and Italy have similar views on geopolitical issues, stressing the significance of an open, secure, and free Indo-Pacific.
- Italy is positioned at the center of the Mediterranean Sea, serving as a natural bridge to the Indo-Pacific, according to PM Meloni’s vision of the Indo-Pacific as a “enlarged Mediterranean”.
- The Raisina Dialogue emphasized this common perspective, highlighting the Mediterranean and Indian Ocean regions’ geostrategic connection.
Maritime Security
- With the Italian Navy’s visit to Mumbai and the schoolship Vespucci scheduled to come next year, maritime security became a top focus.
- Mutual interests were emphasized at a maritime security lecture, which included monitoring and containing subsurface dangers.
- Italian enterprises seeking to expand their presence in India were made possible by the renewal of the defense cooperation agreement during Defense Minister Rajnath Singh’s visit to Italy.
Infrastructure Development:
- Both countries are dedicated to improving their infrastructure, supporting initiatives such as the Blue-Raman underwater cable system that links the Indian and Mediterranean oceans.
- By attempting to create a new economic route between Asia and Europe, the India-Middle East-Europe Economic Corridor (IMEC) demonstrates its commitment to enhancing both physical and digital connectivity.
Economic Ties: Bilateral Trade and Investments
- Last year saw a record level of bilateral trade, and the present trend points to more development.
- India is becoming a larger market for Italian luxury goods, machinery, and automobiles, and Indian goods are a part of the Italian industrial supply chain.
- Italy depends on free commerce across the Indo-Pacific region because of its export-driven economy and 58 ports.
People-to-People Contact: Migration and Mobility Agreement
- The commitment to people-to-people contact is reflected in the Accord on Migration and Mobility signed by External Affairs Minister S. Jaishankar during his visit to Italy.
- With the deal, Italy which is already home to a sizable Indian community aims to increase mobility by offering workers and students a framework.
Space Cooperation:
- Italy is becoming more and more interested in India’s space programs, especially in light of the Chandrayaan-3 mission’s success.
- Opportunities for heliophysics, space exploration, and earth observation are presented by cooperation between the space agencies ISRO and ASI.
Multilateral Engagement: Addressing Global Issues
- Both nations embrace a new global agenda by agreeing on multilateral concerns.
- India’s aggressive approach during its G20 Presidency is consistent with Italy’s understanding of the need of addressing global issues, such as climate change, financial institution reform, debt relief for developing nations, and sustainable development.
Conclusion: A Mutually Reinforcing Partnership
- Diplomatic achievements, common strategic goals, and cooperation in a range of fields define the improved ties between Italy and India in 2023.
- In addition to being advantageous to both countries, this partnership’s mutual reinforcement helps them establish themselves as stabilizing forces tackling global issues in an unpredictable world.
- As Italy is ready to lead the G7 in 2024, the partnership with India creates a good example for resolving issues in the Global South and advancing sustainability and stability on a global scale.
2) BIGGER & BETTER
Context:
- The Indian economy grew by a robust 7.6 percent in the second quarter of the current financial year, exceeding predictions, according to the National Statistical Office’s most recent GDP figures.
- This remarkable expansion has validated sanguine evaluations of India’s medium-range growth trajectory, signifying a robust and dynamic economy.
Positive Market Response:
- The stock market euphoria that followed the outcome of the state elections indicates that investors are expecting a reduction in political and policy risks in the run-up to the general elections in 2024.
- This optimistic attitude is consistent with the latest GDP data and indicates a growing belief in India’s economic stability and long-term growth prospects.
S&P Global’s Projections:
- Over the next three years, India’s economy is expected to develop at the highest rate among major economies, according to a new analysis from S&P Global.
- According to the research, India’s economy will grow at a quick pace and overtake the US and China to become the third largest in the world by 2030, from its present ranking of fifth.
- The idea that India is well-positioned for substantial economic expansion is supported by these estimates.
IMF’s Outlook:
- According to the October edition of the International Monetary Fund’s (IMF) World Economic Outlook, the Indian economy would grow at an average annual rate of 6.3% between 2023 and 2028.
- India’s GDP is predicted to increase from $3.7 trillion in 2023 to $5.9 trillion in 2028 if it continues on this development trajectory.
- Furthermore, it is projected that throughout the same time frame, per capita GDP will increase from $2,612 to $3,985, demonstrating consistent and widespread economic growth.
China’s Economic Slowdown:
- China’s economic prospects are not as bright as those of India, which is expected to rise rapidly.
- The IMF predicts that China’s economy would grow more slowly, while Moody’s Investors Service recently downgraded its outlook to negative for Chinese government bonds.
- This change highlights India’s potential to become a more significant growth engine in the Asia-Pacific area.
Emerging Markets:
- According to a survey by S&P Global, between 2024 and 2026, India and Vietnam would be the fastest-growing emerging markets.
- There is a chance for India to become a significant global manufacturing hub as a result of the continuous diversification of global supply chains away from China.
- To fully achieve India’s demographic dividend, the report highlights the crucial significance of upskilling workers, creating a strong logistical structure, and improving the participation rate of women in the labor market.
Way Forward:
- The combination of robust GDP numbers, international forecasts, and investor confidence presents a bullish picture of India’s economic future.
- Strategic imperatives including robust logistics infrastructure, skill development, and inclusive workforce participation are essential to realizing the full potential of India’s demographic dividend as the country strives to become a major player in the global economy.
- India is positioned to play a major role in the changing dynamics of the Asia-Pacific region and the global economy given the current state of the economy.
For Enquiry
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