Source: The Hitavada      Date: 23 Nov 2018 12:37:56











THE rephrasing of European Union’s policy towards India while seeking a greater partnership in regional, international, trade and security affairs is another recognition of India’s fast-growing economy that has a potential to become a global growth engine. Europe’s insistence on a strong partnership with India underlines the important geopolitical role it has to play in a world where big powers like the US are hurtling towards a conservative and protectionist mode. This self-isolation by larger economies has opened a great opportunity for India to assert its importance in EU nations and seek a good pie of big-ticket investments. As recognised by Ms. Federica Mogherini, Vice-President of European Commision, EU is India’s first trading partner and one of its largest sources of investment. With the spike in Indian economy and the growth rate it has achieved in the last four years, New Delhi is seen as a reliable partner in global affairs including security issues in the Asian region. Engaging Europe is a win-win situation for India and also a viable economic alternative.




SRI Lanka is in a turmoil, not just political but also on the economic front if the warning by ousted Finance Minister Mr. Mangala Samaraweera is taken into consideration. President Mr. Maithripala Sirisena’s sudden move to sack Prime Minister Mr. Ranil Wickremesinghe and bring back former political rival Mr. Mahinda Rajapaksa in his place has plunged the island nation into an unprecedented chaos. Subsequent actions of dissolution of Parliament which was stayed by the Supreme Court have deepened the fissures between the warring political parties. What followed was a mayhem in the Parliament as the session descended into a farce. All this extraordinary commotion has put a dent on financial operations of the Government. In Mr. Samaraweera’s words Lankan economy is on the brink of anarchy. Already reeling under debt of Chinese loans secured by Mr. Rajapaksa in 2014, Lanka cannot afford to default its immediate debt obligations. A quick-fix by concerned parties is crucial before it is too late.