Pakistan is hosting this year’s meeting of the SCO Council of Heads of Government (CHG), and leaders from all member countries have been invited. Providing details about his visit, Jaishankar said that this trip follows tradition, where either the Prime Minister or the Foreign Minister attends high-level meetings. “This year, the meeting is being held in Islamabad, and this is a new experience, as we have seen before,” he said.

Discussing the SCO’s functioning and the expectations of its members, Jaishankar said that the SCO has failed to achieve its objectives. The primary reason behind this is the issue of terrorism. He also pointed out that a neighboring country is supporting terrorism, which poses a threat to stability in the region. He stated, “Terrorism cannot be accepted. The activities of our neighboring country will bring about a change in the situation. This is why SAARC meetings have not been held in recent years.”

However, Jaishankar clarified that this does not mean regional activities have come to a halt. In fact, in the past 5-6 years, there have been several indications of regional integration in the Indian subcontinent. He said, “If you look at our relations with Bangladesh, Nepal, Bhutan, Myanmar, and Sri Lanka, you will see that railway lines are being reconstructed, roads are being developed, and power grids are being built.”

Thus, it is clear that the main purpose of Jaishankar’s visit is to ensure India’s participation in the SCO summit, not to engage in bilateral talks with Pakistan. He also added that he would behave like a gentleman and take the opportunity to engage in discussions with the leaders of all countries during the conference. Regarding this visit, Jaishankar also said, “We are ready to promote regional cooperation, but the issue of terrorism cannot be ignored.” This statement highlights that India remains vigilant about protecting its national interests and is maintaining a strong stance for regional stability.

BRICS, an acronym for Brazil, Russia, India, China, and South Africa, was founded in 2006 with the goal of promoting cooperation among major emerging economies. South Africa became a member in 2011, expanding the original BRIC group. Over the years, BRICS has gained prominence as a platform for discussing global economic and political issues, offering an alternative to Western-led institutions like the International Monetary Fund (IMF) and the World Bank. At the 15th BRICS Summit, held on August 24, 2023, six new countries were invited to join the organization. These countries include Saudi Arabia, Egypt, the United Arab Emirates (UAE), Argentina, Iran, and Ethiopia. Their membership will officially take effect from January 1, 2024, marking a significant expansion of BRICS and increasing its geopolitical and economic influence.

Russia’s support for Pakistan’s inclusion in BRICS comes at a time when several other countries have also expressed interest in joining the bloc. Overchuk’s remarks underscore Russia’s active role in fostering closer ties with Pakistan and supporting the aspirations of countries looking to join BRICS. In addition to Pakistan, Azerbaijan has also applied for BRICS membership. Azerbaijan’s Foreign Ministry spokesperson expressed the country’s interest during the 24th Shanghai Cooperation Organization (SCO) Summit held in Astana, Kazakhstan, in July 2023. Like BRICS, the SCO is another prominent international organization that includes Russia and China, and it plays a significant role in promoting political, economic, and security cooperation in the region. The SCO and BRICS share many members and common goals, which is why they are often seen as complementary organizations.

The expansion of BRICS reflects the growing importance of emerging economies in shaping global affairs. Countries from various regions, including the Middle East, Africa, and South America, are seeking membership in BRICS as they view it as a platform for promoting their interests on the global stage and counterbalancing the influence of Western-dominated institutions. With Russia’s backing, Pakistan’s chances of joining BRICS have gained momentum. Both countries see this as an opportunity to enhance their bilateral relations and collaborate more effectively within a multilateral framework that aligns with their shared interests. As the BRICS group expands, it is set to become an even more influential force in the global political and economic landscape.

In her response to Pakistan, Singh highlighted three ‘reds’ that she claimed Pakistan was “soaked in.” She referred to the red of bloodshed from terrorism sponsored by Pakistan, the red of its debt-riddled national balance sheets, and the red of shame felt by its people for their government’s failure to serve their actual interests.

Singh emphasized that Jammu and Kashmir and Ladakh are integral and inalienable parts of India, and the constitutional measures taken by the Indian government in these Union territories are internal matters. She also pointed out Pakistan’s institutionalized persecution of its minorities and its abysmal human rights record, contrasting it with India’s progress in economic development and social justice.

Singh highlighted incidents of persecution against minorities in Pakistan, including the August 2023 Jaranwala issue where 19 churches were gutted, and 89 Christian houses were burnt down. Singh also condemned Pakistan for hosting and celebrating UNSC-sanctioned terrorists, while discussing India’s pluralistic ethos and democratic credentials.

Regarding Turkey’s support for Pakistan’s comments on Jammu and Kashmir, Singh issued a warning, expressing regret for Turkey’s remarks and hoping that it would refrain from making unsolicited comments on India’s internal matters in the future.

India has consistently maintained that Jammu and Kashmir is an integral part of its territory and that any discussion on the region should be conducted bilaterally between India and Pakistan. The country has also emphasized the need for an atmosphere free of terrorism and hostilities to have normal ties with Pakistan.

The response at the UN Human Rights Council comes at a time when India is facing various financial challenges, including a high depreciation of its currency, inflation, and decreasing forex reserves. Despite these challenges, India remains steadfast in its commitment to defending its interests and promoting peace and stability in the region.

India’s response serves as a reminder of its commitment to defending its interests and promoting peace and stability in the region.

BY – KASHISH JAIN

The recent increase in the market value of the Tata Group can be mainly credited to the impressive returns seen in Tata Motors and Trent, as well as the strong rallies in Titan, TCS, and Tata Power over the last year. Notably, eight Tata companies, including the recently listed Tata Technologies, have seen their wealth double in this time frame. The companies that have seen their wealth double in the last year include TRF, Trent, Benaras Hotels, Tata Investment Corporation, Tata Motors, Automobile Corporation of Goa, and Artson Engineering.

Analysis from ACE Equity reveals that among the 25 Tata companies listed on stock exchanges, only one, Tata Chemicals, has experienced a decline in wealth over the past 12 months, marking a notable resilience in the group’s performance. Considering the potential market value of unlisted Tata entities such as Tata Sons, Tata Capital, Tata Play, Tata Advanced Systems, and their airline ventures (Air India and Vistara), among others, the conglomerate’s strength could significantly increase by an estimated $160-170 billion, or possibly more.

Pakistan’s economy, on the other hand, faces a starkly different economic outlook. Despite commendable growth rates in previous years, the country is grappling with a looming economic crisis aggravated by an overwhelming debt burden. Pakistan is currently facing a significant challenge with its external debt and liabilities, which stand at a staggering $125 billion. This has put the country in a race against time to secure funds, especially to cover the impending $25 billion of external debt payments that are set to begin in July. Adding to the urgency, a $3 billion program from the International Monetary Fund (IMF) is on the brink of exhaustion next month.

Pakistan’s foreign exchange reserves hover around a precarious $8 billion, scarcely covering two months’ worth of essential imports. Moreover, its debt-to-GDP ratio surpasses the worrisome threshold of 70%, with credit ratings agencies expressing concerns that interest payments on its debt may consume roughly half of the government’s revenues for the current year.

The Tata Group’s ability to weather market fluctuations and maintain its position as a market leader underscores the strength and stability of its business model. As Pakistan grapples with its economic challenges, the example set by the Tata Group serves as a reminder of the importance of strategic planning, diversification, and adaptability in achieving long-term economic sustainability.

By – Kashish Jain