India’s support for a debt restructuring plan for Sri Lanka was announced by S. Jaishankar, the country’s external affairs minister, during a trip to Colombo last week. Yet another illustration of India’s proactive response to the Sri Lankan problem is New Delhi’s assistance for Colombo’s debt negotiations with the IMF.
This is good news because India has always reacted slowly to challenging circumstances in its neighbourhood. After Sri Lanka’s economy crumbled last year as a result of a dramatic decline in its foreign exchange reserves and a rise in inflation, New Delhi was also eager to offer loans and assistance to the country.
However, New Delhi needs to be careful to avoid repeating another common blunder, which is making commitments it ultimately breaks. Unspoken ambition to be viewed as Sri Lanka’s main regional benefactor at a time when Beijing, New Delhi’s largest rival, has shown some reluctance in providing financial support to Colombo’s efforts to restart the economy, is at the core of India’s reaction to the country’s problem.
Video Courtesy: Hindustan Times
However, India must make sure that its strategy toward Sri Lanka u2014 and its other neighbours u2014 is essentially shaped by New Delhi’s vision for the region and its place in it, rather than by a foreign power like China. Only then can India be seen by its neighbours as a truly reliable partner. Gains in strategic parity with China will naturally follow. At the same time, India must use the sway it gains from helping the Sri Lankan economy to press Colombo to grant more autonomy to the region’s Northern Province, which is dominated by Tamils, as well as to generally protect Tamil rights and sensibilities.
Finally, India must take all of these actions without giving those who accuse it of meddling in Sri Lanka’s domestic politics any ammunition. Mr. Jaishankar visited Mahinda and Gotabaya Rajapaksa, the former presidents of Sri Lanka whose family was ousted from power last year as a result of a popular uprising, in Colombo. Despite the Rajapaksa family’s low level of support in Sri Lanka, their party is still in power. How India navigates the maze of economic and political factors shaping Sri Lanka will decide whether its current approach yields the results it seeks.
India spent billions in aid for Sri Lanka. How this can now help counter China?Comment down below.
