On December 19, when
the Biden administration conveyed that President Biden would be unable to
attend Republic Day and a potential Quad summit, some voices quickly painted
the situation as a harbinger of the deteriorating India-US relationship.
Assertions ranged from questioning the partnership's fragility to speculating
on its impending demise, with doubts raised about New Delhi's perception of
Biden as an ally. The familiar narrative of American fickleness emerged,
suggesting that the US could align with Pakistan or China at the slightest
provocation. The catalyst for this perceived strain was the Pannun case,
involving the Khalistani terrorist threat.
While the Pannun issue
may not significantly impact the overall strategic relationship between India
and the US. The concerns raised by five Indian American Congressmen and the
expressions of disapproval from Beltway observers, hinting at potential sanctions
and "reputational damage," add complexity to the situation.
With competing court
cases underway in New York and New Delhi, India is set to legally contest the
charges. The defense will likely scrutinize and challenge various aspects of
the accusations. However, the undeniable reality is that the United States finds
itself defending an accused terrorist in this scenario.
ECONOMIC SECURITY
Gleaming Achievements:
Surat's Latest Diamond Bourse Showcases India's Success
Step aside, Mumbai.
Gujarat takes the spotlight with the recently inaugurated Surat Diamond Bourse
(SDB), representing the pinnacle of India's diamond success story. Positioned
as the world's largest office space, this impressive facility is managed by the
non-profit SDB, exclusively established for this purpose. Serving as Surat's
second trading hub, the bourse spans 35.5 acres and accommodates up to 4,500
offices.
Radiant Surat: Long recognized as a
crucial player in the global diamond supply chain, the city of Gujarat has
consistently processed 9 out of 10 diamonds globally. The establishment of the
Surat Diamond Bourse positions India to become a global hub for all aspects of
the diamond trade.
Silent Brilliance: The sheer magnitude of
the Gujarat-based bourse underscores the often understated nature of the
diamond business. India's leadership in the diamond industry is frequently
overlooked in discussions about the country's global achievements. Over the
past decades, Indian diamond-dealing communities, forming a closely-knit
ecosystem of families across continents, have exerted significant influence
over trading hubs, including the renowned Antwerp diamond district.
Dimming Luster,
Homegrown Brilliance:
Declining demand in affluent markets, including China, has led to a downturn in
diamond exports.
The industry
anticipates a potential shift among Indians toward diamond jewellery,
potentially capturing 20% of the market. The Surat Diamond Bourse is poised to
inject renewed vitality into the business, ensuring that the sparkle of India's
diamond industry continues to shine brightly.
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