HUMAN SECURITY-Rescue Indians Trapped in Southeast Asia: Cyber Fraud and Job Exploitation,Economic Security-Reserve Bank of India deserves share of credit for economic stability

 HUMAN SECURITY-Rescue Indians Trapped in Southeast Asia: Cyber Fraud and Job Exploitation 

Thousands of Indian nationals find themselves in distressing situations in Myanmar and Cambodia, where they are coerced into committing online fraud and deception. The Ministry of External Affairs has been successful in rescuing approximately 250 Indians from Cambodia and around 30 from Myanmar. These individuals are being lured by organized crime rings, in collusion with unscrupulous agents, who promise them employment in the information technology industry in these countries. However, upon arrival, they are forced to work in cyber fraud centers and compelled to deceive people through phone calls, emails, and WhatsApp messages. In some instances, they even impersonate law enforcement officials to extort money on behalf of their employers.

 

 

 

 

This alarming trend reinforces the recent statement by Jurgen Stock, the head of Interpol, who highlighted the expansion of organized crime groups during the Covid-19 pandemic. These criminal networks, which have contributed to a surge in human trafficking and cyber scam centers, have transformed into a global network generating an estimated $3 trillion annually. According to Stock, these cyber scam establishments, where staff members are operating under coercion, have enabled crime syndicates to diversify their operations beyond drug trafficking. Similar fraudulent operations are reportedly being conducted in Malaysia and the Philippines, with potential ties to certain Chinese companies.

 

India, known for its strong ties with ASEAN nations, must intensify efforts to crack down on operators of fraudulent call centers. It is crucial to widely circulate advisories about online and phone scams to all stakeholders. Close coordination and regular exchange of information among governments can prove effective in deterring criminals. Additionally, the distressing reality of Indian nationals seeking employment in countries like Myanmar and Cambodia calls for attention , necessitating corrective measures to prevent skilled young individuals from falling into this vicious trap.

 

 

Economic Security-Reserve Bank of India deserves share of credit for economic stability

 

 

Country has come long way since it was a 'fragile five' emerging market

 

 

Every month, Indian Prime Minister Narendra Modi sits down with his economic advisory board to discuss policy.

 

The group's discussions held to a straightforward conclusion of late. At a time when geopolitical tensions are high and global financial markets volatile, the best course of action is to refrain from aggressively pursuing growth or easy credit and to hold back from big subsidy increases that could swell both inflation and the government budget deficit.

 

The Reserve Bank of India, the markets and the prime minister's office are surprisingly in agreement on the need for policy stability even with a national election campaign in full swing and the temptation to offer generous handouts greatest.

 

This is a considerable achievement for a country that 11 years ago was one of the "fragile five" emerging market economies that Morgan Stanley saw as particularly vulnerable to the impact of potential capital outflows.

 

That was shortly before Modi's first national election victory. Today, the country whose foreign reserves appeared inadequate then now has around $600 billion banked to cushion any shocks.

 

India's economy has never looked better. The country is now the world's fastest growing major economy and well outpacing China for the first time.

 

India is now posting annual growth rates above 7% while China, wrestling with debt, deflation and demographics, will be hard pressed to realize its official target of "about 5%" growth this year. India though does have the advantage of growing from a smaller base, as China's gross domestic product is now about five times larger.

 

Credit for India's economic outperformance must go both to Modi's government and to the RBI, which has become increasingly technocratic in recent years.

 

The best any central banker can hope for in many cases is not to be independent of his or her political masters but to be in sync with them. Counterparts in Asia may well look at the RBI with envy, at least at this time