India’s External Affairs Minister, S. Jaishankar, reiterated India’s commitment to being a “friend to the world” and the voice of the global south during his address at the annual meeting of the Indian Ocean Rim Association (IORA) held in Colombo. This reaffirmation of India’s role in the Indian Ocean region reflects its growing influence and its dedication to fostering cooperation, development, and inclusivity in the region, which holds immense strategic importance. This statement by Mr. Jaishankar resonates with the syllabus of the UPSC exam, particularly in the context of India’s foreign policy and international relations.
One of the key points highlighted by Minister Jaishankar was India’s dedication to ensuring a free, open, and inclusive Indian Ocean region. This commitment aligns with India’s neighborhood policies and regional cooperation. India’s vision for the Indian Ocean emphasizes maintaining the security and stability of the region, facilitating trade and economic growth, and fostering peaceful coexistence among nations.
In addition to promoting regional peace, India’s engagement with the IORA also reflects its concerns regarding unsustainable debt in the region. Mr. Jaishankar warned against hidden agendas, unviable projects, and unsustainable debt, echoing the concerns raised by India in the context of China’s loans and projects in the region. This highlights India’s emphasis on responsible lending and borrowing, which is crucial for the economic stability of countries in the Indian Ocean region.
Furthermore, India’s active involvement in assisting Sri Lanka with housing projects, school modernization, and increasing milk production through collaborations with the Indian National Dairy Development Board and the Sri Lankan Cargill Group underscores its commitment to regional development and capacity-building.
The meeting in Colombo also comes at a critical juncture for Sri Lanka, which is negotiating with the IMF for a bailout to avoid a debt crisis. India has played a supportive role, offering lines of credit, debt payment moratoriums, and currency swap arrangements worth almost $4 billion. This demonstrates India’s commitment to fostering economic stability in the region and addressing the challenges posed by unsustainable debt.
India’s leadership role within the IORA, as it takes over as Vice Chair, reflects its growing influence and responsibility in the Indian Ocean region.