Boosting Trinidad and Tobago's economy through enhanced ties with India

RUSHTON PARAY

THE RECENT visit of India's Prime Minister Narendra Modi to the US has highlighted the significant advantages that TT could gain from fostering closer relations with this Asian powerhouse.

During his visit, Modi received a warm reception from President Joe Biden, addressed the US Congress – an honour rarely bestowed – and engaged with India's thriving diaspora of 4.1 million people.

The acclaim and recognition accorded to Modi in the US and elsewhere is well-deserved, given his impressive track record of leading India to a remarkable 63 per cent economic growth during his nine years in office.

India now boasts the fifth largest economy in the world, with remarkable expansion across various sectors, including technology, which has witnessed a 40 per cent rise in investments and an eight-fold increase in manufacturing.

In his address to the US Congress, Modi rightly emphasised that the world is eager to learn more about India, its development, democracy and diversity.

India's innovative technology sector, attracting investments from leading global players, is valued at over $12 billion and contributes 53 per cent to the services sector, providing employment to nearly six million professionals.

Furthermore, India has established itself as a global leader in healthcare, agriculture, industrial development, food processing and other primary sectors.

With digitisation deeply ingrained in Indian society, its diaspora of 32 million people relies on the country's digital infrastructure for fund transfers, and this model has been emulated by 26 other nations.

India's consumer spending, fuelled by government outlays, investments and exports, positions it as the sixth-largest market in the world.

It comes as no surprise that Modi received a staggering 79 rounds of applause and 15 standing ovations during his congressional address.

As a visionary leader, Modi has set ambitious national goals to achieve self-reliance and propel India toward becoming a developed nation by its centennial of independence in 2047.

In contrast, TT's current administration, represented by the PNM, has merely paid lip service to the notion of "developed nation status," while the country grapples with poverty and crime.

According to the World Bank, the Modi administration has successfully lifted 415 million people out of poverty through initiatives focused on job creation, housing, sanitation, improved education and other direct interventions.

Modi places a significant emphasis on environmental sustainability, green energy (India's solar capacity has grown by an astounding 2,300 per cent in a decade), "knowledge with humanity," and food sovereignty.

Given the deep-rooted historical ties between India and TT, it is imperative for this nation, which is vulnerable due to its size, to cultivate close relations and derive measurable benefits from India.

India has generously provided TT, along with 149 other countries, with covid19 vaccines and it could extend further assistance to the country's pharmaceutical sector through its extensive network of 3,000 drug manufacturers and 15,000 units.

With its vast resources, India has the potential to support the development of TT's pharmaceutical industry and establish a thriving offshore medical sector. This collaboration would likely lead to a reduction in the cost of medicine, a significant relief for many citizens who currently struggle to afford necessary medications.

India is actively engaged in energy projects with Guyana and Suriname and could undoubtedly contribute to revitalising TT's stalled energy sector, including the restoration of the Pointe-a-Pierre refinery.

As a major energy producer, with 80 per cent of its needs met by coal, oil and solid biomass, India's expertise and collaboration could be invaluable in addressing the country's energy challenges.

While Jamaica and other Caribbean countries actively court Indian investments, TT's lack of interest in this regard is compounded by its poor ranking on the ease-of-doing-business index.

India's nearly self-sufficient wheat production becomes particularly relevant for TT, as it faces the uncertainties resulting from the Russian-Ukrainian conflict.

India's efficient and technologically-advanced agriculture ecosystem could immensely benefit TT, where food production is at its lowest point.

By forging improved trade relations, establishing digital infrastructure, promoting cultural exchanges, and pursuing other tangible gains, TT could achieve substantial advancements through purposeful engagement with India.

India has demonstrated its readiness for closer ties with the Caribbean Community (Caricom), as evident from statements made by Prime Minister Modi and the recent visit of India's Foreign Affairs Minister, Subrahmanyam Jaishankar, to Guyana.

During Jaishankar's visit, he expressed India's commitment to multi-sectoral capacity building in the region, including co-operation in agriculture, small business development, digital transformation, healthcare and other areas.

Despite the immense economic value of a dynamic alliance with India, the Rowley administration has not taken any known initiatives to engage with India's rapidly growing economy or responded to the overtures made by the Asian country.

On the other hand, President Biden, who leads the world's largest economy, recognises the immense potential of a robust partnership with India. He has referred to the US-India relationship as "one of the most defining relationships of the 21st century."

TT should seize the opportunity to strengthen its ties with India, leveraging the benefits that a close alliance could bring to its economy, society and overall development.

Rushton Paray is a Member of Parliament and opposition spokesman on trade and industry