Malaysia aims to generate US.7 billion in annual medical tourism revenue by 2030

The nation is developing strategies to attract even more foreign patients, not just for treatment, but for a thorough experience based on trust, comfort, and detailed care.

Medical tourists visiting Malaysia right now come from South Asia, the Middle East, and perhaps Europe as well as the traditional areas of Indonesia and China.

By the end of the year, the MHTC is leading efforts to expand the sector and improve the nation’s position as a leading global health hub.

The agency’s CEO Mohamed Ali Abu Bakar said,” We must be prepared, because the problem we have- we must own power.” &nbsp,

” Even in Malaysia right now, we have ( a ) lot of hospitals adding buildings and building brand-new ones,” Dr. Mohamed Ali continued.” Hope the capacity is there for us to achieve these goals.”

In order to remain competitive in a packed market with rising global demand, the nation is focusing on quality, pricing, and individualized services.

Cost continues to be a crucial factor for both local and foreign individuals as health inflation continues to become a global issue.

However, according to experts, Malaysia’s rising costs won’t actually change medical tourists.

According to Dr. Kuljit Singh, chairman of the Association of Private Hospitals Malaysia,” Even though the cost may improve, it is still deemed to be cost-effective,” because we are still one of the most affordable nations in terms of medical expenses.

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Guiltless scorching sky: Balochistan’s unjust climate burden – Asia Times

In the vast, rugged expanse of southwestern Pakistan lies Balochistan, a province that stretches across nearly half of the country’s landmass yet remains home to only a fraction of its people.

While global debates on climate change often focus on industrial powerhouses like the US, China, and the European Union, the harsh realities faced by vulnerable regions such as Balochistan remain overlooked.  

This arid, mineral-rich region, often overshadowed by political unrest and insurgency, now faces an equally formidable foe: climate change.

The irony is stark—while Balochistan bears the brunt of escalating environmental disasters, Pakistan as a whole contributes almost nothing to the global emissions driving this crisis.

This juxtaposition demands a closer look: How can a province so vulnerable to ecological collapse exist within a nation that leaves such a negligible carbon footprint?

Through a lens of recent developments, hard-hitting data, and critical analysis, it becomes clear that Balochistan’s plight is a microcosm of global inequity, where those least responsible for climate change suffer its harshest consequences.

Balochistan’s geography tells a story of extremes. Covering 44% of Pakistan’s territory, it is a land of towering mountains, sprawling deserts and a coastline along the Arabian Sea.

Yet, despite its size, the province is sparsely populated, with roughly 15 million residents (Projected Population for 2025: approximately 16.9 million),  a mere 6% of Pakistan’s 250 million people.

This vastness, coupled with its arid climate, makes it inherently susceptible to environmental shifts. Droughts, once occasional visitors, have become frequent intruders since the turn of the millennium, parching the land and its people. Recent reports underscore this grim reality: water scarcity has intensified, leaving communities on the edge of survival.

Consider the numbers. Since 2000, drought frequency in Balochistan has surged, a trend that aligns with global warming’s exacerbation of dry spells in semi-arid zones. Unlike Punjab, where irrigation canals fed by the Indus River sustain agriculture, Balochistan relies heavily on erratic rainfall and dwindling groundwater.

Studies suggest that over 80% of the province’s water supply comes from sources vulnerable to climate variability—rain, seasonal streams, and aquifers depleted by overuse and under-replenishment.

The result? A province where farming, the backbone of rural livelihoods, teeters on the verge of collapse. In 2022 alone, drought conditions slashed crop yields by nearly 40% in some districts, pushing families into food insecurity and deepening poverty.

Then there’s the heat. Temperatures in Balochistan have climbed steadily, with summer highs now regularly exceeding 50°C (122°F) in areas like Sibi and Turbat. According to the Pakistan Meteorological Department (PMD) report, 2023 was one of the hottest years on record, with Turbat hitting a scorching 53.7°C.

These scorching conditions amplify evaporation rates, drying out what little water remains. Livestock, another pillar of the local economy, perish in droves during these heatwaves, their carcasses littering a landscape that can no longer sustain them.

A recent news piece highlighted how shepherds in the province lost half their herds in a single season, a loss they can ill afford in a region where development lags far behind the rest of Pakistan.

Balochistan’s vulnerability isn’t just a matter of geography—it’s a consequence of systemic neglect and inadequate adaptation. While the province faces some of the most severe climate impacts in Pakistan, its capacity to respond is crippled by underfunding and weak governance.

A special report from late March 2025 pointed to a glaring disconnect between Balochistan’s water policies and climate realities. Despite the province’s dire need for resilient infrastructure, think rainwater harvesting systems or drought-resistant crops, such initiatives remain woefully underfunded.

The report noted that while Punjab has seen pilot projects for climate-smart agriculture, like drip irrigation boosting water efficiency, Balochistan languishes with outdated methods ill-suited to a warming world.

This disparity is quantifiable. Pakistan’s federal budget allocates a fraction of its climate adaptation funds to Balochistan despite its outsized exposure to environmental risks.

In 2022, when devastating floods swept through the country, Balochistan bore a heavy toll of over 300 lives lost and thousands displaced. Yet, the province received less than 10% of the $10 billion pledged internationally for recovery, with most aid funneled to more populous regions.

Fast forward to 2025, and the pattern persists. Finance Minister Muhammad Aurangzeb recently lamented that only a third of those pledged funds ever materialized, leaving vulnerable areas like Balochistan to fend for themselves.

The human cost is staggering. Women in remote villages trek miles daily to fetch water from shrinking springs, a task made more grueling by rising temperatures and receding resources. Children drop out of school to help their families survive, their futures sacrificed to a crisis they did not create.

Meanwhile, glacier retreat in the northern reaches of Pakistan—a key water source for downstream Balochistan—threatens to unleash new disasters, like outburst floods and landslides.

The government’s launch of a Glacier Conservation Strategy in March 2025 is a step forward, but its focus on northern ecosystems does little for Balochistan’s immediate needs.

Contrast Balochistan’s suffering with Pakistan’s role in the climate change equation, and the injustice deepens. Pakistan is a featherweight in the arena of global emissions, contributing less than 1% of the world’s greenhouse gases.

In 2022, its per capita carbon footprint was a mere 0.9 metric tons, dwarfed by the United States’ 14.9 tons or China’s 8.7 tons. The country’s energy mix leans heavily on natural gas and hydropower, with coal still a smaller player compared to industrial giants.

This low contribution is not a fluke; it is a reflection of Pakistan’s economic reality. Unlike developed nations, where industrialization and consumerism drive emissions, Pakistan’s economy is agrarian and underdeveloped.

Balochistan epitomizes this: its vast mineral wealth—gas, coal, copper, gold—remains largely untapped or exploited by external players, not burned locally to fuel a carbon-intensive lifestyle. For instance, the projects like that of Saindak Metals and Rekodiq in Balochistan merit consideration.

The province’s people live simply, their energy use minimal, their emissions a rounding error in the global ledger. Yet, they pay a disproportionate price for a crisis fueled by distant smokestacks and tailpipes.

The 2025 Climate Risk Index, released by German-watch, ranked Pakistan as the most vulnerable country to climate change in 2022, a position cemented by floods, heatwaves and droughts.

Scientists attribute these erratic patterns to climate change, with the Intergovernmental Panel on Climate Change (IPCC) warning that South Asia will face more intense and unpredictable rainfall.

Balochistan’s fragile infrastructure, compounded by decades of underdevelopment, leaves it defenseless against such disasters. The province’s woes are a key driver of that ranking, yet Pakistan’s leaders can not point to their own actions as the cause.

At COP27, the country’s delegation, alongside allies like Bangladesh, fought for a Loss and Damage Fund to compensate nations like theirs, victims of a warming world they didn’t warm. The fund’s creation was a moral victory, but its slow rollout leaves Balochistan waiting, its people drowning in a deluge of consequences they didn’t sow.

Balochistan’s climate vulnerability doesn’t exist in a vacuum: it is tangled with the province’s long-standing political turmoil. The Baloch insurgency, fueled by grievances over resource exploitation and marginalization, has flared anew in 2025, with attacks like the Jaffar Express hijacking in March dominating headlines.

Separatist groups like the Balochistan Liberation Army (BLA) argue that Pakistan’s central government plunders the province’s riches while leaving its people in squalor. Climate change amplifies this narrative: as droughts and heatwaves devastate livelihoods, resentment festers, turning desperation into militancy.

Lack of focus by the government towards Balochistan’s climate resilience has further exacerbated the situation. Decades of excessive water extraction for agriculture, coupled with minimal recharge, have drained Balochistan’s aquifers.

There are thousands of unchecked tube wells that are extracting water at a lethal and devastating pace. A 2023 study by the International Water Management Institute (IWMI) found that Quetta’s water table is dropping by 3 meters annually, risking total depletion within a decade.

The province’s iconic Hanna Lake has shrunk by 40% since 2000, symbolizing the broader ecological collapse. Meanwhile, deforestation, driven by illegal logging, has reduced forest cover to a mere 2.5% of the province, accelerating desertification.

The loss of biodiversity threatens indigenous wildlife, including the endangered Balochistan bears, tigers, ibex’, fox’ and the iconic Chiltan & Takatu markhors.

Balochistan’s predicament is a clarion call for global accountability. If Pakistan contributes next to nothing to climate change, why should its most fragile province suffer so acutely?

The answer lies in the skewed dynamics of a world where industrialized nations, historically responsible for 79% of cumulative emissions, export their ecological debts to places like Balochistan.

United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reports that over 60% of Balochistan’s population faces acute water shortages, pushing communities toward poverty and migration. The province’s droughts, heatwaves and water crises are not homegrown; they are the fallout of a global system that thrives on inequity.

Data backs this up. The top 10 emitting countries, led by China and the US, account for over 60% of annual greenhouse gases, while Pakistan’s share hovers below 0.8%. Yet, Balochistan’s climate vulnerability rivals that of small island states facing existential threats from rising seas.

The province’s carbon neutrality, its people emit almost nothing, offers no shield against a warming planet. This mismatch demands a rethink of climate justice, where responsibility aligns with impact, not just emissions.

Pakistan must also look inward. While it can not control global emissions, it can bolster Balochistan’s resilience. The government’s climate rhetoric, think “climate-smart policies” and glacier strategies, needs teeth.

Redirecting funds to water harvesting, solar-powered irrigation and reforestation could blunt the edge of drought and heat. Engaging Balochistan youth in these efforts, rather than letting them drift toward militancy, could turn a liability into an asset. Recent field trials in Punjab show promise—why not replicate them in Balochistan?

Globally, the Loss and Damage Fund must move from promise to practice, delivering aid to places like Balochistan before they’re lost to desertification or conflict.

Wealthy nations owe it to regions bearing their burden; Pakistan’s $10 billion flood pledge should be a floor, not a ceiling. Without this, Balochistan risks becoming a cautionary tale: a land punished for a crime it did not commit, in a nation that can not afford to save it.

The polluter pays principle demands that the industrialized nations must compensate vulnerable regions. However, climate financing remains inadequate. The $100 billion per year pledge by developed nations (2009 Copenhagen Accord) has never been fully met.

So far, Pakistan has just received $3.5 billion in climate aid since 2015—peanuts compared to its losses. As per the principle, global reparation is the need of the hour.

The US, EU and China must increase climate funding to vulnerable nations and regions like Balochistan. The Pakistani province needs drought-resistant crops, solar-powered desalination plants and reforestation programs. Also, Pakistan should prioritize climate-resilient infrastructure in Balochistan, not just urban centers. 

For the sake of argument, Balochistan stands at a precipice, its vulnerability to climate change a stark reminder of nature’s indifference to human borders. Droughts parch its soil, heat scorches its people and water slips through its fingers—all while Pakistan’s contribution to the crisis remains at a statistical blip.

The province’s 15 million residents, living on the edge of survival, embody a profound injustice – they suffer not for their own actions, but for the excesses of a world far beyond their reach. Recent news, from funding shortfalls to the rise of insurgency, only sharpens this truth.

This is not just Balochistan’s story; it’s a global one. As long as the nations most responsible for climate change shirk their duties, provinces like Balochistan will pay the price.

Pakistan’s negligible emissions do not absolve the world of its obligations, nor do they spare Balochistan its fate. Action, both local and global, is the only antidote to a crisis that threatens to swallow a region whole.

Without it, Balochistan’s cries will echo unanswered, a testament to a world that failed to balance the scales.

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China’s plan for world’s biggest dam a mega-disaster for India – Asia Times

China’s ambitious program to create the world’s largest hydropower dam on the Brahmaputra River marks a major and important turning point in South Asia’s geopolitical environment.

This job is more than just a Taiwanese technical masterpiece, it heralds a profound change in regional power relationships, particularly in the realm of intergovernmental water politics.

While Pakistan views the bridge as a strategic benefits that aligns with its broader political goals, India perceives it as a looming danger to its liquid security, boundary stability and local influence. When China just announced the bridge program, India responded that it would “protect its interests”.

The Brahmaputra River, known as the Yarlung Tsangpo in Tibet, arises near Mount Kailash and enters China, India and Bangladesh before merging with the Ganges in the Bay of Bengal.

The water’s unique geography, especially at the” Excellent Bend” in Tibet, offers tremendous potential for electricity generation.

Recognizing this, China has embarked on constructing a huge reservoir capable of generating an extraordinary 60 gigawatts of power, three times the power of the renowned Three Gorges Dam.

Beijing justifies this effort as a critical step toward its 2030 coal independence goals. However, the proper repercussions of controlling the Brahmaputra’s top reaches may be overlooked.

By harnessing the river’s stream at its cause, China secures unprecedented leverage over river countries, especially India and Bangladesh. Moreover, the groundwater closeness to India’s northern border, a area fraught with regional disputes, adds a layer of political complexity.

For Pakistan, China’s Brahmaputra bridge project is a delightful growth that bolsters its historic strategic relationship with Beijing while simultaneously countering India’s regional hegemony.

As a lower downstream state, Pakistan has huge grappled with liquid management problems, particularly concerning shared river with India. Despite the Indus Waters Treaty providing a platform for water posting, conflicts persist.

China’s command over the Brahmaputra introduces a new powerful that could weaken India’s liquidity in future water-related discussions.

With China strongly positioned as a key player in South Asia’s liquid politicians, Pakistan gains a strategic alliance capable of influencing local hydro-diplomacy.

Given the complex history of ocean disputes between India and Pakistan, Beijing’s rising part may serve to adjust power dynamics in Islamabad’s favor.

This shift aligns with Pakistan’s broader objectives of securing its water resources and challenging India’s supremacy in the region.

For India, the implications of China’s dam project are profound. The Brahmaputra is a crucial lifeline for India’s northeastern states, supporting agriculture, drinking water supplies and hydropower generation.

Any alteration to its natural flow could disrupt these essential functions, posing severe risks to millions of Indian people who depend on the river.

Reduced water flow and sediment deposits could negatively impact agriculture, fisheries and local ecosystems, exacerbating socio-economic vulnerabilities in the region.

The dam’s location near Arunachal Pradesh, an area claimed by both India and China, further complicates matters. Given the recent military standoffs along the Sino-Indian border, Beijing’s control over a major water source could be perceived as a strategic pressure point.

Any manipulation of water flow, whether intentional or due to mismanagement, could escalate tensions between the two nuclear-armed neighbors.

Environmental concerns also loom large. The Himalayas are one of the most seismically active regions in the world, making large-scale infrastructure projects highly risky.

A potential dam failure or mismanagement during extreme weather events could lead to catastrophic flooding in downstream areas, posing serious humanitarian and economic consequences for India.

Adding to India’s apprehension is China’s history of unilateral decision-making on transboundary rivers. Unlike the water-sharing treaty India has with Pakistan, Beijing has refrained from entering legally binding agreements with downstream nations.

The lack of transparency in China’s hydropower projects has fueled mistrust, leaving India with limited diplomatic avenues to address its concerns.

China’s Brahmaputra dam project signifies a broader trend of increasing competition over water resources in South Asia. Water is fast emerging as a critical geopolitical asset, and Beijing’s ability to regulate the Brahmaputra’s flow places India and Bangladesh in a precarious position.

For Bangladesh, which relies heavily on the Brahmaputra for agriculture and drinking water, the project raises fears of water scarcity and accelerated riverbank erosion.

Disruptions in river flow could impact millions of livelihoods, pushing Dhaka to seek greater engagement with both India and China to mitigate potential risks. However, the power imbalance between these nations complicates the possibility of meaningful negotiations.

The dam also aligns with China’s broader Belt and Road Initiative ( BRI), which seeks to expand Beijing’s economic and strategic influence across Asia. By developing critical infrastructure in key locations, China aims to deepen regional dependencies on its economic and technological prowess.

The Brahmaputra dam is yet another step in this strategy, offering China both hydroelectric capabilities and geopolitical leverage over its South Asian neighbors.

India has responded to China’s dam project with plans to construct its own hydropower infrastructure on the Brahmaputra. The proposed Siang dam in Arunachal Pradesh is intended to counterbalance China’s influence and ensure India’s water security.

However, given the region’s geological sensitivity, executing such a project presents significant technical and environmental challenges.

Beyond infrastructure, India has sought diplomatic avenues to address its concerns. Indian officials have urged China to engage in greater transparency and consultation on water-sharing matters.

However, Beijing’s preference for unilateral decision-making limits the effectiveness of these efforts. In response, India may need to strengthen regional partnerships, particularly with Bangladesh, to present a united front against China’s growing hydro-hegemony.

New Delhi is also exploring technological solutions such as advanced satellite monitoring of water flows and predictive modeling to anticipate and mitigate any adverse impacts from China’s dam.

Additionally, India’s emphasis on diversifying its energy sources, including a push for domestic hydropower projects, aims to reduce dependency on transboundary river flows.

Still, China’s decision to build the world’s largest hydropower dam on the Brahmaputra River represents a watershed moment in South Asian geopolitics.

As the dam project progresses, India faces the challenge of formulating a comprehensive strategy to protect its water interests while navigating its complex relationship with China. Diplomatic engagement, regional partnerships and domestic countermeasures will be key in shaping India’s response.

Ultimately, China’s increasing control over South Asia’s water resources has altered the balance of power, tipping the scales in favor of Beijing and Islamabad.

As competition over water intensifies, the possibility of escalating tensions in the region grows. The era of hydro-diplomacy in South Asia is evolving rapidly, and the stakes have never been higher.

Sara Sheikh is an Islamabad-based political analyst

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Asia’s Best Companies Poll 2025: Market winners | FinanceAsia

For a 25th year, FinanceAsia publishes its highly regarded benchmark of Asia’s best companies.

Based on nomination by Asia’s active community of influential investors and financial analysts, the poll evaluates the corporate behaviour and performance of Asian peers over the past 12 months.

The FA team is delighted to announce the 2025 winners below for the market categories.The industry winners can be found here

Once again, following positive market participation, we have decided to award up to three medals per category to reflect corporate achievements. Gold, Silver and Bronze medallists are detailed where applicable.

Congratulations to all the winners. Read on for the winning companies in the following markets:  

BEST MANAGED COMPANY

China
Gold – China Unicom (Hong Kong) Ltd
Silver – China Telecom
Bronze – China Mobile

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Silver – Sino Land

Bronze – MTR Corporation Limited

 

India

Gold – Tata Motors

Silver – Axis Capital

Bronze – Bajaj Finance

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – Astra International

Silver – PT Bank Mandiri (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – Maybank

Silver – CIMB Bank Berhad

Bronze – AmFunds Investment Management Berhad

Bronze – YTL Corporation Berhad

 

Philippines

Gold – Ayala Corporation

Silver – Bank of the Philippine Islands

Silver – Megawide Construction Corporation

Bronze – Citicore Renewable Energy Corporation

 

Singapore

Gold – DBS Bank

Silver – Singapore Airlines

Bronze – CapitaLand

 

South Korea

Gold – SK Hynix

Silver – Samsung Electronics

Bronze – Hyundai Motor Co Ltd

 

Taiwan

Gold – Semiconductor Manufacturing Company, Ltd

Silver – CTBC Financial Holding

Silver – MediaTek Inc.

Bronze – Far Eastern New Century Corporation

Bronze – Sercomm Corporation

 

Thailand

Gold – B. Grimm Power PCL

Silver – Global Power Synergy PCL

Silver – Thai Oil Public Company Limited 

Bronze – Central Pattana

Bronze – Gulf Energy Development PCL

 

MOST COMMITTED TO ESG

 

China

Gold – Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

Bronze – Trip.com

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Bronze – Hengan International Group Company, Ltd.

 

India

Gold – Axis Capital

Silver – Bajaj Finance

Bronze – Tata Consultancy Services Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – Yinson Holdings Berhad

Silver – Maybank

Bronze – AmFunds Investment Management Berhad

 

Philippines

Gold – Ayala Corporation

Silver – Megawide Construction Corporation

Bronze – SM Investments Corporation

 

Singapore

Gold – OCBC Bank

Silver – City Developments Limited

Bronze – Seatrium

 

South Korea

Gold – Samsung Electronics

Silver – Hyundai Motor Co Ltd

Bronze – Hanwha Ocean

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – CTBC Financial Holding

Bronze – Sercomm Corporation

 

Thailand

Gold – Global Power Synergy PCL

Silver – B. Grimm Power PCL

Bronze – Gulf Energy Development PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – THACO Group

 

BEST INVESTOR RELATIONS

China

Gold – China Telecom

Silver – China Unicom (Hong Kong) Ltd

Bronze – China Mobile

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Silver – MTR Corporation Limited

Bronze – Midea International Corp Co Ltd

 

India

Gold – ICICI Bank Ltd

Silver – HDFC Bank Ltd

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – GoTo Gojek Tokopedia

Bronze – PT Bank Mandiri (Persero) Tbk

 

Malaysia

Gold – CIMB Bank Berhad

Silver – Maybank

Bronze – Yinson Holdings Berhad

 

Philippines

Gold – Bloomberry Resorts Corporation

Silver – Ayala Corporation

Silver – SM Investments Corporation

Bronze – Meralco

 

Singapore

Gold – CapitaLand

Silver – SATS Ltd

Bronze – Mapletree Investments

 

South Korea

Gold – Hanwha Ocean

Silver – LG Electronics

Bronze – SK Hynix

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – Far Eastern New Century Corporation

Bronze – Sercomm Corporation

 

Thailand

Gold – PTT Public Company Limited

Silver – B. Grimm Power PCL

Bronze – Global Power Synergy PCL

Bronze – Gulf Energy Development PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – Mobile World Investment Corporation

 

BEST LARGE CAP COMPANY

 

China

Gold – China Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

 

Hong Kong SAR

Gold – Link REIT

Silver – Sun Hung Kai Properties Ltd

Bronze – CLP Holdings Ltd

 

India

Gold – Kotak Mahindra Bank Ltd

Silver – HDFC Bank Ltd

Bronze – Mazagon Dock Shipbuilders Ltd

Bronze – Tata Consultancy Services Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Astra International

 

Malaysia

Gold – Maybank

 

Philippines

Gold – SM Investments Corporation

Silver – International Container Terminal Services, Inc.

Bronze – SM Prime Holdings, Inc.

 

South Korea

Gold – Hyundai Motor Co Ltd

Silver – Hanwha Ocean

Silver – POSCO

Bronze – Samsung Biologics

 

Taiwan

Gold – Taiwan Semiconductor Manufacturing Company, Ltd

Silver – MediaTek Inc.

Bronze – EVA Airways Corporation

Bronze – Far EasTone Telecommunications Co., Ltd

 

Thailand

Gold – Bangkok Dusit Medical Services PCL

Silver – PTT Exploration and Production (PTTEP)

Bronze – Advanced Info Service PCL

 

BEST MID CAP COMPANY

China

Gold – AsiaInfo Technologies Limited

 

Hong Kong SAR

Gold – CIMC Enric Holdings Ltd

Silver – Fortune REIT

 

India

Gold – Prestige Estates Projects Ltd

Silver – ICICI Securities Ltd

 

Indonesia

Gold – GoTo Gojek Tokopedia

 

Malaysia

Gold – Sunway Berhad

Silver – YTL Corporation Berhad

Bronze – Hap Seng Consolidated Berhad

 

Philippines

Gold – Manila Water Company, Inc.

Silver – Jollibee Foods Corporation

Bronze – Aboitiz Power

 

South Korea

Gold – LG Electronics

Silver – KIWOOM Securities

 

Taiwan

Gold – Far Eastern New Century Corporation

Silver – Arcadyan Technology Corporation

Bronze – Elite Material Co Ltd

 

Thailand

Gold – Minor International PCL

Silver – Global Power Synergy PCL

Bronze – WHA Corporation PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – Mobile World Investment Corporation

 

BEST SMALL CAP COMPANY

 

China

Gold – Digital China Holdings

 

Hong Kong SAR

Gold – Far East Consortium International Limited

Silver – Vitasoy International Holdings Limited

Bronze – SF REIT

 

India

Gold – Aavas Financiers

Silver – Indian Energy Exchange Ltd

 

Malaysia

Gold – Yinson Holdings Berhad

Silver – Top Glove Corporation Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – Bloomberry Resorts Corporation

Silver – Megawide Construction Corporation

Bronze – D&L Industries Inc.

 

Taiwan

Gold – Sercomm Corporation

Silver – Fositek Corporation

Bronze – Merida Industry Co., Ltd

 

Thailand

Gold – Ratch Group PCL

Silver – Bangkok Chain Hospital PCL

Bronze – Central Plaza Hotel PCL

 

Vietnam

Gold – Vinh Hoan Corporation

Silver – CMC Corporation

Silver – International Dairy Products JSC

Bronze – GELEX Group

 

BEST CEO

 

China

Gold – Zhongyue Chen – China Unicom (Hong Kong) Ltd

Silver – Jie Yang – China Mobile

Bronze – Xiaowei Luan – China Communications Services

Bronze – Biao He – China Mobile

 

Hong Kong SAR

Gold – Raymond Kwok – Sun Hung Kai Properties Ltd

Silver – George Hongchoy – Link REIT

Bronze – Shixian Lai  – ANTA Sports Products Ltd

 

India

Gold – Deepak C. Mehta – Deepak Nitrite Ltd

Silver – T.V. Narendran – Tata Steel

 

Indonesia

Gold – Sunarso – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – Darmawan Junaidi – PT Bank Mandiri (Persero) Tbk

Silver – Royke Tumilaar  – PT BNI (Persero) Tbk

Bronze – Ali Rukmijah  – Bank Sahabat Sampoerna

 

Malaysia

Gold – Khairussaleh Ramli – Maybank

Silver – Tony Fernandes  – Capital A Berhad

Bronze – Novan, Amirudin – CIMB Bank Berhad

 

Philippines

Gold – Edgar B. Saavedra – Megawide Construction Corporation

Silver – Teresita Sy-Coson – BDO Unibank

Silver – Oliver Y. Tan – Citicore Renewable Energy Corporation

Bronze – Jeffrey Lim – SM Prime Holdings, Inc.

 

Singapore

Gold – Piyush Gupta – DBS Bank

Silver – Loh Boon Chye – Singapore Exchange

 

South Korea

Gold – Chey Tae-won – SK Group

Silver – Han Jong-hee – Samsung Electronics

Bronze – Kim Seung-youn – Hanwha Group

 

Taiwan

Gold – C. C. Wei – Taiwan Semiconductor Manufacturing Company, Ltd

Silver – Suming, Chen – Universal Microwave Technology, Inc.

Bronze – Vivian Ling – Caliway Biopharmaceuticals Co. Ltd

Bronze – Chee Ching – Far Eastone Telecommunications Co., Ltd

 

Thailand

Gold – Dr. Harald Link – B. Grimm Power PCL

Silver – Niwat Adirek – BCPG PCL

Silver – Sarath Ratanavadi – Gulf Energy Development PCL

Bronze – Dr. Chalerm Harnphanich – Bangkok Chain Hospital PCL

Bronze – Dr. Poramaporn Prasarttong-osoth – Bangkok Dusit Medical Services PCL

 

Vietnam

Gold – Danny Le – Masan Group

 

BEST CFO 

China

Gold – Yuzhuo Li – China Unicom (Hong Kong) Ltd

Silver – Ronghua Li – China Mobile

Bronze – Aqiang Shen – China Communications Services

 

Hong Kong SAR

Gold – Toby Xu – Alibaba Group (HK)

Silver – Alexandre Jean Keisser – CLP Holdings Ltd

 

India

Gold – Samir Seksaria – Tata Consultancy Services Ltd

 

Indonesia

Gold – Sigit Prastowo – PT Bank Mandiri (Persero) Tbk

Silver – Viviana Dyah Ayu Retno Kumalasari – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Henky Suryaputra – Bank Sahabat Sampoerna

 

Malaysia

Gold – Malique Firdauz Ahmad Sidique – Maybank

Silver – Joyce Tan  – Sunway Berhad

Bronze – Chek Wu Kong – Duopharma Biotech Berhad

Bronze – Guillaume François Jest – Yinson Holdings Berhad

 

Philippines

Gold – John Nai Peng Ong – SM Prime Holdings, Inc.

Silver – Jez G. dela Cruz – Megawide Construction Corporation

Bronze – Estella Tuason-Occeña – Bloomberry Resorts Corporation

Bronze – Richard Shin – Jollibee Foods Corporation

 

Singapore

Gold – Yuen Kuan Moon – Singtel

Silver – Koo Chung Chang  – AIA Group

Bronze – Lim Hock Chye – Keppel Corporation

 

Taiwan

Gold – Henry Hao Jen Wang – Fubon Bank

Silver – Wendell Huang  – Taiwan Semiconductor Manufacturing Company, Ltd

Bronze – David (Chien Cheng) Wang  – Far Eastern New Century Corporation

 

Thailand

Gold – Chanamas Sasnanand – PTT Exploration and Production (PTTEP)

Silver – Yupapin Wangviwat – Gulf Energy Development PCL

Bronze – Siriwong Borvornboonrutai – B. Grimm Power PCL

 

Vietnam

Gold – Max Sunarcia – THACO Group

Silver – Do Thi Quynh Trang  – Masan Group

 

BEST COO

 

China

Gold – Jian Qin – China Unicom (Hong Kong) Ltd

Silver – Zhanwei Cui – China Communications Services

 

Malaysia

Gold – Ariff Azahar  – Maybank

 

Philippines

Gold – Carlos Cruz – International Container Terminal Services, Inc.

 

South Korea

Bronze – Nam Seok-Woo  – Samsung Electronics

 

Taiwan

Gold – Tungyi Wu – Universal Microwave Technology, Inc.

Silver – Ben Lin – Sercomm Corporation

Bronze – Jeffrey Gau – Wistron NeWeb Corporation

 

Thailand

Bronze – Nopadej Karnasuta – B. Grimm Power PCL

 

Vietnam

Silver – Metha Pingsuthiwong – Tisco Group

 

BEST CTO

China

Gold – Jun Zhi, Wang – China Unicom (Hong Kong) Ltd

 

Taiwan

Gold – Jyh-Shing Roger Jang – E-Sun

 

Thailand

Bronze – Woottichai Jarernpol  – Krungthai Card PCL

 

Indonesia

Gold – Arga M. Nugraha  – PT Bank Rakyat Indonesia (Persero) Tbk

 

Thailand

Gold – Dennis Thorsten Trawnitschek – SCB X PCL

 

Taiwan

Silver – Chris Lin – Taiwan Semiconductor Manufacturing Company, Ltd

 

Thailand

Silver – Sutthikan Rungsrithong – TMBThanachart Bank Plc.

 

MOST COMMITTED TO DEI

 

China

Gold – China Telecom

Silver – China Mobile

Bronze – China Communications Services

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Henderson Land Development Co., Ltd

Bronze – Link REIT

 

India

Gold – Travelogy India Pvt Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – CIMB Bank Berhad

Silver – Maybank

Bronze – Top Glove Corporation Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – Ayala Corporation

Bronze – International Container Terminal Services, Inc.

 

South Korea

Gold – Hanwha Ocean

Silver – Samsung Electronics

Bronze – SK Hynix

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – CTBC Financial Holding

Bronze – Sercomm Corporation

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

 

Vietnam

Gold – Vingroup

Silver – Mobile World Investment Corporation

Bronze – Masan Group

 

BEST USE OF TECHNOLOGY

China

Gold – China Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

 

Hong Kong SAR

Gold – CIMC Enric Holdings Ltd

Silver – Hongkong Land Holdings Limited

Bronze – Swire Properties

 

India

Gold – Dito Telecommunity Corporation

Silver – Sun Telecommunication

 

Indonesia

Gold – GoTo Gojek Tokopedia

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Telkom

 

Malaysia

Gold – KPJ Healthcare Berhad

Silver – Yinson Holdings Berhad

Bronze – Uzma Berhad

 

Philippines

Gold – Bank of the Philippine Islands

Silver – Union Bank

Bronze – Globe Telecom, Inc.

 

South Korea

Gold – Samsung Biologics

Silver – Hanwha Ocean

Bronze – SK Hynix

 

Taiwan

Gold – Sercomm Corporation

Silver – MediaTek Inc.

Bronze – Taiwan Semiconductor Manufacturing Company, Ltd

 

Thailand

Gold – SCB X PCL

Silver – Advanced Info Service PCL

Bronze – TMBThanachart Bank Plc.

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – FPT Corporation

 


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Asia’s Best Companies Poll 2025: Industry winners | FinanceAsia

For a 25th year, FinanceAsia has published its highly regarded benchmark of Asia’s best companies.

Based on nomination by Asia’s active community of influential investors and financial analysts, the poll evaluates the corporate behaviour and performance of Asian peers over the past 12 months.

The FA team is delighted to announce the 2025 winners below for the industry categories. The market winners can be found here

Following very positive market participation, we have decided to award up to three medals per category to reflect corporate achievements. Gold, Silver and Bronze medallists are detailed where applicable.

Congratulations to all our industry winners: 

AUTOMOTIVE & COMPONENTS

India

Gold – Tata Motors

 

Indonesia

Gold – Astra International

 

Malaysia

Gold – Perodua

 

Philippines

Gold – GT Capital

Silver – NWow 

 

Taiwan

Gold – Wistron NeWeb Corporation

 

Vietnam

Gold – THACO Group

Silver – Vingroup

Bronze – Dat Bike

 

 

BASIC MATERIALS

 

India

Gold – Tata Steel

 

Philippines

Gold – Semirara Mining

Silver – Nickel Asia

Bronze – Apex Mining

 

Vietnam

Gold – GELEX Group

Silver – Stavian Chemical

Bronze – Duc Giang Group

 

CONGLOMERATES

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Jardine Matheson

Bronze – Swire Pacific

 

Malaysia

Gold – YTL Corporation Berhad

Silver – Hap Seng Consolidated Berhad

Bronze – Berjaya Corp

 

Philippines

Gold – Ayala Corporation

Silver – SM Investments Corporation

Bronze – GT Capital

 

South Korea

Gold – Samsung Electronics

 

Taiwan

Gold – Sercomm Corporation

Silver – Yuanta

Bronze – Far Eastern New Century Corporation

 

Thailand

Gold – STECON TB

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – THACO Group

 

CONSUMER DURABLES & APPAREL

 

Hong Kong SAR

Gold – ANTA Sports Products Ltd

 

Taiwan

Gold – Far Eastern New Century Corporation

 

CONSUMER SERVICES

 

India

Gold – ITC Ltd

 

Philippines

Gold – Bloomberry Resorts Corporation

Silver – Jollibee Foods Corporation

Bronze – Max’s Restaurant

 

South Korea

Gold – Lotte Group

Silver – Hanwha Resort

 

Vietnam

Gold – Vinpearl

Silver – Sun Group

Bronze – Golden Gate Group

 

CONSUMER STAPLES

 

Indonesia

Gold – Indofood Sukses Makmur

 

Philippines

Gold – Universal Robina

Silver – Century Pacific

Bronze – Puregold

 

South Korea

Gold – Lotte Wellfood

Silver – Samyang Foods

Bronze – Dongyang Confectionery

 

Taiwan

Gold – Uni-President Enterprises Corp

 

Vietnam

Gold – Masan Consumer

Silver – Nutifood

Bronze – Bach Hoa Xanh (Mobile World)

 

ENERGY

Hong Kong SAR

Gold – CLP Holdings Ltd

 

Malaysia

Gold – Tenaga Nasional Berhad (TNB)

Silver – Yinson Holdings Berhad

 

Philippines

Gold – Aboitiz Power

Silver – ACEN Corporation

Bronze – Citicore Renewable Energy Corporation

 

South Korea

Gold – POSCO

Silver – SK Group

Bronze – Hanwha Solutions

 

Thailand

Gold – PTT Exploration and Production (PTTEP)

 

FINANCIALS

 

Hong Kong SAR

Gold – HSBC

Silver – Hang Seng Bank

 

India

Gold – Bajaj Capital

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

 

Malaysia

Gold – CIMB Bank Berhad

Silver – AmFunds Investment Management Berhad

Silver – Maybank

Bronze – Hong Leong Bank Berhad

 

Philippines

Gold – Bank of the Philippine Islands

Silver – BDO Unibank

Bronze – Security Bank

 

Thailand

Gold – Siam Commercial Bank

Silver – KBANK TB

Bronze – Krung Thai Bank

 

Vietnam

Gold – Vietcombank

Silver – BIDV

 

HEALTHCARE

 

China

Gold – Kelun-Biotech

 

Malaysia

Gold – IHH Healthcare

Silver – KPJ Healthcare Berhad

Bronze – Sunway Berhad

 

Philippines

Gold – Medilines

 

Taiwan

Gold – PharmaEssentia

Silver – Bora Pharmaceuticals

Bronze – Caliway Biopharmaceuticals Co. Ltd

 

Thailand

Gold – Bangkok Dusit Medical Services PCL

Silver – Bangkok Chain Hospital PCL

Bronze – Chularat Hospital (CHG)

Bronze – Praram 9 Hospital (PR9)

 

Vietnam

Gold – Hoan My Medical Corp

Silver – Buymed

Bronze – Long Chau (FPT Retail)

 

INDUSTRIALS

Malaysia

Gold – YTL Corporation Berhad

Silver – Malayan Cement

 

Philippines

Gold – Megawide Construction Corporation

Silver – DMCI

Bronze – EEI Corporation

 

South Korea

Gold – Samsung C&T Corporation

Silver – Hyundai Engineering & Construction

 

Thailand

Gold – CH. Karnchang (CK)

 

Vietnam

Gold – Hoa Phat Group

Silver – Hoa Sen Group

 

INFRASTRUCTURE

 

Malaysia

Gold – Yinson Holdings Berhad

 

Philippines

Gold – Ayala Corporation

Silver – San Miguel

Bronze – DMCI

 

Vietnam

Gold – Deo Ca Group

Silver – Airports Corporation of Vietnam (ACV)

 

MEDIA & ENTERTAINMENT

Malaysia

Gold – Astro

 

Philippines

Gold – ABS-CBN Corporation

Silver – GMA Network

Bronze – The Manila Broadcasting Company (MBC)

 

Thailand

Gold – The One Enterprise (Onee)

 

Vietnam

Gold – Dat Viet Group

 

REAL ESTATE

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Sino Land

Bronze – Hongkong Land Holdings Limited

 

India

Gold – Godrej

 

Indonesia

Gold – Ciputra

Silver – Pakuwon Jati

Bronze – Summarecon

 

Malaysia

Gold – Pavilion REIT

 

Philippines

Gold – Ayala Corporation

Silver – Bloomberry Resorts Corporation

Silver – SM Prime Holdings, Inc.

Bronze – AREIT Inc.

 

Thailand

Gold – Central Pattana 

Silver – Land and Houses (LH)

Bronze – Pruksa Holding PCL

 

Vietnam

Gold – Vinhomes

Silver – Sun Group

Bronze – Nam Long

 

RENEWABLE ENERGY

 

Malaysia

Gold – Yinson Holdings Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – ACEN Corporation

Bronze – Aboitiz Power

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

Bronze – BCPG PCL

 

Vietnam

Gold – Bamboo Capital Group

Silver – Refrigeration Electrical

Bronze – The Green Solutions

 

 

RETAIL

 

Philippines

Gold – Robinson’s

 

South Korea

Gold – NAVER

Silver – Coupang

 

Taiwan

Gold – PCSC

Silver – Poya

Bronze – Great Tree

 

Thailand

Gold – Central Retail Corp (CRC)

Silver – Moshi Moshi Retail Corp

 

Vietnam

Gold – Imex Pan Pacific Group

 

TECHNOLOGY

China

Gold – Alibaba

Silver – Tencent

Bronze – Baidu

Bronze – Trip.com

 

Indonesia

Gold – GoTo Gojek Tokopedia

 

Philippines

Gold – IMI

Silver – NOW

 

Taiwan

Gold – Sercomm Corporation

Silver – Wistron NeWeb Corporation

Bronze – Arcadyan Technology Corporation

 

Thailand

Gold – Be8

Silver – Bbik

 

Vietnam

Gold – MoMo

Silver – FPT Corporation

 

 

TELECOMMUNICATION SERVICES

 

China

Gold – China Mobile

Silver – China Telecom

Bronze – China Unicom (Hong Kong) Ltd

 

Indonesia

Gold – Telkom

Silver – Indosat

Bronze – Telkomsel

 

Malaysia

Gold – CelcomDigi

 

Philippines

Gold – Globe Telecom, Inc.

Silver – CNVRG

Bronze – PLDT

 

South Korea

Gold – SK Group

Silver – LG

Bronze – KT

 

Taiwan

Gold – Far EasTone Telecommunications Co., Ltd

Silver – Chunghwa Telecom

Silver – Taiwan Mobile

Bronze – Sercomm Corporation

 

Thailand

Gold – TRUE TB

Silver – AIS

 

Vietnam

Gold – Viettel

Silver – VNPT

 

TRANSPORTATION

Hong Kong SAR

Gold – Cathay Pacific Airways

 

Indonesia

Gold – Kereta Api Indonesia

 

Philippines

Gold – International Container Terminal Services, Inc.

Silver – Cebu Air

Bronze – Lorenzo

 

South Korea

Gold – Korean Air

 

Thailand

Gold – Bangkok Expressway & Metro (BEM)

Silver – Namyong Terminal (NYT)

Bronze – SJWD

 

Vietnam

Gold – ACV

Silver – Vietjet

 

UTILITY SERVICES

 

Indonesia

Gold – Perusahaan Listrik Negara

 

Philippines

Gold – Manila Water Company, Inc.

Silver – Meralco

Bronze – Aboitiz Power

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

Bronze – CK Power (CKP)

 


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Bangladesh’s future stuck in an inescapable past – Asia Times

A senior of Bangladesh’s independence war said,” This was a loss not of a home but of our history, of our, of our, of our, of our history.” He was speaking to me of the&nbsp, death on February 5&nbsp, of the Dhaka house of Sheikh Mujib thy Rahman, Bangladesh’s first president. &nbsp, &nbsp,

The target, 32 Dhanmondi, is as well known in Bangladesh as 1600 Pennsylvania in the US. It is where, in March 1971, Mujib was apprehended by Muslim soldiers as they began their violent assault in East Pakistan that culminated in a murder, the second Pakistan-India warfare, and the beginning of a new country.

And it is where Bangladeshi men massacred Prime Minister Mujib and several of his family members on August 15, 1975, in the first military revolution the nation has ever conducted. That it now stands in remains is an indication of how much people rage had accumulated during the 15 years of the increasingly authoritarian rule under Mujib’s daughter, Sheikh Hasina Wajed, which ended drastically on August 5, 2024, after months of student-led demonstrations. &nbsp,

Hasina had turned 32 Dhanmondi into a memorial for her father. Now exiled in India, where she fled after her fall from power, Hasina is plotting a political comeback. She planned to deliver a speech on February 5 to condemn Chief Adviser Muhammad Yunus’s interim government and declare her intentions to avenge her ouster, as planned for a gathering of her Awami League party.

The youth leaders warned that if she spoke they would destroy her father’s house. She continued to speak, and the leaders kept their word: The house was destroyed. For people like the liberation war veteran, who sacrificed so much and had seen his own father killed in that conflict, this was a case of a mob indulging in senseless, self-defeating violence against a symbol of their country’s founding.

But for the students who participated, it was another act of freedom in defiance not just of a “fascist” Awami League, but of a particular version of history that enabled Hasina to present herself and her family as the only legitimate custodians of Bangladesh’s independence. &nbsp,

The uprising began last June after a court order revived a quota system reserving a proportion of government jobs for 1971 war veterans and their descendants. This was essentially a spoils system for supporters of the Awami League, the party Mujib founded and Hasina has led since 1981, but it was draped in the memory of the liberation to make objectionable claims about its opponents.

This didn’t matter to a new generation eager for employment opportunities in an unfair economy. When Hasina&nbsp, implied&nbsp, that the protesters were&nbsp, razakars, a Persian word meaning “volunteer” but widely used for Bengalis who collaborated with the Pakistan army during the 1971 genocide, the resulting fury swelled the protesters ‘ ranks to an uncontrollable level. &nbsp,

Symbolism played a vital role in the events around the uprising. The most powerful was Abu Sayed’s body, a 23-year-old man who was fatally shot on July 16 while he was facing a barrage of bullets while he was standing in the middle of a road.

His death was a decisive turning point in the movement, prompting the respected photojournalist Shahidul Alam to declare, &nbsp,” the end is nigh” .&nbsp, Others replicated Sayed’s act of defiance, and a graphic of a young man with outstretched arms, a staff in one hand, has essentially become the youth movement’s logo. &nbsp,

This figure is intended to mock the trigger-happy police, which also forces Bangladesh to enter a new era. Yet for this new era to form, an older one must be settled. &nbsp, &nbsp,

Friend of Bengal&nbsp,

Fifty years later, the 1971 liberation war still serves as a court of appeal in which the main political players try to disenfranchise one another by litigating two unresolved issues: Who was the true custodian of Bangladesh’s independence? What kind of country was the birth of? A third, more essential question emerges from these two: Who stood for and who against the spirit of the liberation? &nbsp,

Outsiders can be forgiven for believing that Mujib’s status as the country’s founding father is as unquestioned as Jinnah’s in Pakistan or Gandhi’s and Nehru’s in India. At home, he is known as Bangabandhu, or Friend of Bengal.

In the first democratic election in Pakistan, Zulfiqar Ali Bhutto’s Pakistan Peoples Party ( PPP ) won against the Pakistan army in 1970, when the Pakistan army agreed to transfer power to civilians.

But he was denied his mandate to form a government by a West Pakistan establishment that couldn’t abide being ruled by Bengalis. In the middle of March 1971, troops from West Pakistan arrived in Dhaka ready for a crackdown amid a stalemate between East and West Pakistan. Their first order of business was to apprehend the Bengalis ‘ &nbsp, leader, which they did on the first day of the operation, 25 March. &nbsp,

A large portion of the Awami League’s lore was based on Mujib’s own account after the war ended. According to him, Mujib, hearing of a West Pakistani plot to kill him and blame it on Bengali extremists ( therefore compelling the army to crush the rebellion in the East ) sent most of his children into hiding while preparing for martyrdom.

The key was for Mujib to be killed inside the residence to make it clear that soldiers, not bandits, were the ones who were to blame. Thus would his blood “purify my people”. Mujib dictated a final message to his people, recorded and later broadcast via secret transmitter, to fight the West Pakistan army for independence, regardless of his own fate.

To stop the bloodshed, he wisely ordered the paramilitary and party members who were defending him. And, most poetically, he recalled how as the soldiers took him away, having decided to arrest rather than kill him, he insisted on retrieving his pipe and tobacco. &nbsp,

If this was a profile of courage for Mujib’s admirers, for his opponents it was proof of something else: that Mujib, removed from the battlefield, was alive and safe in Rawalpindi amid the slaughter in Bengal.

On my first visit to Dhaka many years ago, a retired government official asked me, rhetorically, why the army didn’t kill or disappear Mujib then, given that in the chaos of the moment the top brass could easily have feigned ignorance of what had happened to him. The West Pakistan leadership argued in my interlocutor’s theory that Mujib was still willing to keep Pakistan united and should be kept alive for a future negotiation. &nbsp,

Although it’s difficult to say whether this explanation is accurate, it does indicate a larger debate over the liberation narrative. For the Bangladesh Nationalist Party ( BNP ), led by Hasina’s perennial rival Khaleda Zia, who has twice been prime minister, it was fighters and not politicians who won the country’s independence.

And it was army major Ziaur Rahman, Khaleda’s husband and the BNP’s founder, who&nbsp, declared Bangladesh’s independence&nbsp, over the radio on 27 March 1971, two days after Mujib was arrested. It is no longer taken into account that he did it at the directive and in the name of Mujib. &nbsp,

The BNP has long struggled to develop a brand of its own despite having a large coalition of anti-Awami League constituencies. This may explain why the party gives as much importance to a legitimizing myth around 1971 as it does. &nbsp,

Both narratives have depth in a society that is incredibly divided. For the Awami League, the BNP’s fidelity to an independent Bangladesh is questionable, given its pro-Pakistani sympathies and, above all, its long partnership with the Jamaat-i-Islami that explicitly&nbsp, opposed Bangladesh’s creation, on the grounds of Islamic unity.

Meanwhile, Jamaat supporters accuse Mujib and Hasina of giving India the right to renounce Bangladesh’s sovereignty. The Awami League holds Ziaur Rahman responsible for the assassination of Mujib and that of many of his family members, in the bloody 1975 coup that augured 15 years of military rule, the BNP blames Mujib’s extreme concentration of power in a one-party state for provoking the violent backlash of 15 August 1975.

And on it goes, a tooth for a tooth. &nbsp,

What kind of a nation?

The coup of 1975 also sparked debates about whether religion or geography had a bearing on the country’s fundamental character. Bengal was a major site of British divide-and-rule strategies and resistance to them. In a bid to suppress local resistance to colonial rule, the British partitioned Bengal in 1905 between a Hindu-majority West Bengal and a Muslim-majority East Bengal.

In his virtuoso account of the independence movement, &nbsp, Liberty or Death, the late Patrick French wrote,” Provoked an upsurge of nationalist protest, and the province had become the focus of both the constitutional and revolutionary faces of the freedom movement.”

While the protests forced the British to reunite Bengal in 1911, their effects didn’t stop there. A nationalist Bengali identity gained new strength and became the main threat to the British Empire. The repressive 1915 Defence of India Act was passed specifically in response to agitation in Bengal. &nbsp,

The Second Partition of Bengal is thus frequently referred to in Bangladesh as the 1947 partition. In June of that year, the Bengal Legislative Assembly voted for a united Bengal to join Pakistan. In the event of a provincial division, East Bengal legislators who were Muslim-majority, who still wanted a united province, voted that East Bengal would join Pakistan, where Bengalis would form the popular majority. Later, legislators from Hindu-majority West Bengal voted for the partitioning of Bengal and for West Bengal to become part of India. &nbsp,

Political power would, however, be concentrated in Karachi and, after the federal capital was moved, Islamabad. The predominately Urdu-speaking West Pakistan leadership opined blatantly, and it immediately saw the country’s ethnic and linguistic diversity as a threat. Tensions between the center and the provinces created either secessionist or ethnic nationalist movements in Balochistan, the Northwest Frontier Province, and Sindh—but most prominently in East Bengal.

The Second Partition came about as a result of Jinnah’s 1948 decision to make Urdu, the language of minority West Pakistanis, the sole national language, sparking a movement in 1952 for the promotion of Bangla as a national language. On the movement’s first day, 21 February, police killed four student demonstrators at Dhaka University ( for which a monument, Martyr Tower, was built in central Dhaka in 1963 ).

Although Bangla was ultimately recognized as a national language and enshrined in the 1956 constitution, these killings made reconciliation between the eastern and western wings of the country all but impossible. &nbsp,

The refusal to honor what a wide majority of Bengalis—indeed a majority of the country —voted for in the 1970 national election was the final indignity. Estimates of the number of Bengalis killed in the subsequent violence, which were carried out by West Pakistan, range widely from 30 000 to over 3 million, despite the efforts of many foreign observers and academics to arrive at a figure of around a million.

There is, as the respected journalist David Bergman has argued, &nbsp,” an academic consensus that this campaign of violence, particularly against the Hindu population, was a genocide” .&nbsp, It was only through India’s intervention in December 1971, and the third India-Pakistan war, that the massacre stopped and a new nation was born. &nbsp,

Thus, two independence struggles gave Bengali nationalism a rich history of resistance to colonial and West Pakistani rule. Liberation provided an opportunity to codify that nationalism. The 1972 constitution advocated nationalism and secularism as founding principles, in addition to democracy and socialism, while dissinguishing the new country from the one it had seceded from. It also banned Jamaat-i-Islami and any other religion-based party. &nbsp, &nbsp,

Following Mujib’s assassination, the Awami League’s emphasis on ethnic nationalism and secularism was openly contested when Ziaur Rahman stepped in and supported a different conception of Bangladeshi national identity, one that emphasised its religious and territorial makeup: a Bengali nation that was majority Bengali rather than a Bengali nation that was majority Muslim.

If Bangladesh was essentially Bengali, this argument went, then it would have reunited with West Bengal after 1971. The fact that it hadn’t was sufficient evidence that the two-nation theory, which demanded that South Asia’s Muslims establish a country, still existed. &nbsp,

Rahman’s constitutional amendments replaced” secularism” with “absolute trust and faith in the almighty Allah”, lifted the ban on religion-based parties, and called on the state to” to consolidate, preserve and strengthen fraternal relations among Muslim countries based on Islamic solidarity”. The Muslim salutation read,” In the Name of Allah, Beneficent, the Merciful,” as the preamble of the constitution’s preamble now begins with this phrase. Islamic studies became a compulsory subject for all Muslim schoolchildren.

A year after Rahman was killed in a mid-level coup, General Hussain Muhammad Ershad later inserted a constitutional provision declaring Islam the state religion. This Islamization drive ran in parallel to the one occurring in Pakistan under General Zia ul Haq’s military regime, albeit significantly more cautiously and gradually. &nbsp, &nbsp, &nbsp,

By no means has the Awami League’s ideological balance been harmonious with its adversaries ‘ religious politics. Political expediency and patronage have shaped policy choices at least as much as ideology, if not more. For instance, Hasina’s Awami League made a number of, frequently alarming concessions to Islamists, some of whom are still a powerful force despite her policies, including reintroducing secularism into the constitution in 2011 but keeping Islam as the state religion.

But 1971 remains a potent political weapon, one that Hasina flaunted against her rivals on returning to office in 2009, tapping a still deeply felt wound: the role of Bengalis who collaborated with the Pakistan army in that war. &nbsp,

Accountability and its problems&nbsp,

War crimes were destined to be a major issue. The International Crimes ( Tribunal ) Act of 1973 made it possible to prosecute members of “any armed, defense of auxiliary forces, irrespective of nationality, who commit or have committed crimes against humanity on the territory of Bangladesh.” The purpose was to prosecute Pakistani prisoners of war, some 93, 000 of whom had been captured by Indian troops and transported to India. &nbsp,

After the country’s dissolution, Pakistan’s government, under Zulfikar Ali Bhutto’s leadership, required that all prisoners of war be released in exchange for recognizing the new Bangladeshi state. Its ally China, acting on Islamabad’s behalf, wielded its first-ever UN Security Council veto to block Bangladesh’s admission to the UN.

Mujib and Indira Gandhi made a concession as Pakistan’s recognition increased: the Delhi Agreement of 1973 mandated the repatriation of all POWs in the three nations. As per the terms of the Simla Agreement between Islamabad and Delhi the year before, this repatriation deal triggered Islamabad’s recognition of Bangladesh. &nbsp,

However, it had to hold someone accountable for the genocide for the country to feel whole. But who? &nbsp, &nbsp, &nbsp,

If the Pakistan army was the main culprit, for many veterans of the civil war the Jamaat-e-Islami’s role was just as malevolent. Two of its armed wings, Al Shams and Al Badr ( the original&nbsp, razakars ), were&nbsp, widely accused&nbsp, of having committed atrocities like murder, rape, arson and looting alongside army soldiers. Little was done in its wake because Jamaat was prominent in politics during the democratic transition from 1990 to 2006.

By the 2009 election, however, which came after the army had suspended democracy in 2007, Sheikh Hasina promised accountability for 1971 at last. Her government reorganized the 1973 law to facilitate the prosecution of Jamaat’s leadership and established the International Crimes Tribunal ( ICT). The tribunal’s work began in earnest in 2010 to significant criticism at home and abroad for the absence of due process and the use of the death penalty. &nbsp,

As a legitimate demand for justice transformed into political theater, the trials quickly turned into the national story. The people convicted include the Jamaat party chief Motiur Rahman Nizami and several other senior party members and office bearers. Salauddin Quader Chowdhury, a well-known BNP figure who was hanged in November 2015, was also present. &nbsp,

The ICT’s most consequential year was 2013. The Jamaat Vice President Delwar Hossain Sayeedi, a well-known preacher, was sentenced to death in February for provoking violent demonstrations that resulted in the deaths of more than 40 people, including several police officers. The same month, another Jamaat leader, Abdul Quader Mollah, was sentenced to life imprisonment.

Numerous young people in Dhaka’s Shahbagh Square pleaded for the death penalty for Mollah in exchange for a different form of protest. Their anger grew again that September, when the Supreme Court commuted Sayeedi’s sentence to life imprisonment. One report described the Shahbagh protests as&nbsp,” the biggest mass demonstration the country has seen in 20 years” .&nbsp,

In response, the government changed a law allowing the state to challenge ICT verdicts and successfully appealed the decision to increase Mollah’s death sentence. Mollah was hanged that December. &nbsp,

When I attended an ICT hearing in Dhaka on the invitation of one of the prosecutors in the immediate aftermath of these events, I was a strong critic of the whole process—and I remain one. But interviewing students who took part in the Shahbagh Square protests, I was also aware of how the trials had politicized a new generation of Bangladeshis and familiarized them with the atrocities of 1971. The concerns over the death penalty and due process sounded unrelated to them.

An older activist who had participated in the liberation war informed me that he still believed the Jamaat collaborators deserved whatever the maximum sentence on the books meant, if that meant execution. To be sure, many other rights activists opposed the death penalty and the ICT itself, and they argued that the” Shahbaghis” had undermined the quest for justice and lit a dangerous fuse. &nbsp,

How dangerous quickly became clear. Shahbagh had inspired a counter-movement led by the Hefazat-e-Islam, hitherto a marginal Islamist coalition supported by the Jamaat and others, and fed by a large&nbsp, qaumi&nbsp, ( privately run ) madrasa sector.

An organization that had been focusing on limiting women’s rights to employment and other freedoms was given new life by the ICT. In April 2013, barely two months after Shahbagh began, Hefazat held massive rallies in Dhaka around 13 demands, the third of which was &nbsp,” stringent punishment against self-declared atheists and bloggers”.

Secular bloggers had been the prime organizers of the Shahbagh movement. Ahmed Rajib Haider, a member of an extremist group known as the Ansarullah Bangla Team, who advocated Al Qaeda’s ideology, was killed on February 15th, 2013.

At Hefazat rallies, clerics explicitly called for the bloggers ‘ hanging. Soon, a list of 84 “atheist” bloggers began to appear in the press and elsewhere, with no one claiming authorship at the time. On February 26, 2015, the blogger Avijit Roy was hacked to death outside a book fair in Dhaka. Ansarullah again claimed responsibility. In a similar way, four other secular bloggers, publishers, and commentators were killed the same year. &nbsp,

In recent years, the politics of 1971 have been bloody. Hefazat remains an influential force ( as does Jamaat ), bolstered by concessions Hasina made to appease it, including yielding to the group’s demand in 2018 for qaumi madrasa diplomas to be recognized as the equivalent of a Master’s degree. And now, after several years of dormancy, the ICT has been revived—to prosecute Hasina in absentia for&nbsp, her&nbsp, crimes. &nbsp,

A New Era? &nbsp,

In November 2023, Hasina inaugurated a new site of murals and a large golden statue of her father to honor his role in Bangladesh’s freedom struggle. On the day her government collapsed, protesters demolished it. In the days that followed, Mujib’s sculptures and images were mostly destroyed.

In January, the interim government changed the national curriculum to reflect the BNP version of events, replacing Mujib with Rahman as the recognized founding father—a bid, officials said, to rectify historical inaccuracies. The ending of 32 Dhanmondi seems almost logical, if unsettling, in terms of climax. The youth movement’s more revolutionary elements are also calling for scrapping ( rather than amending ) Mujib’s 1972 constitution and&nbsp, permanently banning the Awami League. &nbsp,

However, within the youth leadership there are other more forward-thinking rumors. It’s worth recalling that student demonstrations over the quota system first occurred in April 2018 and that in July, young people again took the streets after two students were killed in a road accident. What started out as a plea for better road safety turned into a massive outcry against more severe government failures.

These events augured an emergent force in the polity: Organized youth who weren’t allied with a party ideology or a 1971 narrative, as their predecessors in Shahbagh Square had been, but who were focused on bread-and-butter issues. And they clearly rattled the government, which after initial attempts at appeasement&nbsp, cracked down harshly, &nbsp, in a precursor to the events of 2024. &nbsp,

In their engagement with the student leadership, one can clearly see a new generation of activists and political leaders less inclined to fight in the name of old myths. The politics of the nation may be influenced by an open discussion about the allegations that emerged over the year 1971 because they have sown the country’s politics to a certain degree.

But the more compelling struggle ahead may not be between different accounts of the country’s birth, but between those who want a new politics focused on justice, equity, and democratic governance and those who want to stake their claim on high office by summoning the ghosts of liberation past.

Repeating the cycle of vengeance and delegitimizing one’s opponents again may be tempting in a deeply traumatized nation, but it will likely have a bitter afterlife. The past frequently exists.


Shehryar Fazli&nbsp, is a program manager for the Inclusive Democracy in South Asia Opportunity at Open Society Foundations. He has spent more than 20 years covering South Asia in various capacities. He is also author of the novel, &nbsp, Invitation&nbsp, ( 2011 ), which was runner-up in the Edinburgh Book Festival’s 2011 First Book Award. This essay is republished with permission.

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Govt ‘still pursuing’ Land Bridge project

An artist's interpretation of a deep-sea port in the land bridge project. (Photo supplied)
The area gate project’s deep-sea interface is interpreted by an artist. ( Photo provided )

Suriya Jungrangreangkit, the secretary of travel, confirms that China and other Middle Eastern nations are interested in the Land Bridge venture that connects the Gulf of Thailand to the Andaman Sea.

Mr. Suriya, who is also a deputy prime minister, stated on Monday that the state is still working toward the 1 trillion-baht premier project.

The minister recently held an international show to show potential investors how the venture is being promoted.

Middle Eastern and Chinese firms have expressed interest in the region. Dubai Port World, according to him, was just one of them, and it clearly indicated a willingness to bid.

A Southern Special Economic Development Zone ( SEC ) Bill has been created in accordance with Mr. Suriya’s Office of Transport and Traffic Policy and Planning ( OTP).

Prior to a public hearing and established conference involving stakeholders scheduled for next month in Bangkok and Surat Thani, the costs was posted on the OTP site for 30 days as required by law.

The Ministry of Transportation will receive the SEC act for evaluation once all the feedback has been compiled. &nbsp,

The state anticipates submitting the invoice to the case for consideration in May before passing it to parliament.

Mr. Suriya is assured that the SEC Bill may be approved and put into effect this year, opening the door to the buying process the following year.

According to him, conversations have already taken place between the state and buyers.

According to Mr. Suriya, this will help determine the Terms of Reference ( TOR ) needed to ensure that both foreign and Thai investors are drawn to the bidding process.

The state is committed to implementing the Land Bridge, which will connect two seaports, modernize maritime transportation, and boost Thailand’s profitability in the world economy.

It will follow a PPP ( Public-Private Partnership ) model, allowing the private sector to make investments in management and construction during a 50-year concession.

The whole project will be under the control of the exclusive market, including turning Chumphon Port into a contemporary deep-sea interface to bridge the Andaman Sea and the Gulf of Thailand.

In addition, it involves upgrading Ranong Port to a cargo vessel dock and creating a business hub for the Andaman-centric South Asian ships through the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation ( Bimstec) model, as well as with the Middle East and Africa.

The SEC Bill is crucial, in the opinion of the OTP, for establishing the principal body responsible for growth planning, land use management, and professional zoning.

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Trump tariffs: Will import duty war push India to open its markets?

13 minutes ago
Soutik Biswas
Getty Images US President Donald Trump with Indian Prime Minister Narendra Modi at the White House in Washington DC, United States, on February 13, 2025.Getty Images

India has usually turned to economic reforms in times of distress, with the most famous example being 1991, when the country embraced liberalisation in the face of a deep financial crisis.

Now, with US President Donald Trump’s tit-for-tat tariff wars and the global trade upheaval that has followed, many believe that India finds itself at another crossroad.

Could this be a major opportunity for the world’s fifth largest economy to shed its protectionism and further open up its economy? Will India seize the moment, just as it did more than three decades ago, or will it retreat further?

Trump has repeatedly branded India a “tariff king” and a “big abuser” of trade ties. The problem is that India’s trade-weighted import duties – the average duty rate per imported product – are among the highest in the world. The US average tariff is 2.2%, China’s is 3% and Japan’s is 1.7%. India’s stands at a whopping 12%, according to data from the World Trade Organization.

High tariffs increase costs for companies dependent on global value chains, hindering their ability to compete in international markets. They also mean that Indians pay more on imported goods than foreign consumers. Despite growing exports – primarily driven by services – India runs a significant trade deficit. However, with India’s share of global exports at a mere 1.5%, the challenge becomes even more urgent.

The jury is out on whether Trump’s tariff war will help India break free or double down on protectionism. Narendra Modi’s government, often criticised for its protectionist stance, seems to have shifted gears in recent years.

Getty Images India portGetty Images

Last month, ahead of Prime Minister Modi’s meeting with Trump in Washington, India unilaterally lowered tariffs on Bourbon whiskey, motorcycles and some other US products.

Commerce Minister Piyush Goyal has made two trips to the US to discuss a potential trade deal, following Trump’s threatened retaliatory tariffs, looming on 2 April. (Citi Research analysts estimate India could lose up to $7bn annually from reciprocal tariffs, primarily affecting sectors like metals, chemicals and jewellery, with pharmaceuticals, automobiles and food products also at risk.)

Last week, Goyal urged Indian exporters to “come out of their protectionist mindset and encouraged them to be bold and ready to deal with the world from a position of strength and self-confidence”, according to a statement from his ministry.

India is also actively pursuing free trade deals with several countries, including the UK and New Zealand, and the European Union.

In an interesting turn of events, homegrown telecoms giants Reliance Jio and Bharti Airtel have teamed up with Trump ally Elon Musk’s SpaceX to launch satellite internet services via Starlink in India. The move surprised analysts, especially after Musk’s recent clashes with both companies, and came as US and Indian officials negotiate the trade deal.

India’s rapid growth from the late 1990s to the 2000s – 8.1% between 2004-2009 and 7.46% from 2009-2014 – was in large part driven by its gradual integration into global markets, particularly in pharmaceuticals, software, autos, textiles and garments, alongside a steady reduction in tariffs. Since then, India has turned inwards.

Many economists believe that protectionist policies over the past decade have undermined Modi’s Make in India initiative, which prioritised capital- and technology-intensive sectors over labour-intensive ones like textiles. As a result, it has struggled to boost manufacturing and exports.

High tariffs have also fostered protectionism in several Indian industries, discouraging investments in efficiency, according to Viral Acharya, a professor of economics at New York University Stern School of Business.

This has allowed “cosy incumbents” to gain market power by consolidating their positions without facing much competition. As Mr Acharya, a former central banker, noted in a paper by Brookings Institution, restoring industrial balance in India requires “reducing tariffs to increase the country’s share of global goods trade and reduce protectionism”.

With India’s tariffs already higher than those of most countries, further increases could be especially damaging.

“We need to boost exports and a tit-for-tat tariff war won’t help us. China can afford this strategy due to its massive export base, but we can’t, as we hold only a small share of the global market, Rajeshwari Sengupta, an associate professor of economics at Mumbai-based Indira Gandhi Institute of Development Research, said. A trade conflict could hurt us more than others,” she added.

Getty Images Workers walk in front of an Apple iPhone 16 billboard along an under-construction flyover in Bengaluru on January 6, 2025Getty Images

In light of this, India finds itself at a crossroad. As the world undergoes a major shift, India has a “unique opportunity to shape a new vision” for global trade, says Aseema Sinha, a trade expert at Claremont McKenna College.

By lowering protectionist barriers in South Asia and strengthening ties with Southeast Asia and the Middle East, India has the chance to lead in shaping a new trade vision, positioning itself as a key player in a “re-globalised” world, Ms Sinha, author of Globalising India, says.

“By reducing tariffs, India could become the regional and cross-regional magnet for trade and economic activity, drawing in varied powers in its orbit,” she adds.

That could help India create the jobs it desperately needs at home. Agriculture, which makes up 15% of its GDP, accounts for a whopping 40% of employment, reflecting extremely low productivity. Construction remains the second-largest employer, absorbing casual daily workers.

India’s challenge isn’t in expanding its thriving service sector, which already makes up nearly half of total exports, but in dealing with the large pool of unskilled workers who lack the basic skills needed for service jobs.

“While high-end services are thriving, the majority of the workforce remains uneducated and underemployed, often relegated to construction or informal jobs. To provide meaningful employment to millions entering the workforce each year, India must ramp up its manufacturing exports, as relying solely on services won’t address the needs of the unskilled labour force,” says Ms Sengupta.

Reuters Indian farmer in UPReuters

One concern is that reducing tariffs could lead to dumping, where foreign companies flood the market with cheap goods, potentially harming domestic industries.

According to Ms Sengupta, India’s ideal approach to trade would involve a “universal reduction” in import tariffs, as it currently has some of the highest tariffs among its trading partners.

However, there is a caveat: China’s trade struggles, particularly with the US due to the ongoing trade war, could lead to Chinese dumping in India in the “short run”.

“To protect against this, India can use non-tariff barriers against China but only against this one country and only in cases of proven dumping. Barring that, it is in India’s interest to do a wholesale slashing of tariffs,” she says.

There’s also a growing concern that India may be overcompensating in its efforts to flatter the US.

Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), believes that India’s tendency to soften trade policies “based on rhetoric rather than economic pressure” shows a lack of assertiveness in global trade talks.

If this trend continues, he says, India may end up making even more compromises in its trade deal with the US, further “eroding its bargaining power”.

“In comparison to other major economies, India’s pre-emptive surrender on multiple trade fronts – without the US imposing a single country-specific tariff – makes it appear exceptionally vulnerable to pressure tactics.”

The broader consensus seems to be that India should capitalise on what could be the unintended consequences of Trump’s tariff wars. Pranjul Bhandari, chief India economist at HSBC, believes that “potential US tariffs may have become a catalyst for reforms.“.

“If supply chains are rejigged again during the second Trump presidency due to higher tariffs on large exporters, and the world looks for new producers, India may get a second chance,” she writes.

Creating jobs that manufacture goods for the world won’t be easy. India has largely missed the bus on low-end, unskilled factory work – jobs China dominated for decades. Automation is taking over. Without deeper reforms, India risks being left behind.

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