From political and economic tensions in Sri Lanka to the Ukraine-Russia conflict, the world’s political landscape seems grim and rickety right now. As PM Narendra Modi begins his three-day visit to Europe with a spirit high on multilateralism, renewed relations with the European Continent may allow India to explore plurilateral arrangements to generate more global opportunities and solutions in trade, connectivity and new technologies.
The visit of PM Modi to Europe also could not have been timed better from the view point of the old economies of Europe; and India, an emerging power in a multipolar world, spearheading global development. The EU has been able to stabilise and integrate Europe to a good extent. The continent, a group of old economies with same socioeconomic fabric, however has a large part of population that suffers with depressive disorders with higher prevalences in women, the middle-aged, less privileged groups, and those experiencing social adversity. Prevalence rates are much higher in more economically developed nations as there’s nothing much to build and innovate. India which has become severely vocal to promote Yoga, Ayurveda, and Spiritualism as key to rejuvenation of body and mind, promises unprecedented change to the world. With powerful initiatives like Make In India, endorsement of Indian Tourism and exploration of niche tourism, introduction of PLI scheme in various sectors, endorsement of UPI in foreign countries, efforts to increase FDI, new FTA & Trade strategies, etc. India has been trying to convey to the world its readiness for cultural exchange, better economic partnership, and its newfound openness to engage with communities across the globe for mutual development. As diversities change rapidly across the world, a new perspective is needed to manage religious and cultural differences with innovation and soft power diplomacy.
Similarly, India also seems to have realised that a traditional approach to Europe is not appropriate amid the changing World order. Approaching the European continent through its relations with individual countries instead of EU may not strengthen the relations as desired. India has recognised that it the European collective which is its largest trade, key technological and investment partner and can be increasingly important ally to count upon in times of crisis related to Indian Ocean and the wider Middle East. Hence, an FTA with EU, with aggressive efforts being put from both sides to reach to an agreement, would result in super strengthened ties.
Acknowledging and taking on to the needs of changing paradigm, both Europe and India have been engaging in rolling out new initiatives and holding discussions around subjects of economic & technological relevance. The EU is on the front foot in designing global rules in field like protection of personal data; setting up human-centric standards for the use of AI, actively acting on its take on taxation in a digital world. EU has given its nod to new standards on industrial subsidies, largely seeking a renewal within WTO and pinning China. Majority of the above mentioned factors naturally fall in line with the vision of New India, with security of high waters, protection of Indo-Pacific region, diplomatic support at International Forums and greater trade and defence engagement being areas of utmost priority and potentials.
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