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By:

Dr. V.L. Dharurkar

12 February 2025 at 2:53:17 pm

Pakistan’s Kashmir Crisis

As unrest engulfs Pakistan-occupied Kashmir, economic hardship, political alienation and a forceful state response are exposing the widening cracks in Islamabad’s governance of the region. Pakistan today finds itself confronting multiple internal crises at once. While the world focuses on its troubled ties with Afghanistan and the long-running insurgency in Balochistan, another front has opened within Pakistan-occupied Kashmir (PoK). Weeks of sustained protests have exposed a reservoir of...

Pakistan’s Kashmir Crisis

As unrest engulfs Pakistan-occupied Kashmir, economic hardship, political alienation and a forceful state response are exposing the widening cracks in Islamabad’s governance of the region. Pakistan today finds itself confronting multiple internal crises at once. While the world focuses on its troubled ties with Afghanistan and the long-running insurgency in Balochistan, another front has opened within Pakistan-occupied Kashmir (PoK). Weeks of sustained protests have exposed a reservoir of public anger that has been building for decades. Political Instability Ever since its creation, Pakistan has struggled with political instability, economic uncertainty and regional discontent. Nowhere is this more evident than in PoK. Although Islamabad has long projected the territory as an integral part of its Kashmir policy, it has failed to provide the region with responsive governance, meaningful political representation or sustained economic development. The present turmoil is the consequence of decades of accumulated neglect. The protests that intensified over the past several weeks did not erupt in a vacuum. According to protest groups and local reports, more than 140 people have died during nearly 50 days of unrest, while many more have been injured. The demonstrations have spread across key towns, including Muzaffarabad and Rawalakot, bringing into sharp focus the widening disconnect between the people and the Pakistani state. At the heart of the agitation lie everyday grievances. Inflation has pushed the prices of essential commodities beyond the reach of ordinary citizens. Electricity tariffs have risen sharply. Shortages of subsidised wheat flour have fuelled public resentment. The public distribution system has steadily deteriorated, while unemployment, poverty and inadequate public services have further deepened the crisis. For many residents, these are not temporary hardships but symptoms of decades of administrative failure. The absence of meaningful dialogue between Islamabad and the people of PoK has created precisely such a vacuum. Genuine demands raised by the Joint Awami Action Committee (JAAC) have, in the opinion of its supporters, been met with indifference rather than engagement. As frustration mounted, demonstrations became the only avenue through which ordinary citizens could express their grievances. Political representation has emerged as another major flashpoint. Critics argue that local institutions possess limited autonomy and that important decisions continue to be dictated from Islamabad. Public anger has intensified following the cancellation of 12 reserved Assembly seats for Kashmiri refugees, a move that many believe has further weakened democratic representation. Coercive Tactics Instead of addressing these concerns through dialogue and reform, Pakistan has largely relied on coercion. Security forces have launched extensive crackdowns against demonstrators, with reports alleging the use of live ammunition and military-grade weapons in densely populated areas. The Pakistani government has responded by banning the Joint Awami Action Committee under anti-terrorism laws. Defence Minister Khawaja Asif has defended the security operations and accused protesters of acting in India's interest. Such accusations, however, do little to address the underlying issues that brought thousands onto the streets. Branding dissent as external conspiracy may serve immediate political purposes, but it cannot substitute for governance. The unrest has also drawn support from Pakistani students, who have organised demonstrations in Islamabad, Lahore and Karachi, demanding justice for the protesters and calling for an impartial investigation into the violence. Their participation indicates that the issue has expanded beyond PoK and now resonates with wider concerns about democratic rights and state accountability within Pakistan itself. The crisis reflects a deeper structural failure. Pakistan’s promise of national unity has repeatedly been tested by ethnic, regional and political fault lines. Balochistan continues to witness insurgency, while unrest in PoK points to another region where the relationship between the state and society has steadily deteriorated. Without inclusive governance and meaningful political participation, such tensions are unlikely to disappear. India should seize this strategic moment to work towards the liberation of PoK from decades of injustice, maladministration and state-sponsored violence. The mistake committed during the early years of the Kashmir dispute should now be corrected through decisive national policy. Such a course would not merely strengthen India's strategic position but also help integrate the entire region of Jammu and Kashmir under the Union of India. Following the abrogation of Article 370, the next logical step is to reclaim PoK, thereby ending Pakistan’s use of the territory for cross-border terrorism. (The writer is a foreign affairs expert. Views personal.)

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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