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VNS

30 August 2025 at 3:51:59 pm

What Are the Outcomes of Modi’s Foreign Visits?

Prime Minister Narendra Modi’s five nation tour in May has shifted traditional diplomatic relations to a strategic approach, during major global developments such as the West Asia energy crisis, post Operation Sindoor geopolitical tensions and changing global trade dynamics. The UAE visit focused on protecting India’s energy security over possible disruptions in the Strait of Hormuz which is the main global oil route. The ADNOC & ISPRL agreement of storing up to 30 million barrels of crude...

What Are the Outcomes of Modi’s Foreign Visits?

Prime Minister Narendra Modi’s five nation tour in May has shifted traditional diplomatic relations to a strategic approach, during major global developments such as the West Asia energy crisis, post Operation Sindoor geopolitical tensions and changing global trade dynamics. The UAE visit focused on protecting India’s energy security over possible disruptions in the Strait of Hormuz which is the main global oil route. The ADNOC & ISPRL agreement of storing up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserves at Visakhapatnam and Chandikhol strengthens India’s long term energy security and provides a strategic fuel storage against supply shocks. The visit deepened India UAE strategic ties through a new defence partnership and cyber cooperation, and major investment commitments worth 5 billion Dollars across infrastructure, banking and finance sectors. Agreements involving ADIA, ENDB and IHC further reinforced the UAE’s position as a major investment partner while expanding India UAE cooperation into defence, industrial collaboration and economic growth. The European visits mainly focused on strengthening India’s global stand against terrorism, pushing forward the India EU Free Trade Agreement (FTA), and building partnerships in green technology and innovation to support India’s renewable energy goals, including the target of achieving 500 GW clean energy capacity. PM Modi’s Sweden visit marked a significant elevation in bilateral ties with India and Sweden upgrading their relationship to a Strategic Partnership and adopting a roadmap covering AI, critical minerals, trade and cultural cooperation. The visit also strengthened India EU engagement, with EU Commission President Ursula von der Leyen describing the India European union trade agreement as “mother of all deals”. bilateral trade is expected to grow to 7.75 billion dollars in coming years. Saab Gripen fighter aircraft discussions, Kockums submarine technologies and expanding defence manufacturing under the “Make in India”. The visit signalled a transition in India Sweden defence ties to co production and industrial collaboration. Also, partnerships involving Ericsson, AI cooperation, port infrastructure engagement with Maersk and emerging 5G/6G collaboration strengthened India’s ambitions in technology. Historic Milestone Modi’s Norway visit marked a historic diplomatic milestone as it was the first visit by an Indian Prime Minister to Norway in 43 years. The visit expanded cooperation across green energy, blue economy, maritime security, Arctic research, digital technologies, health and space sectors, deepening its presence in India with investments valued at around 28 billion Dollars. The third India Nordic Summit emerged as one of the most significant multilateral outcomes of the tour, Green Technology and Innovation Strategic Partnership. States proposed 100 billion dollars investment under TEPA, this will create nearly one million jobs in India. And also, expanding cooperation in 6G technology, STEM research, defence industry, talent mobility, maritime security and blue economy initiatives. The partnership also opened strategic opportunities in Arctic engagement and Indo-Pacific cooperation under the MAHASAGAR and IPOI visions. Modi’s Italy visit marked a new phase of cooperation in trade, defence, critical minerals, maritime transport, higher education and economic security. The visit reviewed implementation of the Joint Strategic Action Plan and set an ambitious trade target of 20 billion euros by 2029. With bilateral trade already reaching 16.77 billion dollar and growing Italian investments in sectors such as shipbuilding, defence, energy and mobility. Diplomatic Footprint Since 2014, Modi’s foreign outreach has significantly expanded India’s diplomatic footprint, with visits across major regions including the US, Europe, West Asia, Africa, Indo Pacific and Global South nations, helping position India as a key global stakeholder. India’s foreign policy during this period shifted from a largely reactive approach to a more proactive engagement model, with India increasingly participating in global discussions on economy, security, climate and technology. This strategic outreach also strengthened key partnerships such as India Russia ties, leading to major defence cooperation including the acquisition of the S400 air defence system. India successfully balanced relations with major powers including the US, Russia, Europe and Gulf nations while maintaining strategic autonomy and an independent foreign policy approach. At the same time, ties with Gulf countries evolved beyond energy cooperation to investments, defence, infrastructure and strategic partnerships. India’s engagement with West Asian nations helped in securing energy interests, attracting investments and strengthening the role of the Indian diaspora in the region. Initiatives such as “Make in India” contributed to making India an attractive investment destination. Strategic engagement with countries such as Japan helped India accelerate infrastructure development through cooperation in high-speed rail and industrial corridors, while India’s Indo Pacific outreach strengthened maritime cooperation and strengthened regional security and connectivity. Changed Focus Bilateral engagements with European countries are increasingly focusing on AI, quantum computing, semiconductors and 6G, supporting India’s long-term technological growth and innovation goals. India’s global image has evolved from developing economy to as a major geopolitical, technological and economic power. Diplomatic outreach strengthened India’s counter terrorism position internationally and increased support for its security concerns, while engagement with the Global South expanded India’s influence across developing nations in Africa, Asia and island regions. Defence diplomacy expanded through strategic partnerships, joint exercises and defence manufacturing corporation, contributing to the modernisation of India’s defence ecosystem. At the same time, international engagements opened new markets for Indian exports and strengthened trade relations across multiple regions. India increasingly emerged as a bridge between developed and developing nations, especially during multilateral platforms such as G20, BRICS and Quad discussions.

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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