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By:

Anil D. Salve

21 March 2026 at 2:41:09 pm

From 'Vishwaguru' to Middle Power

The ongoing tensions involving the United States, Israel and Iran are more than a routine geopolitical crisis; they offer a clear view of how power operates in the international system. For India, this moment provides a sobering perspective. While the country increasingly speaks of its role as a “Vishwaguru” (global guide), the reality is more measured-India continues to function as a middle power, adapting to global shifts rather than directing them. A key reason lies in India’s deep...

From 'Vishwaguru' to Middle Power

The ongoing tensions involving the United States, Israel and Iran are more than a routine geopolitical crisis; they offer a clear view of how power operates in the international system. For India, this moment provides a sobering perspective. While the country increasingly speaks of its role as a “Vishwaguru” (global guide), the reality is more measured-India continues to function as a middle power, adapting to global shifts rather than directing them. A key reason lies in India’s deep dependence on West Asia. A significant share of its energy imports originates from this region, much of it passing through the strategically vital Strait of Hormuz. Any instability there quickly translates into higher fuel costs, supply uncertainties and broader economic pressures at home. In such situations, India does not influence the course of events; instead, it responds to their consequences. This imbalance-being affected without being able to shape outcomes-is a defining characteristic of a middle power. India’s diplomatic response to the crisis reflects this reality. Rather than taking a firm position, it has maintained a careful balance, mindful of its relationships with multiple stakeholders. Its strategic partnership with the United States, defence cooperation with Israel, and longstanding energy and connectivity interests with Iran make outright alignment difficult. Often described as “strategic autonomy,” this approach provides flexibility, but it also highlights a limitation: India must prioritise caution because it lacks the leverage to determine how events unfold. In effect, it manages risks more than it defines directions. The economic dimension further reinforces this position. Conflicts of this nature tend to disrupt oil markets, unsettle trade routes and trigger volatility in financial systems-all of which directly impact India. Despite being one of the world’s largest economies, it does not yet possess the capacity to fully shield itself from such external shocks or to independently secure its interests during crises. Unlike major powers, it cannot decisively influence the trajectory of conflicts or stabilise regions critical to its national interests. Moral Leadership At the same time, India has sought to project moral leadership on the global stage, emphasising dialogue, peace and cooperation. While this enhances its international image, moments of conflict test not only principles but also the ability to act decisively. In the present situation, the principal actors are shaping events according to their strategic priorities, while India’s role remains largely supportive-focused on safeguarding its citizens and limiting economic fallout. Even in a region where it has deep historical and economic ties, its influence remains constrained. Recognising India as a middle power should not be viewed negatively. Such nations often play constructive roles by maintaining balance, engaging with diverse partners and avoiding overreach. India’s approach fits this pattern, enabling it to navigate a complex global environment with a degree of flexibility. However, there remains a clear distinction between aspiration and capability. The idea of being a “Vishwaguru” implies not only moral authority but also the material strength and strategic reach to shape global developments-an area where India is still evolving. Moving beyond this stage will require sustained effort. Reducing dependence on external energy sources, strengthening economic resilience, expanding defence and strategic capabilities, and taking greater initiative in regional affairs are essential steps. Progress in these areas would gradually enhance India’s ability to influence outcomes rather than merely adapt to them. For now, the ongoing crisis serves as a reminder that global stature is built as much on tangible capacity as on vision. India’s trajectory is undoubtedly forward-moving, but it remains a work in progress. In a rapidly changing world, the country stands as a pragmatic middle power-ambitious in outlook, yet grounded in the realities it must navigate. (The writer is the Principal of Podar International School, Ausa, Latur. 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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