To upgrade facilities on the next islands in Mauritius, one of India’s major projects in the Indian Ocean is underway but one is opposing this project by Mauritius parliament and locals.
In the year 2015, India had signed an agreement with Mauritius for the development of the next islands. Under this agreement, the following works were included-
Establishment and upgradation of infrastructure for improving sea and air connectivity
Increasing the capabilities of the Mauritian security forces to protect their interests outside the island.
However, the Indian Navy and Coast Guard are showing interest in setting up transponder systems and monitoring infrastructure to protect their interests, which are being opposed locally.
This project involves the construction of a Junkyard or Jetty, the reconstruction and expansion of the runway, and the construction of an airport terminal on the adjacent island in the north of Mauritius’s mainland.
Financial assistance is being provided by the Government of India with a cost of $ 87 million.
Importance of Project for India
On the basis of quantity, about 95% of India’s trade and 68% on the basis of value is traded through the Indian Ocean. 80% of the total crude oil imported by India is imported by the Indian Ocean route, hence India’s presence in the Indian Ocean is important.
India’s presence in the Indian Ocean region is extremely important to combat China’s ‘String of Perls’ which can be a threat to India’s strategic interests.
This project can be seen as part of the development efforts of its neighboring countries under the SAGAR Project (Security and Growth for All in Region) . This project can also be seen as promoting cooperation between India and its neighboring countries.
After facing resistance by Indian projects in the Maldives and Seychelles, it is more important for India to implement its projects successfully.
This project will increase the capability of Mauritian security forces through upgradation of infrastructure.
Reason for opposing project
1. Opposition Opposition
Opposition in Mauritius Parliament is questioning the transparency of this project.
There are issues related to Indian involvement and its cost in the project and this is also a problem whether it involves Indian military component.
Government of Mauritius has exempted this project from any environmental licensing process.
2. Resistance by local people
Prior to the independence of Mauritius in 1965, Britain separated the Chagos island from Mauritius and forcibly moved the residents there and allowed America to build a military base on Diego Garcia. On the Indian project, there is a fear in the minds of residents of the next island that they may not be treated like before.
All major military powers such as France, China, America and Britain have developed naval base in the Indian Ocean, due to which the local people fear that their peaceful island will be militarized.
Unlike the military bases operated by other countries, the base of Indian bases is soft, which means that local people can go through any India-built project. This gives local governments more control over their area, without reducing their sovereignty. India needs to present itself as a reliable and long-term partner by removing the fear of all the affected parties and in a more motivational manner.
Why in the discussion?
According to a recent study by Standard Chartered, India is Asia’s most invested economy and more than two-thirds of the country’s rich section likes to use various investment products to achieve its financial goals and social mobility. Are there.
Studies on 11,000 emerging rich consumers from Asia, Africa and the Middle East by Standard Chartered found that 68 percent of the Indians coming in this class use investment products to achieve their financial goals.
According to a study conducted by Standard Chartered, an average of 57 percent of the people involved in the study uses investment products to achieve financial goals.
For the purposes of this study, ‘investment products’ refers to fixed income investments, stocks, equity, mutual funds, unit trusts, investments related insurance, self-invested pension funds, real estate investment trusts (REITS) and real estate property funds. is.
According to the study, the first financial goal of emerging rich people of India is to save for their children’s education.
It has been said in the study that 31 percent of India’s rich wealthy are selecting mutual funds for investment, while one fourth (25 percent) are choosing fixed income investments and 22 percent equity investment. All the statistics are higher than the average of the study, which is 16 percent (mutual funds), 19 percent (fixed income) and 18 percent (equity investment) respectively.
Emerging Affluent Study-2018- Climbing the Prosperity ladder, emerging rich consumer is considered as such a person whose income is so high that he can save and invest comfortably. This study covers 11 markets in Asia, Africa and the Middle East.