Show Lanka India is Indo-Pacific ready

Sri Lanka is facing an economic crisis. Its foreign exchange reserves are running so low that among their problems, the country is unable to procure requisite fuel. India has extended a $500 million line of credit. But Lankan woes are likely to deepen as crude prices shot past the $100 mark this week. For India, this is the time to demonstrate that its policy of 'Neighbourhood First' holds heft. As it deals with the ramifications of Russia's actions, India will have to take measures to ensure that economic challenges do not result in instability in the region. India has provided Sri Lanka an additional $900 million relief that is part of New Delhi's $2.4 billion assistance to its southern neighbour. More needs to be done, and GoI recognises this as it reportedly considers investments to shore up the economy and expand employment in Sri Lanka. Its own economic challenges notwithstanding, India is the region's major economy. It must at least punch its weight in post-pandemic economy rebuilding in the Indo-Pacific.

Leveraging its position to promote greater economic partnership and cooperation among the Bimstec (The Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation) countries is an important element of this recovery. The engagement with Sri Lanka must be rooted in strengthening regional partnerships - an arrangement that builds on each country having a stake in the region's economic and developmental progress, respecting the sovereignty of nations, and promoting open societies.

The current geopolitical context makes India's active efforts to shore up Sri Lanka, and to strengthen the regional economy, even more critical. India must be proactive, progressive and imaginative in its engagement.