PGII India: Many nations throughout the world have expressed worry about China’s Belt and Road Initiative (BRI). The project raises concerns about Beijing’s bigger geopolitical objectives, even if it promises to establish new commercial routes and infrastructure ties between China and partner countries. The project aims to deal with different countries so that China can gain economic benefits from those countries. Along with that, the debts will eventually subjugate the host countries. Its flagship BRI project, CPEC, is at least validating this assumption.
That is why the rest of the world, having learned of this reality, is now trying to counter its influence by giving the BRI an option.
Janet Yellen offers PGII to India
On the sidelines of the G20 Finance Ministers and Central Bank Chiefs’ meeting, US Treasury Secretary Janet Yellen addressed US and Indian tech business leaders. In her address, she said, “Overall, the US aims to mobilise $200 billion through 2027 for PGII, and we look forward to partnering with India to continue investing in its future.”
It is noteworthy that, as part of a G7 push to compete with China’s multitrillion-dollar Belt and Road project, the US stated in June 2022 that it would seek to raise $200 billion in private and governmental money through 2027 for infrastructure finance in developing nations.
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Since the project’s inception, the US has hoped for India’s participation. This is primarily because the US is India’s biggest trading partner. In 2021, India-US bilateral trade will be over $150 billion. Pitching for PGII, she further said, “Through the partnership for global infrastructure and investment, or PGII, we are investing in digital technologies that will drive inclusive, resilient growth in India.”
In a statement, she painted a clear picture of India-US relations. She said, “We depend on each other on a daily basis: Indians use WhatsApp to communicate, and many American companies rely on Infosys to operate.”
Friendshoring
Yellen coined a new term called “friendshoring” to bolster the resilience of supply chains. She stated, “We are doing this by strengthening integration with our many trusted trading partners—including India. We are seeing progress; as an example, technology companies like Apple and Google have expanded their phone production in India.”
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Indeed, it is an interesting offer that could benefit India. And it is necessary to tackle BRI. But as it is crafted to deal with BRI, it also becomes important to wait for the formal negotiations at the intergovernmental level. So, whatever the benefits, until the full terms and conditions are disclosed, favouring it or defying it will be a hasty judgement.
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