
We need to sprint to get across the steep hill ahead
It was 12 May 1947. Clement Atlee, the newly elected prime minister of the United Kingdom then, was meeting with military commanders at his official residence, 10 Downing Street. WW-II hero Field Marshal Bernard Montgomery and some policy experts were also at the meeting, convened to discuss India's independence and its eventual partition.
These men believed India as a nation had socialistic impulses and, if given independence in an undivided form, could be influenced by communism, which they saw as a mortal threat to British colonialism. So they decided to create a 'buffer state" between the Soviet Union and India that would do their bidding in the region. On 14 August 1947, Pakistan was given independence and turned into a Western puppet. India was given independence on 15 August 947 but chose the path of non-alignment.
Today, 78 years later, the generals responsible for the partition of India stand defeated.
Pakistan has wriggled free of the Western chokehold and is firmly in the grip of China. The Soviet Union is history, but its remnant, Russia, with the biggest nuclear stockpile in the world, is now Beijing's friend. Another undeclared nuclear power, North Korea, is already part of this axis. The world looks at the quartet with great concern. US President Donald Trump has done his bit to aggravate the global unease. His 'tariff war" tantrums have blurred the line between friends and foes. The dark days of the Cold War look sane compared with the present situation.
In the age of changing equations and global 'reset", how should we position ourselves?
Read more: The Reserve Bank's growth stimulus is a bold bet on price stability
We can't remain smug that Pakistan, earlier a pawn of the West and now China's poker chip is digging another grave for itself. Superpowers are solely concerned about their interests. The father of modern US foreign policy, Henry Kissinger, once said, 'To be an enemy of the US is dangerous, but to be a friend is fatal."
India needs to tread cautiously. The enemy is now firmly under the influence of China, with whom we have a long-standing border dispute. Russia, too, is toeing Beijing's line. Europe is in a crisis. It leaves us with just the US, whose 'friendship is fatal".
The road ahead is difficult. But India is now set to become the fourth-largest economy in the world in FY26. We have done wonders through coordination and self-reliance. We have the biggest pool of graduates in the world, and we have the largest young population. Hundreds of Indian graduates from IITs, IIMs, and AIIMS are making their mark globally. This is the time when, instead of being exporters of trained manpower, we should emerge as net importers of global talent.
Data from Google testifies that since Trump's policies came into force, there has been a 25% drop in searches for US universities. Today, out of the 10 best educational institutions, 9 are in China. We will have to improve our education and update our internal infrastructure so that we can attract talented students from developing countries. China is trying to do the same, but our social setup will be far more effective and attractive for global citizens. Luckily, we have a higher education infrastructure that we need to update to match emerging needs.
We would need a second 'Green Revolution" to become one of the three top producers of grain. We should remember that the world stood behind Ukraine after it was attacked because it is the world's largest exporter of foodgrain.
As far as military hardware is concerned, the weapon traders are politics-agnostic. They'll remain available, though that's not adequate. We need to expedite our military hardware production. Indigenous missiles proved their effectiveness in the recent clashes with Pakistan. It also brought the limitations of Western aeroplanes and equipment to the fore.
We need to become an exporter rather than an importer of military hardware. We have made a beginning, but it's not enough. We shouldn't work on a war footing only when we are faced with a war. To create a great nation, we should remain alert against any slack and legacy mindset during peacetime.
China did the same and is now itching to reach the top. Pakistan took a completely different path, and the results are evident. Treading a middle path, we have achieved a lot, but it's time to sprint towards a steep hill. For this, we'll have to marshal all our resources and willpower.
Shashi Shekhar is editor-in-chief, Hindustan. Views are personal.
Read more: Firm and focused leadership keeps India on course
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
21 minutes ago
- Time of India
How to save tax on your Bitcoin investments in India, legally!
A way through the harsh tax reality of Bitcoin trading in India: Live Events Bitcoin ETFs: The Smart, Tax-Optimized, Regulated Choice Why do we look at Bitcoin as a risky alternative? Bitcoin ETF: The smarter choice for you! (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Indian investors have enjoyed massive gains in Bitcoin , up by over 123% in the past year and currently trading at near ₹1 crore, yet they're burdened by a harsh tax regime. A 30% flat tax, 1% TDS on each trade, and a blanket disallowance of loss set-off have made direct crypto investing punitive and this, there is always a way through the tedious tax regime: there is a smarter, tax-efficient and legal way to invest in current Indian tax rules, profits from Bitcoin trading are taxed at a flat 30% rate, plus a surcharge and a 4% cess. Every trade is subject to 1% TDS, irrespective of profit or loss. Worse still, losses can't be set off against any income, not even other crypto gains, and cannot be carried forward to future tax is one even supposed to make a profit under this regime? This makes us feel like it's less of a tax law and more like a daylight robbery. This means even a prudent, long-term investor is treated like a high-frequency gambler. No tax efficiency, no loss planning, and no differentiation between long-term holding and speculative legal and strategic alternative? Bitcoin ETFs. These are listed exchange-traded funds that track Bitcoin's price but are treated differently under Indian tax direct investments in Bitcoin, which are classified as Virtual Digital Assets (VDAs), Bitcoin ETFs, structured as units of foreign mutual funds, enjoy a favourable classification. If held for over 24 months, gains are taxed as long-term capital gains at just 12.5%, far more investor-friendly than the 30% on VDAs. If sold earlier, short-term gains are taxed at your regular income huge advantage: no 1% TDS. Bitcoin ETF transactions don't suffer from liquidity erosion like direct crypto trades do. Plus, losses from ETF investments can be set off against other capital gains and can also be carried forward to future years, something completely disallowed in direct Bitcoin investing under the current VDA regime as of now. For HNIs and serious investors, this structure can mean up to 60% in tax savings while keeping investments regulated and some platforms offer INR-settled Bitcoin futures, these instruments often operate in regulatory grey zones. They fall outside India's VDA definition but remain unregulated by SEBI, with no investor protection or the collapse of exchanges like Vauld and the ongoing restructuring of WazirX, both Indian exchanges now in Singapore courts, highlight the dangers of trusting unregulated platforms. WazirX's alleged claim that ₹5,000 crore of investor funds are actually company-owned while shielding itself under Singapore law shows how Indian investors are left with no local these platforms pose full counterparty risk. Unlike NSE/BSE derivatives offerings, which have clearing corporations and capital adequacy rules, crypto futures platforms rely entirely on internal solvency, thereby remaining unchecked, unaudited, and the supposed tax advantage is unreliable. Frequent crypto futures trading can attract business income classification, leading to the applicability of a significant compliance short, Bitcoin futures may offer a loophole, but they come at the cost of investor safety, regulatory compliance, and long-term viability. Bitcoin ETFs are unquestionably the better option for traders to invest in, while Bitcoin still carries remaining Indian investors looking to grow their wealth in a compliant, tax-efficient, and secure manner, Bitcoin ETFs offer the ideal solution. They combine the upside of digital assets with the structure and investor protections of traditional finance. Compared to direct crypto trading, Bitcoin ETFs allow investors to save up to 60% in taxes, avoid the 1% TDS, and claim loss set-off and carry-forward, benefits denied under the current VDA tax are platforms through which, Indian investors can now access US-listed Bitcoin ETFs via regulated brokers and GIFT City-compliant structures. In an environment of tightening regulations and ongoing failures of unregulated platforms, ETFs are not just a safer route; they're the only logical path forward.(The article is written by Srinivas L., CEO of 9Point Capital.): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Economic Times
22 minutes ago
- Economic Times
Shein and Reliance aim to sell India-made clothes abroad within a year, sources say
Fashion retailer Shein and partner Reliance Retail plan to rapidly expand their Indian supplier base and start overseas sales of India-made Shein-branded clothes within six to 12 months, said two people with knowledge of the matter. ADVERTISEMENT The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. The aim is to raise Indian suppliers to 1,000 from 150 within a year, they said. In a statement to Reuters, Shein said it licensed its brand for use in India. Reliance did not respond to queries. Shein sells low-priced apparel such as $5 dresses and $10 jeans shipped directly from 7,000 suppliers in China to customers in around 150 countries. Its biggest market is the U.S. where it is adjusting to tariffs on low-value e-commerce packages from China which were previously imported duty free. The retailer launched in India in 2018 but its app was banned in 2020 as part of government action against China-linked firms amid border tension with its northeastern neighbour. It returned in February under a licensing deal with the Reliance Industries unit which launched selling Shein-branded clothes produced in local factories. In contrast, Shein's other websites mainly list goods from China. ADVERTISEMENT Reliance, controlled by Asia's richest person, Mukesh Ambani, has contracted 150 garment manufacturers and is in discussion with 400 more, said the two people, declining to be identified due to confidentiality concerns. The goal is 1,000 Indian factories making Shein-branded clothes within a year for both the Indian market and to service some of Shein's global websites, the people said. ADVERTISEMENT Shein initially wants to list India-made clothes on its U.S. and British websites, one of the people said. Discussions have been ongoing for months and the launch time of six to 12 months could change depending on supplier numbers, the person said. The scale of supplier expansion and export time frame is reported here for the first time. ADVERTISEMENT Shein has licensed its brand for domestic use to Reliance which "is responsible for manufacturing, supply chain, sales and operations in the Indian market," Shein said in a statement. In December, Minister of Commerce and Industry Piyush Goyal told parliament that the Shein-Reliance partnership aimed to create a network of Indian suppliers of Shein-branded clothes for sale "domestically and globally". ADVERTISEMENT Shein is a fast-fashion behemoth earning annual revenue of over $30 billion through low prices and aggressive marketing. Most of its products are from China with some made in countries such as Turkey and Brazil. Its expansion in India mirrors interest in the country from the likes of Walmart and others throughout the global fashion and retail industries, particularly those looking for suppliers outside China due to the Sino-U.S. trade war. The Shein India app has been downloaded 2.7 million times across Apple and Google Play stores, averaging 120% on-month growth, showed data from market intelligence firm Sensor Tower. Offerings during its first four months have reached 12,000 designs, a fraction of the 600,000 products on its U.S. site. In the women's dresses category, its cheapest item is priced 349 Indian rupees ($4) versus $3.39 on the U.S. site as of June 9. Shein's Indian partner Reliance, which operates the app, is working with suppliers to assess whether they can replicate Shein's global best-sellers at lower cost, the two people said. Reliance aims to emulate Shein's on-demand manufacturing model, asking suppliers to make as few as 100 pieces per design before increasing production of those that sell well, they said. Executives from Reliance recently visited China to understand Shein's "innovative" supply chain operations, "data driven" design processes and "disruptive" digital marketing, Manish Aziz, assistant vice president Shein India at Reliance Retail, said in a LinkedIn post in which he called Shein's scale and speed "truly incredible". The partnership is one of dozens Reliance has with fashion brands, such as Brooks Brothers and Marks and Spencer. The firm also runs e-commerce site Ajio and its retail network competes with Amazon and Walmart's Flipkart as well as value retailers such as Tata's Zudio. Reliance plans to work with new suppliers to source fabric - especially fabric made using synthetic fibres where India lacks expertise - and import required machinery, the people said. The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global, they said. (You can now subscribe to our Economic Times WhatsApp channel)


The Hindu
27 minutes ago
- The Hindu
Andhra CM Chandrababu Naidu condemns journalist Krishnam Raju's remarks against women farmers
Strongly condemning the comments made by journalist V.V.R. Krishnam Raju on Amaravati and the women farmers, during a debate on a TV channel, Chief Minister N. Chandrababu Naidu said in a statement that making disgraceful and vulgar remarks on them under the guise of political vendetta and media analysis was an unforgivable offence. He warned that all those who crossed all boundaries in hurting the sentiments of women as part of a malicious conspiracy against the capital would face serious consequences. 'We belong to a society that reveres the feminine as divine. This is our tradition — the essence of Indian life. Particularly among Telugu people, daughters and mothers are held in deep affection and high esteem', he observed. He expressed dismay that the YSR Congress Party (YSRCP) did not give up its behaviour even after the people rejected its 'toxic culture' in the 2024 elections. 'There can be no tolerance for the appalling comments that demean the women of the capital region. I strongly condemn this perverse trend being perpetuated under the cover of politics and media', he stated, while criticising the YSRCP president Y.S. Jagan Mohan Reddy for not taking responsibility for the incident. Mr. Jagan Mohan Reddy's silence on the matter was deeply troubling as it was in his media channel that the abusive remarks were passed. The NDA government, which respects women and stands as a guardian of their self-respect, would take full responsibility to put an end to this vile culture, Mr. Naidu added.