
Jaishankar heads to Europe: Strategic talks with EU, defence push in France post Operation Sindoor
S Jaishankar's Europe visit aims to bolster strategic ties with France, engage with the EU, and strengthen economic partnerships with Belgium. Discussions with France will focus on their 25-year strategic partnership, with India seeking to replenish its arsenal of French-origin weapons, including Rafale fighter jets and SCALP missiles, following their effective use in recent cross-border actions.
Tired of too many ads?
Remove Ads
New Delhi: External affairs minister S Jaishankar will hold a strategic dialogue with the European Union, look to exchange notes and strengthen bilateral ties with France and boost the economic partnership with Belgium during a week-long visit to Europe starting Sunday.The visit comes after the recent cross-border action against terrorists which escalated into a larger military conflict that ended with precision strikes on Pakistani air bases and military installations before a ceasefire was announced.On the first leg of his visit, the minister will visit France, which is India's strongest partner in Europe. India and France have completed 25 years of strategic partnership and during the visit, the minister will participate in the inaugural edition of the Mediterranean Raisina Dialogue being held in Marseille.Jaishankar will also have bilateral discussions with his counterpart, minister for Europe and foreign affairs of France Jean Noel Barrot, and will engage with the senior leadership of France, besides interacting with think tanks.India and France share a similar outlook on many regional and global issues and the Indian armed forces have relied on cutting edge technology and weapons from French manufacturers. In the recent conflict with Pakistan, the French origin Rafale fighter jet was extensively used to target terror infrastructure and military installations across the border.India is looking to replenish its stocks and is placing orders for additional SCALP missiles that were used to effectively target airbases and terror camps in Pakistan. India will also acquire a number of the Meteor air-to-air missiles , which outmatch the Chinese and American origin equipment used by the Pakistan Air Force. There is a sense of urgency as Operation Sindoor has still not been called off.
Hashtags

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


Mint
an hour ago
- Mint
Diderot's Curse and the BNPL Trap: Why India's middle class may be walking into a debt crisis
In 1769, French philosopher Denis Diderot received a luxurious scarlet dressing gown. At first, it delighted him. But then he noticed that everything around it—his old chair, desk, and rug—seemed shabby in comparison. One by one, he replaced them until he was mired in debt. This story, known as the 'Diderot Effect," remains a parable for how one act of consumption can trigger a cascade of financial decisions, often with ruinous outcomes. Fast forward to modern India, where a digital version of this effect is taking shape. This time, it's not scarlet robes but smartphones, kitchen renovations, weekend getaways, and online shopping sprees—all made seemingly affordable by Buy Now, Pay Later (BNPL) apps and instant small loans. These easy credit tools promise convenience and inclusion, especially to millennials and Gen Z professionals eager to live aspirational lives. Yet, behind the glitter of financial empowerment lies a troubling spiral of overleveraging, especially for India's burgeoning middle class, which lacks the structural safety nets that cushion such risks in the West. The growth numbers are staggering. According to CRIF High Mark data, personal loans of ₹10,000- ₹50,000 value grew at an annualised rate of 19% for the 2021-2024 period. BNPL offerings by fintech firms like LazyPay, ZestMoney (now defunct), and Paytm Postpaid have exploded in reach. But this rapid expansion masks a darker reality: a growing chunk of borrowers are falling behind on payments. Also Read: ITR 2025: Sahaj or Sugam — Which is the right income tax form for you? RBI's Financial Stability Report Dec 2024 shows that 11% of the borrowers originating a personal loan under ₹50,000 had an overdue personal loan, and over 60% of them had taken out more than three loans during 2024-25 so far. Moreover, nearly three-fifths of customers who took out a personal loan in Q2: 2024-25 had more than three live loans at the time of origination. Loan delinquency TransUnion Cibil reports show that the rising delinquency rates for BNPL products rose to 4.8% from 3.6% within a year. Most of these defaults are concentrated among borrowers under 30—a demographic already grappling with underemployment, wage stagnation, and high rental costs in cities. Unlike traditional credit cards or personal loans, BNPLs often fly under the radar. They don't always show up in credit reports immediately, and multiple platforms can extend concurrent credit to the same borrower without any central visibility. This creates a dangerous illusion of affordability. A consumer may think they're paying only ₹2,000 per month on a new iPhone—but when stacked with deferred payments on furniture, groceries, vacations, and even tuition, the monthly outflow quietly balloons. This trend becomes even more alarming when paired with India's lack of universal healthcare and weak social protection. A 2022 report by Azim Premji University found that 68% of middle-class households had no health insurance, and over half would fall into poverty if faced with a major hospitalisation. In this vacuum, medical BNPL has emerged as a fast-growing segment, with platforms like QubeHealth and SaveIn offering deferred payment options at clinics and hospitals. For a family already juggling four EMIs, a sudden ₹60,000 emergency loan for surgery can push them into a tailspin. Also Read: RBI repo rate cut: How home loan EMI, and bank FD return will change? EXPLAINED The regulatory response has so far been cautious but piecemeal. RBI has cracked down on unregulated digital lending apps and discouraged pre-approved credit lines without user consent. But BNPL providers—many operating through NBFC partnerships—still operate in a regulatory grey area. With no unified reporting framework and lax income verification, users can easily borrow beyond their repayment capacity. The illusion of financial empowerment masks a systemic failure to track and contain household debt. Moving ahead So, what's the way forward? Structural fixes like universal healthcare, formal job creation, and large-scale financial literacy are imperative, but they take time. What India needs right now is a set of practical, near-term interventions, both by consumers and regulators, to curb the looming crisis. On the consumer side, individuals must begin treating BNPL for what it is: a form of unsecured debt, not a lifestyle hack. Before clicking 'pay later," users should track their cumulative EMIs across platforms using credit aggregator tools like OneScore or CRED. A good rule of thumb is to ensure no more than 30% of monthly income is locked into repayments. Stacking credit across apps may feel manageable initially, but when salaries are delayed or unexpected expenses arise, this house of cards collapses swiftly. Regulators, too, must move decisively. The RBI should mandate real-time reporting of BNPL loans to credit bureaus and enforce a central dashboard where consumers can view all liabilities. Income-based eligibility limits—particularly for first-time or subprime borrowers—must be imposed to prevent overleveraging. Most urgently, coercive collection practices—already on the rise via WhatsApp threats and public shaming—must be met with heavy penalties. Also Read: Health insurance vs medical corpus: What should senior citizens prioritize? India's middle class today is not buying goods—it's buying identities, dreams, and status symbols in instalments. But as Diderot discovered, the cost of one indulgence can quickly multiply when there are no checks. If we don't build those guardrails now, a generation of Indians may find themselves trapped, dressed in aspiration, and drowning in debt. Kiran J Mahasuar is assistant professor, co-chairperson – Strategy, Innovation & Entrepreneurship Area, IMT Ghaziabad


Time of India
an hour ago
- Time of India
'Media gimmick': Israel condemns Greta Thunberg's humanitarian yacht heading Gaza; calls it a ‘selfie yacht'
IDF has ordered to stop Gaza-bound aid ship carrying Greta Thunberg Israel's foreign ministry on Monday slammed ships heading to Gaza, calling them a "media gimmick" disguised as humanitarian aid. Swedish activist Greta Thunberg and others are aboard the yacht Madleen, which set sail from Sicily on June 1 aiming to break the naval blockade off Gaza's coast to deliver what they describe as symbolic aid. However, Israel has called the mission illegal and provocative, warning that the vessel will not be allowed to reach the territory, as the sea route is closed to unauthorised vessels due to security concerns. 'With recent reports of a 'celebrities yacht' heading to Gaza, the Ministry of Foreign Affairs wishes to clarify the following,' the ministry posted on X. 'The maritime zone off the coast of Gaza is closed to unauthorised vessels under a legal naval blockade, consistent with international law.' 'The yacht is claiming that it is delivering humanitarian aid. In fact, it is a media gimmick for publicity (which includes less than a single truckload of aid) – a 'selfie yacht'.' On board the vessel are 11 activists, including Thunberg and Rima Hassan, a French member of the European Parliament of Palestinian descent who has been barred from entering Israel. The Freedom Flotilla Coalition (FFC), which is behind the mission, says it aims to highlight the worsening humanitarian crisis in Gaza. Israel claimed that they were in communication with the vessel and instructed it to "change its course." Israeli defence minister Israel Katz has instructed the military to prevent the ship from reaching Gaza's shores. 'I have instructed the IDF to act so that the hate flotilla does not reach the shores of Gaza and to take all necessary measures to that end,' he said in a statement. 'To the antisemitic Greta and her friends who echo Hamas propaganda, I say clearly: You'd better turn back – because you will not reach Gaza," Katz added. Thunberg said before departing, 'We are doing this because, no matter what odds we are against, we have to keep trying. Because the moment we stop trying is when we lose our humanity.' The Israeli foreign ministry maintains that aid is already being sent into Gaza through official channels. 'Over the past two weeks, more than 1,200 aid trucks have entered Gaza from Israel. The Gaza Humanitarian Foundation has distributed close to 11 million meals directly to civilians,' it said on X. Critics argue that the aid system is flawed. More than 110 Palestinians have reportedly been killed while trying to access food since 27 May, with thousands more injured, reports the Guardian.


Economic Times
an hour ago
- Economic Times
US market outlook: Indian market recovery driven by govt spending & rural demand: Gokul Laroia, Morgan Stanley
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The recovery in Indian markets is entirely a function of the revival of government spending and rebound in rural demand, said Gokul Laroia, CEO Asia and co-head of global equities, Morgan Stanley . In an interview with Nishanth Vasudevan, Laroia spoke about US markets, the dollar and Indian IPOs, among other topics. Edited excerpts:We're positive on the US market because I think all the growth-unfriendly or market-unfriendly actions were taken first. The growth-friendly actions like tax bill, deregulation and financial conditions easing are now coming. And, earnings revisions in the US appear to have bottomed out and, in fact, are now inflecting and becoming more view on the US market continues to be pretty constructive. Now, all of this comes with a caveat. If you don't get a resolution to a lot of the more complicated trade situations, like those with the EU or China, that's obviously going to remain a headwind-and a persistent one. Which is why I tend to feel that the deal with India is actually more India, the market recovery is entirely a function of the revival of government spending and rebound in rural demand. Even if you don't see 7.5% persist, but say, 6.5% real GDP growth and 10-10.5% nominal-that'll provide a lot of support to the markets. Because that'll translate into mid-teen earnings growth and mid-teens ROE.A lot of people actually question the "Multiple India" trade. They say it's expensive, etc. And yes, it's expensive relative to where other markets are trading. But show me a market outside of the US that has high earnings growth, high return on equity, and low volatility. The US trades at 21-22 times earnings too. India trades at 21-22 times earnings. You could argue that the growth rates in India are higher but then the cost of capital in India is also six to eight months, the view was very cautious because of the slowdown in the macro, and earnings disappointment. Some capital was reallocated to China tech after DeepSeek, some capital went to Europe because there was this notion of fiscal expansion in Europe out of Germany. I think that's inflected. The global guys, or at least the classic long-only global guys, tend to be value-conscious. There's a view that India is expensive as a market. But honestly, for as long as I've been doing this, I can't think of a time when India hasn't been expensive as a market. But it continues to perform as a market because I think you've got to think about value in the context of earnings growth, returns on equity, low beta and macro variables. You get that package at 21 times earnings, not at 12 times is going to slow in the US. So a combination of what was actually supporting the dollar is now not going to be there. Our view is that the dollar continues to weaken for the foreseeable future. This year it's down against a basket of major trading partners by about 7-8%. We're of the view that it probably drops by an equivalent amount over the course of the next year or has a whole variety of factors at play. The most important one is the assessment of the US fiscal deficit. And, this tax bill is going to be growth accretive, but the concern that it's creating is that the deficit stays close to 7%. And a 7% deficit will mean that the US government is going to have to borrow a lot. And if the US government has to borrow a lot, then what happens to yields is a big question. Particularly as the traditional buyers of US Treasuries-Japan, China, perhaps even the EU-are perhaps not going to be as big as they were in the past.A little bit of it has happened. But if you think about it in the context of the amount of money that went into the US over the last 10 years versus the amount of money that's actually come out. It's very, very small. And the number one reason for that is that there is no market in the world that gives you the kind of scale the US market to do that in meaningful way is limited, just given scale and depth of markets relative to scale and depth of US. Historically, when the dollar weakened, money flowed into emerging markets. Can that happen again? Money has flown out of the US to emerging markets. But at the margin. Emerging markets can't absorb that much money. I mean, the amount of foreign capital that over the last 10 years has gone into the US—forget the underlying asset class—is over $10 trillion. If a few hundred billion moves into EMs, that'll have a real impact on emerging markets. The point I'm trying to make is that this (outflows) will be a small percentage of what came in, because the rest of the world does not have the ability to absorb that kind of capital. That places the US in a pretty special position. In India, there's a flood of paper (IPOs, promoters selling) in the best thing for Indian market is more paper coming, more liquidity getting generated as a result of paper, and more asset managers trading these markets more actively. If there's too much paper, it has a near-term impact.