India’s hegemonic economic policies toward its neighbours appear to invite another Asian giant, China, to the region
In human history, a strong economy has always shaped and accompanied political power, and countries have used their financial superiority to establish political domination over others.
“India is a great power in the region and many of its neighbours are dependent on her,” Gallimore said in the webinar. Even the relationship between Nepal and India can not be described as a partnership because India's "underlying motive is economic subjugation,” according to Sigdel. , New Delhi’s relations with Nepal and other neighbours appear to show an India first policy, where Kathmandu can only be “on the losing side”, Sigdel said.
As strong evidence of India’s hardball with Nepal, she reminds the South Asia giant’s economic blockade of 2015 over Nepal due to New Delhi’s dislike of Kathmandu's new constitution. But the Indian pressure over Nepal has backlashed as Kathmandu began approaching toward the West, she added. India is the biggest foreign economic power in Nepal, accounting for more than 30% of the total approved foreign direct investments. There are about 150 Indian ventures operating in Nepal engaged in manufacturing, services , power sector and tourism industries, according to Saurav Raj Pant, another researcher of international relations and diplomacy at Tribhuvan University, Nepal.
“Indian blockade on Nepal in 2015 had forced Nepal to sign an agreement with China securing transit rights for importing goods in 2016. In 2019, Nepal signed a Protocol on Implementing Agreement on Transit and Transport and six other agreements with China,” Pant said, during the webinar.
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