What are the objectives of the Silk Road Economic Belt?
The objectives of the Silk Road Economic Belt are aligned with its parent initiative, the One Belt One Road . These objectives include:
- Creation of a unified economic area through the construction of hard infrastructures such as rail and road networks, and the establishment of soft infrastructures like trade agreements and a commercial legal structure complete with a court system to enforce these agreements.
- Enhancement of cross-cultural exchanges and mutual understanding between nations participating in the BRI initiative.
- Promotion of Chinese technologies in new markets and increased production capacity in sectors like electronics, construction, and logistics. Both the land-based Silk Road Economic Belt and the maritime 21st Century Maritime Silk Road are expected to play significant roles in this context.
The proposed land route of the Silk Road Economic Belt is illustrated in the image below.
What could be the potential outcomes of the initiative?
The Belt initiative could potentially lead to three different outcomes:
- The Belt initiative could proceed as planned and eventually connect nearly 70 countries across the Eurasian region. However, due to various disputes and challenges, such an outcome is unlikely to occur in the short or even mid-term. Despite initial widespread support for the initiative, enthusiasm has waned over the years due to geopolitical reasons, primarily China's infringement of sovereign territorial rights in member countries.
- The initiatives could be halted due to numerous obstacles, ultimately leading to its discontinuation. Although challenges such as lack of funding and political instability are prevalent, this scenario is still unlikely. The modern Chinese government has consistently adhered to this plan in the face of past obstacles. However, it's important to note that China is not acting alone in this project and requires the support of member nations to achieve its objectives.
- The most probable outcome, given the current global political and economic scenario, is that the project's scope might expand midway. As mentioned earlier, not all countries share China's enthusiasm for the project's completion. However, many believe that the projected returns outweigh the risks, particularly those countries in close proximity to China. The growth of China's economy, infrastructural development, and new trade opportunities could bring significant economic benefits to these countries.
What is India’s stance on the Silk Road Economic Belt?
India is increasingly alarmed by China's commercial initiatives as they are perceived as detrimental to India's interests. In 2016, former Indian Foreign Secretary Subrahmanyam Jayshankar noted that the "interactive dynamic between strategic interests and connectivity initiatives – a universal proposition – is on particular display in our continent." He cautioned against countries using connectivity "as an exercise in hard-wiring that influences choices."
India has begun to formulate a policy response. In its most definitive stance on the Silk Road Economic Belt initiative and, by extension, the BRI to date, India registered its protest by not attending the Belt and Road Forum hosted by China in May 2017. In official statements, India questioned the initiative's transparency and processes, and opposed the China-Pakistan Economic Corridor (CPEC) due to concerns over territorial sovereignty. As India fine-tunes its policy response, it would be advantageous to view the BRI not as a single project, but as a series of bilateral initiatives, many of which were launched before the formal introduction of the BRI.
In conclusion, while India is not opposed to regional infrastructure development, it is wary of the strategic implications of certain China-led initiatives. At the very least, this will usher in a new era in India-China relations . Whether this phase will be positive or negative remains speculative at this point.
For more articles related to UPSC preparation, visit the links provided in the table below. Candidates can also check out the UPSC Syllabus page for more information about the general pattern of the exam.
Related Links
