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How Modi’s Win Raises the Stakes for US-India Relations in Light of China

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By CCN: Following the conclusion of India’s parliamentary elections, the ruling Bharatiya Janata Party (BJP) headed by Prime Minister Narendra Modi secured a clear victory that many analysts have seen as a ringing endorsement of Modi’s policy direction over the past few years. What passes many Western commentators by, however, is that the result of the world’s largest ever democratic exercise has significant implications outside of India, with Pakistan, China, and the U.S. likely to be impacted by Modi’s intensified policy stance.

The most immediate consequence, of course, is that Pakistan needs to watch its back more closely. Both countries remain technically at war over the disputed region of Kashmir, with deadly skirmishes still flaring up every now and then. CCN previously reported that Modi issued what was widely interpreted as a nuclear bombing threat against Pakistan as both countries ratchet up the rhetoric. Beyond saber-rattling with Pakistan and allegedly stirring up Hindu nationalism though, Modi does have a number of lofty regional and intercontinental goals.

China in Modi’s Crosshairs

From a Western viewpoint, it is easy to forget that there’s more than one superpower in continental Asia. While China hits the headlines for developing 5G technology faster than the U.S. and adopting an increasingly militaristic posture within the South China Sea, India – a nuclear-armed state – generally flies under the radar, portraying itself as a benign democracy. Under Modi, this is beginning to change. A desire to stand up to China’s economic and military muscle-flexing within the subcontinent was expressly identified by many as their reason for voting Modi.

In 2018, the country began work on its first ever aircraft carrier, the INS Vikrant, which is scheduled to begin sea trials in 2020. Two more aircraft carriers are planned after the INS Vikrant. Many view this as a direct response to China’s burgeoning naval strength and posturing within the Indian Ocean area. Perhaps very tellingly, unlike its closest neighbor Pakistan – also a nuclear-armed state – India does not purchase much of its military inventory from China, choosing instead to buy hardware from countries like Russia, France, and Israel.

As China continues its inexorable march toward becoming the world’s largest economy, India is clearly preparing for when it will upstage China, as predicted. The multi-pronged effort to prepare India for this new phase of national existence includes everything from defense spending to Modi’s controversial de-monetization policy to a strategic realignment in its diplomatic relationships.

Opportunity for the U.S.?

This presents a clear opportunity for the U.S. to gain a foothold in China’s backyard, depending on how it is handled. It must be mentioned that Modi’s position is neither expressly anti-Chinese nor particularly pro-U.S. He is, in fact, an Indian nationalist in the true sense of the word – preferring to avoid speaking English during public appearances whenever possible and pushing a message about being proudly and unapologetically Indian.

That notwithstanding, he has presided over a quiet expansion of India-U.S. defense and strategic relationships to combat the rise of Chinese influence. Analysts say he is also likely to turn on the defense spending tap when his new term starts, with potentially hundreds of millions of dollars going to American defense contractors. As the U.S.-China trade conflict drags on, the possibility of having a powerful ally that can substitute for China to an extent will no doubt appeal to President Trump’s administration.

The ball is now in Trump’s court to engage creatively with Modi and use the fortuitous situation to apply pressure on China. This newly self-confident India could well turn out to America’s most important ally in the subcontinent.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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