Did SBI & IOC hear PM at Singapore?

  Did SBI & IOC hear PM at Singapore?

Speaking at the Shangri-La Dialogue at Singapore, Prime Minister Modi reiterated India’s commitment(वायदा/प्रतिबद्धता) to open, equal, rules-based globalism, reiterated India’s respect for the law and other nations’ rights, and opposition to protectionism(संरक्षणवाद/सुरक्षावाद). Located as it was in a sweeping(विस्तृत/सफ़ाई) survey of India’s historical ties with Southeast Asia, positing India as a link amongst the nations of the region and with other parts of the world, it was an excellent articulation(जोड़बंदी/स्पष्ट उच्चारण) of India’s longstanding vision of itself, as not merely a nation aspiring for strategic(महत्वपूर्ण/रणनीति-संबंधी) autonomy amidst competing(प्रतिस्पर्धा) power blocs but also as a provider(प्रदान करनेवाला/कमाऊ) of balance and stability(मज़बूती/स्थिरता), on account of its own capacity(क्षमता) and capability(योग्यता). The same spirit informed external affairs minister Sushma Swaraj’s statement that India observed UN sanctions, not unilateral(एकतरफा/एकपक्षीय) ones launched by some country. India needs to walk the talk.

Even as Swaraj was taking a principled stand on US sanctions against Russia and Iran, Indian companies were scurrying(जल्दी जल्दी दौड़ना/घबरा रही) for cover. Indian Oil is scouting for non-Iranian sources of oil. India’s biggest bank, State Bank of India, has asked its branches to avoid Iran exposure(भंडाफोड़/पहुंचाना). Both are state-owned entities(सत्ता/संस्थाओं/वास्तविकता/). Both signally fail to reflect state policy. The blame lies with the government, not these commercial entities, with limited ability to take on the weight of secondary sanctions that the US would impose on entities that deal with entities doing business with sanctions targets in Iran. It is up to the government to provide that kind of cover. Sure, it is not easy, given the global reach of the dollar and the threat(आशंका/ख़तरा) of being knocked off financial networks dealing with the dollar that any bank faces when it comes to helping any entity do business with Iran.

The world needs a mechanism for settling(स्थायीकरण/ payments without use of the dollar for international transactions that do not involve a US party. The EU is best placed to lead this, in terms of economic and financial logic, although China has greater political will. New Delhi must press this agenda, expanding on the institutions(संस्थानों/समाज) of the IMF and the Bank for International Settlements.

 

 

Important Vocabulary

1.Sweeping(विस्तृत/सफ़ाई)
Synonyms: across-the-board, all-encompassing, broad, comprehensive, exhaustive
Antonyms: narrow, partial, restricted,, superficial, incomplete

2.Articulation(जोड़बंदी/स्पष्ट उच्चारण)
Synonyms: diction, delivery, enunciation, expression, pronunciation
Antonyms: disconnection, mispronunciation

3.Scurrying(जल्दी जल्दी दौड़ना/घबरा रही)
Synonyms: bustle, dart, dash, hurry, rip, scamper
Antonyms: slow, walk, dawdle, loaf

4.Settling(स्थायीकरण/
Synonyms: achieve, clear, complete, conclude, decide
Antonyms: begin, commence, destroy, forget, hesitate

5.Threat(आशंका/ख़तरा)
Synonyms: blackmail, hazard, intimidation, menace, peril
Antonyms: certainty, safety, surety

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