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The BIDA official’s remarks came amid declining relations between India and Bangladesh since last year.

There is no Indian Economic Zone in Bangladesh’s Mirsarai Economic Zone and the idea of having one exists only on “pen and paper”, Bangladesh Industrial Development Authority (BIDA) Chairman Ashik Chowdhury has said, amid a strain in ties between the two countries.

Earlier, the Bangladesh Economic Zone Authority (BEZA) had welcomed Indian investment in the Indian Economic Zone project in Mirsarai, a town in Chattogram district in the neighbouring country. In 2020, India had approved $115 million in principle under the third line of credit to support the project with an aim to create infrastructure on a 900-acre of land in the Bangabandhu Sheikh Mujib Industrial City.

I know there is confusion over whether in the Mirsarai Economic Zone, there is an Indian Economic Zone or not. If you look at the original master plan of the Mirsarai Economic Zone, the plan was for 33,000 acres. We have cut down that in Phase 1 and reduced it to 10,000 to 15,000 acres. I believe that we do not need so much space. We can look at the rest in the second or the third phase,” Mr Chowdhury said.

“What is usually said about the Indian Economic Zone, that is only an economic zone on pen and paper. This was there in the original master plan but there was no progress or significant work done on this. The area marked in the master plan is a forest area. Practically, there is no progress or set up there, so there is a lot of misconception about this in the public domain. I had clarified earlier and I am clarifying again that there is no activity that has happened there,” he added. 

The BIDA Chairman said that after the Muhammad Yunus-led interim government took charge in August last year, there was no progress on the project. “It is a complete pause or in a postponement position… The Chittagong Port is not just Chittagong’s port. It is entire Bangladesh’s port, and we are saying it is for the entire South Asia and even the seven sisters and Nepal and Bhutan. For everyone, it is primary,” he said.

The BIDA official’s remarks came amid declining relations between India and Bangladesh since last year, after the latter failed to contain attacks on minorities, especially Hindus, in the country. Bilateral ties further nosedived after Dhaka’s pitch to China on Northeast India earlier this year, prompting New Delhi to impose a slew of curbs on that country.

In March, Bangladesh interim government’s Chief Advisor Mohammad Yunus said Dhaka is the “only guardian of the ocean” for landlocked Northeast India, evoking a sharp reaction from New Delhi and its political leaders. 

On April 9, India withdrew the transhipment facility it had granted to Bangladesh for exporting various items to the Middle East, Europe and various other countries, except Nepal and Bhutan. 

Days later on April 13, yarn exports from India across landports were stopped and Indian shipments were subjected to rigorous inspections on entry to Bangladesh. On May 17, India imposed port restrictions on the import of certain goods, such as readymade garments and processed food items, from Bangladesh, in response to similar curbs placed by Dhaka on certain Indian products last month. 

Reacting to Mr Yunus’s remarks, Assam Chief Minister Himanta Biswa Sarma said: “…No country should be under the impression that it can take over the Chicken’s Neck. The World has seen India’s military prowess during Operation Sindoor.” 

The Chicken’s Neck, known as the Siliguri Corridor, is a narrow strip of land, measuring around 22 km-35 km in width, that connects the northeast region with the rest of India.

“We have one Chicken’s Neck. But Bangladesh has two Chicken Necks. If Bangladesh attacks our Chicken’s Neck, we will attack both the Chicken Necks of Bangladesh,” Mr Sarma said, referring to a narrow corridor that connects the rest of Bangladesh to Chittagong, its largest port city. 

Chittagong has seen trouble in the past and Bangladesh seems to suggest that India’s Northeast is solely dependent on access to the Chittagong port.

India  has already announced a new four-lane highway from Shillong in Meghalaya to Silchar in Assam. 

The Kaladan Multi Modal Transit Transport Project in Myanmar is set to connect the Kolkata port to Sittwe port on the Kaladan river in Rakhine state. The Sittwe port will be connected to Paletwa in Myanmar through an inland waterway, the Kaladan River and finally to Zorinpui on the southernmost tip of Mizoram, through a road section. Once Mizoram is connected to Sittwe, the rest of the Northeast can easily access the sea.

Donald Trump has economically and politically threatened American allies, shattering the unity of the western world. But Trumps chaos may have inadvertently produced an opportunity to create a better world.

United States President Donald Trump’s tariffs against most of the world tanked stock markets, disrupted the U.S. bond market and destabilized the global economy.

Trump has economically and politically threatened American allies, shattering the unity of the western world. But Trump’s chaos may have inadvertently produced an opportunity to create a better world.

Some western commentators argue that the U.S. has been a benevolent superpower.

That may have been true for a small group of mostly western states that have benefitted from American domination. But much of the Global South was victimized by American military, economic and political interventions.

Losing dominance?

The West could be in the midst of losing its dominant position in the global order. This is probably inevitable, but it may not be the tragedy some western commentators assume it to be.

In most of the world, there is a desire for a more equitable world order that doesn’t feature the moral, racial and cultural double standards of the western-dominated system. A world where American and western power is limited and contained could not only end up being more peaceful but, over time, more prosperous.

Without the co-operation of the allies alienated by Trump, it may be harder for the U.S. to initiate conflict around the world as it often has since the end of the Cold War.

In a recent Foreign Affairs article, American political scientist Stacie Goddard argues the emerging multipolar, post-American world will be one in which great powers — primarily the U.S., Russia and China — will divide the globe into “spheres of influence.”

The U.S. is seeking to maintain disproportionate power in Asia. Closer to home, neighbours of the U.S. have reason to fear American expansionism.

By contrast, even if it has imperialist ambitions, Russia doesn’t have the military might to dominate Europe. It’s a country of 144 million people with one-sixth the GDP of the European Union. Russia can cause trouble within countries with sizable Russian minorities, but its ability to project power is limited, as demonstrated by its grinding war in Ukraine.

China’s stance

The Chinese have scored a win against Trump’s tariffs with a 90-day tariff pause that’s being hailed as vindication of China’s defiant negotiating strategy. China called Trump’s bluff and won as global stocks soared.

This has bolstered China’s goal to have a sphere of influence. However, Chinese foreign policy is largely non-interventionist and, compared to the U.S., remarkably restrained.

China may intimidate its rivals in the South China Sea, Senkaku Islands, and Taiwan, but it does not easily resort to military force. China has not resorted to military force since its war with Vietnam in 1979.

China is committed to most of the guiding structures of the current international system and values a stable and mutually beneficial global economic order that enables it to focus on and improve its domestic development.

Its export-oriented economic sectors need customers abroad. Unlike the West, China has a vested interest in helping the Global South develop and prosper in order to create those customers.

Asian trade alliance?

The Chinese are using their resources to promote economic and technological development in the Global South.

As China spreads its renewable energy technologies globally, some of the poorest countries may leapfrog carbon-based fuels and go directly to renewable energy to make development affordable and attainable, and to mitigate climate change.

In response to Trump’s tariffs, China, South Korea and Japan have discussed a renewed free-trade arrangement. President Xi Jinping has toured Vietnam, Malaysia and Cambodia to encourage a common front against American actions.

Asian states are wary of China, but they remain committed to global trade. The U.S. may be retreating from globalization, but the rest of the world is not, though China’s manufacturing dominance concerns many states.

Emerging international order

New institutions may help to manage the evolving world order. The BRICS countries — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates — have created the New Development Bank (NDB). China has created the Asian Infrastructure Investment Bank (AIIB) and the Belt and Road Initiative (BRI).

The United Nations remains the favoured instrument of global diplomacy, even if western states have been accused of undermining its authority and efficacy.

The European Union will continue as a major global power in the emerging international order, but on a more even footing with the rest of the world.

Europe is reconsidering its trade war with China. In the words of Ursula von der Leyen, president of the European Commission: “The West as we knew it no longer exists.”

Western states will undoubtedly continue to try to exercise disproportionate global influence. Canada has suggested that “like-minded states” form an alliance to promote international trade and institutions that remain dominated by western interests. This idea seems designed to continue marginalizing the Global South in the international decision-making process.

Most Global South states are not high-functioning liberal democracies. Many struggle with the legacies of colonialism while managing an international system dominated by the West that keeps them subservient. Others have created governments that fit their particular circumstances, cultures and levels of development.

But many weaker countries generally share a commitment to international law that is seemingly stronger than the West. They need a stable, predictable, fairly applied set of global rules more than stronger nations. Ironically, the decline of the U.S. may facilitate a much more genuine and legitimate rules-based international order.

America’s loosening grip

Readjusting the world economy away from the U.S. to a more diverse, evenly distributed economic model will be difficult and disruptive.

Nonetheless, loosening the American grip on global power is an essential first step towards achieving a more just and balanced international order.

For putting this process in motion, the world may owe Trump a measure of thanks.

The markets opened lower this morning following weak Asian market trends and selling across IT, auto, financial services, and pharma sectors

Indian equities crashed this morning after rallying for two sessions, with investors turning cautious ahead of the release of key data on the country’s economic performance. BSE Sensex, which tracks the country’s top 30 companies by market value, fell over 1,000 points and is trading below 81,500 points. Nifty, the National Stock Exchange index, is trading 270 points below its previous closing mark.

Sensex had jumped 455 points while Nifty gained 148 points yesterday.

The markets opened lower this morning following weak Asian market trends and selling across IT, auto, financial services, and pharma sectors. While Sensex opened 460 points lower, Nifty was down 162 points. The losses extended with time.

In the Sensex pack, IndusInd Bank, Asian Paints, and Adani Ports emerged among the few gainers, while scrips like ITC, Mahindra & Mahindra, Axis Bank, and UltraTech Cement were among the major laggards.

Experts suggest that the selling hints at caution ahead of the release of crucial macroeconomic data. While industrial and manufacturing production data for April are set to be released tomorrow, the first quarter GDP figures may be released a day later.

VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, hopes that the market will consolidate around the current level in the near term.

According to Devarsh Vakil of HDFC Securities, 24,800 could be the immediate support point for Nifty in the downside, while immediate resistance is seen at 25,205.

The markets in Japan, China, South Korea, and Hong Kong were trading in the red while the US markets were closed yesterday to mark Memorial Day.

APSEZ has seven strategically located ports and terminals on west coast and eight on East coast, representing 27% of the country’s total port volumes

Adani Ports and Special Economic Zone (APSEZ) on Friday announced it has successfully raised Rs 5,000 crore through a 15-year Non-Convertible Debenture (NCD).

Backed by APSEZ’s strong financials and a ‘AAA/Stable’ domestic credit rating, the issue locked in a competitive coupon rate of 7.75 per cent per cent, and was fully subscribed by LIC, the Adani Group company said in a statement.

Debentures are long-term financial instruments that companies issue to raise more money from investors.

The debentures will be listed on the BSE.

The Adani Group company claimed that the NCD issue shows APSEZ’s deep access to long-term capital from diversified sources at attractive pricing and significantly enhances APSEZ’s debt maturity profile.

It added that the transaction highlights APSEZ’s access to domestic markets for its longest tenure issuance to date, and one of the longest in Indian capital markets history.

The proceeds will fund a proposed buyback of APSEZ’s US Dollar bonds, pending board approval on May 31, 2025.

A full subscription would extend the average debt maturity significantly longer, from 4.8 years to 6.2 years.

“This isn’t merely a financing exercise; it’s a proactive execution of a meticulously developed Capital Management Plan for APSEZ, focused on maintaining conservative leverage, extending the debt maturity profile, lowering cost, and diversifying funding sources. This plan is designed to support APSEZ with its long-term vision to become the world’s largest integrated transport utility,” said Ashwani Gupta, Whole-time Director and CEO, APSEZ.

APSEZ has set a target of handling 1 billion tonnes of cargo by 2030, more than 2x the 2024-25 number.

APSEZ has seven strategically located ports and terminals on the west coast and eight on the East coast, representing 27 per cent of the country’s total port volumes.

This extensive network provides capabilities to handle vast amounts of cargo from both coastal areas and the hinterland. Beyond India, the company is developing a transhipment port at Colombo, Sri Lanka, and operates the Haifa Port in Israel and Container Terminal 2 at Dar Es Salaam Port, Tanzania, significantly enhancing its international presence.

r Pai called Mr Bhatia an “economic refugee” and said that he has no standing to comment on the country’s progress since he left the country years ago.

Former Infosys CFO Mohandas Pai has hit back at Hotmail co-founder Sabeer Bhatia for his post questioning whether Indians could feel the impact of the country becoming the fourth-largest economy after surpassing Japan. It all started after Mr Bhatia shared a video showing slumps, poor drainage systems and even white foam that forms in Delhi’s Yamuna, causing concern each year. “We overtook Japan in GDP……but can you feel it in your pocket? Growth without distribution is just inflation in disguise,” he wrote in the caption of the post. 

Reposting the X post, Mr Pai called Mr Bhatia an “economic refugee” and said that he has no standing to comment on the country’s progress since he left the country years ago. “Man Sabeer Bhatia you are an economic refugee, left India long ago. Good riddance to bad rubbish. You had no role in India’s progress. So stop pontificating and shut up. We will grow India and build our future. We do not need you. You are toxic and a hate monger,” he wrote. 

In his post, Mr Bhatia spoke about the quality of life in India. “The reason I have come out and criticised the overall GDP over that of Japan is for this reason. I have been getting a lot of backlash on my Twitter account but I’m still doing it because I love India and I love each and every one of you. I really care about India and I want it to be an India that improves the lives of all of its citizens, especially the ones right at the bottom of the pyramid. If we can change their lives, all the other numbers automatically take care of themselves,” he said in the clip. 

The Hotmail co-founder also listed how he thinks India can be better. He believes that real progress lies in mass education and empowering people through critical thinking. “Just mass educate the entire population of the country. Today, that is possible with the help of AI. But if we stick to rote learning, memorisation, and chasing exam scores, that is completely useless,” he said.

Meanwhile, Mr Bhatia and Mr Pai’s X interaction has sparked discussion online, with many users agreeing with the former Infosys CFO. 

“Dear @sabeer, you were a hero to us when we were young, you sold the story of the great American dream with the sale of #Hotmail. However, we are now through with Nostalgia. There are better role models for us here in India. More humble, more giving back to Indian society. I believe they are the real heroes we Indians admire because they did what you couldn’t here. So, please stop this narrative, do some real work here in India. Do #meaningful #real. Start a #fund,” wrote one user. 

“I get your point, Sabeer, and improvement in GDP per capita growth will happen once we realise India’s full potential across services and product space. So, let’s be optimistic, support the movement, and celebrate the milestone without losing momentum,” commented another. 

“You should have stayed back and contributed to growth and distribution,” expressed a third user. 

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