India's economic growth

India's GDP growth rate for the first quarter of the financial year 2021-22 stood at 20.1% as reported by the country's National Statistical Office (NSO). This announcement came on the heels of a contraction of 7.3% in the previous financial year.

Though the quarterly numbers this time might seem to suggest that India is back on track, the numbers are not even remotely close to the pre-pandemic levels of growth. Academics and public finance experts have warned that the recent figures showcase only the comparison to last fiscal year. Any complacency might result in the continuation of stagnant economic growth.

The Indian economy had seen sluggish growth even before the pandemic itself. Covid-19 has exacerbated the situation and the floundering economy has not been able to pick up growth as anticipated.

There is a need to reinvent the way the economy is functioning to stimulate the necessary growth. India's role as an export-oriented economy has never been bright. This is something the state can tap into.

The Bay of Bengal Initiative for

Multi-Sectoral Technical and

Economic Cooperation (BIMSTEC) can help India and the region rebound from the slump and develop economic heft on the global stage.

Why BIMSTEC?

Multilateral forums in the

Asian region have seen hits and misses in terms of the goals achieved. While the Shanghai

Cooperation Organization (SCO) has been successful in terms of economic engagement, the same cannot be said of others.

India has been in search of a forum where it can project itself as an enabler and not just an outside member. The deteriorating relations with China add to India's reluctance to play an active role in multilateral forums with the Chinese.

The India-led South Asian between India and Pakistan has Association for Regional stymied the forum from conducting Cooperation (SAARC) has shown any credible business. no signs of progressing either in India's role in other forums such terms of diplomatic or economic as the Indian Ocean Rim Association relations. The everlasting hostility (IORA) and Association of

‘‘This partnership could help drive forward the vision of reducing dependency on China for the supply of critical materials. While RCEP would have been a much tougher deal to negotiate for India, an agreement within BIMSTEC could be tailored to its needs thanks to its economic clout.”