Interpreting India

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Every two weeks, Interpreting India brings you diverse voices from India and around the world to explore the critical questions shaping the nation's future. We delve into how technology, the economy, and foreign policy intertwine to influence India's relationship with the global stage.

As a Carnegie India production, hosted by Carnegie scholars, Interpreting India, a Carnegie India production, provides insightful perspectives and cutting-edge by tackling the defining questions that chart India's course through the next decade.

Stay tuned for thought-provoking discussions, expert insights, and a deeper understanding of India's place in the world.

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The Russia-India-China Dynamic with P.S. Raghavan and Tanvi Madan Apr 14, 2022

Show notes

In this episode, Tanvi Madan and P.S. Raghavan join Deep Pal to discuss the evolving dynamic between Russia, India, and China, against the background of the war in Ukraine.

The concept of a tripartite alliance between Russia, China, and India was first proposed by then-Russian Prime Minister Yevgeny Primakov in 1998, and Moscow has been working to promote it ever since. After a gap of 12 years, Russia organized the RIC summit on the sidelines of the G20 summit in Argentina in November 2018. It was followed by India holding a RIC summit on the sidelines of the Osaka G20 summit in 2019. While no summit has been possible since 2019 due to the COVID crisis, it is the turn for China to organize the next summit--which, it is believed to hold this year.

How do the current developments affect the relationship between these three countries? Specifically, what effect might the war have on India’s close relations with Russia, which has moved closer to China? How might India’s principle of strategic autonomy in foreign policy be affected while navigating through an increasingly complicated geopolitical order? And what do the visits of Chinese foreign minister Wang Yi, and Russian foreign minister Sergei Lavrov to India in March 2022 in rapid succession tell us?

Episode Contributors

Tanvi Madan is a senior fellow in the Project on International Order and Strategy in the Foreign Policy program. She is also the director of the India Project at the Brookings Institution in Washington, DC. Her work explores India’s role in the world and its foreign policy, focusing in particular on India's relations with China and the United States. She is the author of the book “Fateful Triangle: How China Shaped US-India Relations during the Cold War” (Brookings Institution Press, 2020).

P.S. Raghavan was, from 2016 to 2020, chairman of the National Security Advisory Board, which advises India’s National Security Council on strategic and security issues. He engaged on these issues with departments and think tanks in India and outside. From 1979 to 2016, he held diplomatic positions in USSR, UK, Poland, South Africa and Vietnam, and was India’s Ambassador to Czech Republic, Ireland, and Russia. From 2000 to 2004, he was joint secretary in the Prime Minister's Office, dealing with foreign affairs, nuclear energy, space, defense, and national security.

Deep Pal is a visiting fellow in the Asia program at Carnegie Endowment for International Peace.

Additional Reading:

Fateful Triangle: How China Shaped US-India Relations during the Cold War by Tanvi Madan

The External Dimensions of India-Russia Relations by P.S. Raghavan

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Discussing India's Promise and Struggles with Naushad Forbes Apr 08, 2022

Show notes

In this episode, Naushad Forbes joins Suyash Rai to discuss his recently published book, 'The Struggle and the Promise: Restoring India’s Potential'. The book, written by Naushad Forbes, is a wide-ranging exploration of India’s developmental potential, and the challenges that could impede the realization of that potential.

Naushad Forbes is the co-chairman of Forbes Marshall, India's leading Steam Engineering and Control Instrumentation firm. He chairs the Steam Engineering Companies within the group. He is chairman, Ananta Aspen Centre and was president of CII for 2016-17. He was an occasional lecturer and consulting professor at Stanford University from 1987 to 2004 where he developed courses on Technology in Newly Industrializing Countries. He is on the board of several educational institutions and public companies. Naushad has long been an active member of CII and has at various times chaired the National Committees on Higher Education, Innovation, Technology, and International Business.

Suyash Rai is deputy director and fellow at the political economy program at Carnegie India.

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Vijay Gokhale on Chinese Foreign Minister Wang Yi's Visit to India Mar 28, 2022

Show notes

In this episode, Vijay Gokhale joins Rudra Chaudhuri to take stock of the recent meet between Chinese Foreign Minister Wang Yi and the External Affairs Minister of India, Dr. S. Jaishankar. Together, they discuss the significance of Wang Yi’s visit to India, particularly against the backdrop of the Russia-Ukraine crisis. How does the Ukraine crisis shape the Sino-Indian relationship? Separately, what are some of the mechanisms needed to stabilize the relationship between India and China?

Episode Contributors

Vijay Gokhale is the former foreign secretary of India and a nonresident senior fellow at Carnegie India. He retired from the Indian Foreign Service in January 2020 after a diplomatic career that spanned thirty-nine years. Between 2016 and 2017, he served as the ambassador of India to the People’s Republic of China. He has worked extensively on matters relating to the Indo-Pacific region with a special emphasis on Chinese politics and diplomacy. He is the author of two books: The Long Game: How the Chinese Negotiate with India and Tiananmen Square: The Making of a Protest.

Rudra Chaudhuri is the director of Carnegie India. His primary research interests include the diplomatic history of South Asia and contemporary security issues.

Further Reading:

India’s Fog of Misunderstanding Surrounding Nepal–China Relations by Vijay Gokhale

The Road from Galwan: The Future of India-China Relations by Vijay Gokhale

How Russia’s invasion of Ukraine has undermined strategic choices available to India by Rudra Chaudhuri

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1. Jayita Sarkar: How World War II shaped the crisis in Myanmar

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Understanding the Rohingya Crisis with Jayita Sarkar Mar 24, 2022

Show notes

In this episode of Interpreting India, Jayita Sarkar joins Shibani Mehta to take a step back and understand the history of the Rohingya Crisis. Who are the Rohingya people? What does their story tell us about Myanmar’s political history? When did the polarization between the communities begin?

In Myanmar, the Rohingya people have been subjected to decades of brutality, prejudice, and persecution. After a tremendous wave of violence erupted in August 2017, more than 7,00,000 people, half of them children, were forced to flee to Bangladesh, India, Thailand, and other Southeast Asian countries. Entire villages were set ablaze, thousands of people were slaughtered or separated from their families, and widespread human rights violations were documented. A military onslaught, later condemned as an “example of ethnic cleansing" by the UN, forced millions to flee by ship or on foot. Nearly one million people are still stranded in Cox's Bazar, the world's largest refugee camp. The recent catastrophic burning in the camp, which forced 50,000 people to flee, served as a sobering warning that not just disease but also rapid-moving fires are common.

In this episode of Interpreting India, we take a step back and understand the history of the Rohingya Crisis. Who are the Rohingya people? What does their story tell us about Myanmar’s political history? When did the polarization between the communities begin?

Episode Contributors

Jayita Sarkar will be Associate Professor in Economic and Social History at the University of Glasgow from July 2022. She is a tenure-track Assistant Professor at Boston University’s Pardee School of Global Studies until June 2022. Her research areas of specialization include connected partitions. decolonization, global histories of capitalism, and nuclear infrastructures.

Shibani Mehta is a research analyst with the Security Studies Program at Carnegie India. Her research focuses on India’s security and foreign policies. She has a keen interest in understanding foreign policy decision-making and the role of institutions and personalities in diplomacy.

Additional Reading:

2. Rohingyas and the Unfinished Business of Partition by Jayita Sarkar

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China's Digital Yuan with Robert Greene Mar 10, 2022

Show notes

In this episode of Interpreting India, Robert Greene joins Priyadarshini D. to explore the use and impact of China’s digital yuan. What's China's motivation behind its e-CNY? How does it work? What are some of the domestic and international implications of its rollout?

The digital yuan is a centralized, cash-like digital currency. The People’s Bank of China (PBOC)--the Chinese central bank--and digital yuan operating institutions, which includes some of the largest state owned banks and tech giants like Alibaba and Tencent, have conducted large scale pilot programs in multiple cities over the past year. The 2022 Winter Olympics in Beijing, in February, was originally planned as the grand international debut for the digital yuan. Those plans, however, went sideways with another outbreak of the COVID-19 pandemic.

Of all the current CBDC pilots, the digital yuan elicits significant interest, given China's economic heft and geopolitical ambitions. In this episode of Interpreting India, we will delve into the debate surrounding China’s digital yuan.

Episode Contributors

Robert Greene is a nonresident scholar at the Carnegie Endowment for International Peace’s Cyber Policy Initiative and Asia Program. His work focuses on Chinese financial sector trends and on topics at the nexus of cyberspace governance, global finance, and national security. He has worked extensively on the global implications of China’s centrally backed digital currency. Robert is also the vice president and chief of staff at Patomak Global Partners, a financial services consultancy,

Priyadarshini D. is an associate fellow with the Technology and Society Program at Carnegie India. She is interested in researching emerging issues at the intersection of law, technology, and finance. Her current research focuses on the impact and implications of introducing digital currencies, such as central bank digital currencies, specifically in the context of an emerging market like India.

Additional Reading:

1. What does China's centrally backed digital currency mean for the world? by Robert Greene

2. Beijing’s Global Ambitions for Central Bank Digital Currencies Are Growing Clearer by Robert Greene

3. Correct Design Can Ensure CBDCs Don’t Destabilise Banks by Priyadarshini D.

4. China’s Digital Yuan: An Alternative to the Dollar-Dominated Financial System by Rajesh Bansal and Somya Singh

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Semiconductor Supply Chains with Sanjay Gupta Feb 24, 2022

Show notes

In this episode of Interpreting India, Sanjay Gupta joins Konark Bhandari to shed an industry perspective at semiconductor supply chains and India’s potential in the space.

Today, semiconductors are used everywhere. Whether it’s the device on which you’re streaming this episode, the drive assist or safety features of a car, or aerospace and defense equipment—semiconductors are ubiquitous. However, in the last couple of years there has been a dearth of supply of semiconductors. The semiconductor shortage today can be attributed to supply chain disruptions and several geopolitical factors in the early days of COVID-19. Realizing their importance and potential, countries around the world, including India, have been investing in the semiconductor capabilities. In December 2021, the Indian government approved a Rs. 76,000 crore production-linked incentive scheme to boost semiconductor and display manufacturing.

Given their ubiquity, what have governments across the world been doing to strengthen production capability? Where does India fit in? What does the increase in semiconductor capabilities mean for the world?

Episode Contributors:

Sanjay Gupta is the vice president and India country manager at NXP India. A seasoned professional with more than 25 years in the semiconductor industry, Sanjay is committed towards the development of the sector in India and has been vocal about the importance of government-industry-academia partnership in key industry forums. He leads NXP’s business in India while ensuring local compliance with both government and corporate programs and policies.

Konark Bhandari is an associate fellow with Carnegie India. He is a lawyer who has researched on certain areas in the digital economy, focusing primarily on approaches to antitrust regulation of companies in the digital realm. He is currently working on a research project on semiconductor supply chains.

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Discussing Russia-Ukraine Tensions with Dmitri Trenin Feb 10, 2022

Show notes

In this episode, Dmitri Trenin joins Rudra Chaudhuri to discuss the tensions between Russia and Ukraine. Together, they take a closer look at the current impasse and the geopolitics shaping it. With more than 100,000 Russian troops stationed near Ukraine's northern and eastern borders, the situation between Russia and Ukraine is getting more tense. The United States has deployed nearly 2000 additional troops to Poland. 1000 more troops have been moved from Germany to Romania, along Ukraine’s western borders. As far as Russia’s concerned, 30,000 troops have been deployed to Belarus, where they begin military exercises on the 10th of February. French President Macron met with President Putin, hoping to find a diplomatic solution to the current impasse. On the other hand, President Putin and President Xi Jing Ping held the 38th personnel meeting in China.

What are Moscow’s demands? What has the Biden administration missed? Is there any room for a renewed strategic framework between Russia and the west? Is another Helsinki final act even possible?

Episode Contributors:

Dmitri Trenin is the Director of the Carnegie Moscow Center. He chairs the research council and the Foreign and Security Policy Program. In 1993, he retired from the Russian army. He served in the Soviet and Russian armed forces between 1972 and 1993, including as a liaison officer in the external relations branch of the Group of Soviet Forces and as a staff member of the delegation to the U.S.-Soviet nuclear arms talks in Geneva from 1985 to 1991. He also taught at the War Studies Department of the Military Institute.

Rudra Chaudhuri is the Director of Carnegie India. His primary research interests include the diplomatic history of South Asia and contemporary security issues.

Additional Reading:

1. Are We On the Brink of War? An Interview With Dmitri Trenin

2. What a Week of Talks Between Russia and the West Revealed by Dmitri Trenin

3. What Putin Really Wants in Ukraine by Dmitri Trenin

4. Russia-India: From Rethink to Adjust to Upgrade by Dmitri Trenin

5. Shastri-Ayub Tashkent Pact Ended 1965 War. And Brought Russia into South Asian Politics by Rudra Chaudhuri

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Understanding the Rise and Fall of India's Economic Growth with Arvind Subramanian Jan 27, 2022

Show notes

In this episode, Arvind Subramanian joins Suyash Rai to discuss the rise and fall of India's economic growth. The pandemic has been costly for the Indian economy, delaying India's journey to prosperity by at least two years. But even before the pandemic, India's economy wasn't necessarily in the best shape. The official GDP estimates show a sharp slowdown since 2017, and investments and exports--the major drivers of growth--have been sluggish through much of the decade preceding the pandemic. How can we assess India's economic growth? Which indicators and factors are the most useful? What are some of the challenges and opportunities that India faces today?

EPISODE CONTRIBUTORS

Arvind Subramanian is the Former Chief Economic Advisor to the Government of India, having served between 2014 and 2018. He is currently a Senior Fellow at the Watson Institute for International and Public Affairs at Brown University. Previously, he served as Professor of Economics at Ashoka University and a Senior Fellow at the Peterson Institute for International Economics and Center for Global Development. He is a widely cited expert on the economics of India, China, and the changing balance of global economic power.

Suyash Rai is Deputy Director and a Fellow at Carnegie India. His research focuses on the political economy of economic reforms and the performance of public institutions in India.

Additional Reading:

1. Understanding Economic Development: A Reading List by Arvind Subramanian

2. India's Turn: Understanding the Economic Transformation by Arvind Subramanian

3. Of Counsel: The Challenges of the Modi-Jaitley Economy by Arvind Subramanian

4. Budget 2021: The Ghosts of the Past, Present and Future by Suyash Rai

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Global Technology Summit 2021

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India's Cryptocurrency Space with Tanvi Ratna Dec 02, 2021

Show notes

In this episode, Tanvi Ratna, CEO of Policy 4.0, joins Priyadarshini, Associate Fellow, Carnegie India, to discuss the cryptocurrency space in India. World over, cryptocurrencies have reached a market capitalization of more than 2.5 trillion dollars in a little over a decade, since Satoshi Nakamoto--the person(s) who remain anonymous to this day--released the white paper on Bitcoin and set off this wild ride. In early 2020, the Supreme Court overturned the Reserve Bank of India’s ban on cryptocurrency transactions in India. Following this decision, cryptocurrency purchases in the country have soared.

But the rapid rise in cryptocurrencies has met with concern from the government and regulators especially due to their price volatility and lack of transparency. In the last month itself, the squid-game token fiasco led to massive losses for the investors of this cryptocurrency. In recognition of these concerns, the union government will soon introduce a bill which seeks to ban all private cryptocurrencies, in favor of a public digital currency.

Tune in to know what sort of investors characterize India’s cryptocurrency space? How could a renewed ban on all private cryptocurrencies play out? And finally, what does the global growth of cryptocurrencies indicate for the future of India’s financial system?

In case you enjoyed the discussion, be sure to register at GTS2021.COM for Carnegie India's Global Technology Summit 2021, where we'll be hosting many such discussions with experts and decision-makers on encryption, cryptocurrencies, data protection, the QUAD, AUKUS, and much more!

EPISODE CONTRIBUTORS

Tanvi Ratna has deep and global experience in policymaking and emerging technology. Before founding Policy 4.0 she has worked with leading decision-makers such as the Indian Prime Minister, the Foreign Affairs Committee on Capitol Hill, and multiple central and state government agencies in India. As the founder & CEO for Policy 4.0, Tanvi is responsible for guiding decisions and achieving rational outcomes for decision-makers and regulatory bodies.

Priyadarshini is an associate fellow with the Technology and Society Program at Carnegie India. She is interested in researching emerging issues at the intersection of law, technology, and finance. Her current research focuses on the impact and implications of introducing digital currencies, such as central bank digital currencies, specifically in the context of an emerging market like India.

🎙️ Check out our podcast, Interpreting India available now on

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