Chinese checkers
Mahir Ali
September 3, 2025
DAWN
AFICIONADOS of spectacular martial displays will no doubt find today’s military parade in Beijing considerably more impressive than the one that marked 250 years of the US Army (as well as Donald Trump’s birthday) in Washington not too long ago.
Narendra Modi won’t be there, perhaps because saluting China’s military prowess just five years after border clashes, and barely four months after Chinese technology gave Pakistan an edge in the post-Pahalgam hostilities, would not have played well at home. But at the Shanghai Cooperation Organisation summit in Tianjin over the weekend, he was holding hands with Vladimir Putin and Xi Jinping on what was the Indian prime minister’s first visit to China in seven years.
Apart from talks with Xi, he spent more than 45 minutes in Putin’s limousine. Obviously, we don’t know what they discussed. There was never much of a chance that Modi (if he was so inclined) could sway the Russian president from his aggression against Ukraine. The Chinese leader, meanwhile, held out the prospect of partnership in place of rivalry, and Modi expressed no disagreement.
This could be notched up as yet another triumph for the first seven months of Trump’s presidency. The non-alignment that India’s first PM judiciously favoured has left its marks, notwithstanding all of the relatively recent hostility against ‘Nehruvian socialism’.
While maintaining cordial ties with three US administrations, Jawaharlal Nehru was also attached to the idea of friendship with the Soviet Union and China. There have been fractures over the decades with Washington and Beijing, but the Moscow connection has survived the demise of the USSR.
China knows how to play the long game.
Russia, however, wasn’t a key source of crude oil until the sanctions following its attack on Ukraine. The irony is that until last year the US pretty much encouraged India to purchase Russian crude to maintain oil prices, and had no objection to the refined product being sold on to Europe or America, so that they could claim they weren’t buying it from Russia. The largest refinery belongs to Mukesh Ambani’s Reliance Industries, which helps to explain why a sudden halt to Russian imports would be a non-starter for the crony capitalism that has helped to sustain the BJP regime.
Previous US presidents wooed India as a counter-balance to China, as part of a strategy that has only persuaded the latter to extend its military prowess. Trump presumably knows that China imports more Russian crude than India, yet his aides have described the Ukraine conflict as ‘Modi’s war’ and derided India as a ‘laundromat’ for Russia. That’s absurd, given that Moscow would be disinclined to shift its aggressive stance as long as Beijing and Delhi are on board. The Ukraine war would not screech to a halt if India stopped purchasing Russian oil.
It might be different if China withdrew its support from Russia, but that too is unlikely. Inadvertently or otherwise, the US has facilitated rapprochement between India and China. ‘Hindi-Cheeni bhai bhai’ might remain a historical memory, but the South Asian region would no doubt benefit from unexpected bonhomie between the world’s two most populous powers. The days of ‘Howdy Modi’ and ‘Namaste Trump’ seem to be long gone.
Around the time of Trump’s second inauguration, a global poll indicated that India was among the very few Global South nations that saw his return to power as positive. Opinions have been shifting, though, and even the 52 per cent of Indians who approved of Trumpianism in June might be differently inclined after the 50pc tariffs threatening to strangle India’s economy.
That’s yet another obstacle in the path of India’s economic illusions, and it remains to be seen whether a prospective partnership with China might prove transformative. But Modi is also struggling domestically, after the disappointing last election and credible accusations of fraud. That may seem Trumpian in some ways, but the US and India are very different entities.
Both Modi and Trump benefit from largely ineffectual oppositions. That might change, and the aftermath could remain troublesome. It must be said, though, that Modi’s reported refusal to chat with Trump over the phone was more assertive than Pakistan’s deference to Washington. Neither side has offered a credible explanation for why the war stopped. Whatever the details, the outcome stretches beyond regional circumstances.
China’s transcendence might be a long time coming, but, unlike Trump, Xi knows how to play the long game. Could a better world order emerge?
It’s not impossible, but the scant mention in the Tianjin agenda of the genocide in Gaza and beyond serves as yet another reminder that trade trumps transgressions against human rights. China’s trajectory as a US rival remains shrouded in mystery, but Trump might solve it sooner than we expect.
mahir.dawn@gmail.com
Published in Dawn, September 3rd, 2025
Narendra Modi won’t be there, perhaps because saluting China’s military prowess just five years after border clashes, and barely four months after Chinese technology gave Pakistan an edge in the post-Pahalgam hostilities, would not have played well at home. But at the Shanghai Cooperation Organisation summit in Tianjin over the weekend, he was holding hands with Vladimir Putin and Xi Jinping on what was the Indian prime minister’s first visit to China in seven years.
Apart from talks with Xi, he spent more than 45 minutes in Putin’s limousine. Obviously, we don’t know what they discussed. There was never much of a chance that Modi (if he was so inclined) could sway the Russian president from his aggression against Ukraine. The Chinese leader, meanwhile, held out the prospect of partnership in place of rivalry, and Modi expressed no disagreement.
This could be notched up as yet another triumph for the first seven months of Trump’s presidency. The non-alignment that India’s first PM judiciously favoured has left its marks, notwithstanding all of the relatively recent hostility against ‘Nehruvian socialism’.
While maintaining cordial ties with three US administrations, Jawaharlal Nehru was also attached to the idea of friendship with the Soviet Union and China. There have been fractures over the decades with Washington and Beijing, but the Moscow connection has survived the demise of the USSR.
China knows how to play the long game.
Russia, however, wasn’t a key source of crude oil until the sanctions following its attack on Ukraine. The irony is that until last year the US pretty much encouraged India to purchase Russian crude to maintain oil prices, and had no objection to the refined product being sold on to Europe or America, so that they could claim they weren’t buying it from Russia. The largest refinery belongs to Mukesh Ambani’s Reliance Industries, which helps to explain why a sudden halt to Russian imports would be a non-starter for the crony capitalism that has helped to sustain the BJP regime.
Previous US presidents wooed India as a counter-balance to China, as part of a strategy that has only persuaded the latter to extend its military prowess. Trump presumably knows that China imports more Russian crude than India, yet his aides have described the Ukraine conflict as ‘Modi’s war’ and derided India as a ‘laundromat’ for Russia. That’s absurd, given that Moscow would be disinclined to shift its aggressive stance as long as Beijing and Delhi are on board. The Ukraine war would not screech to a halt if India stopped purchasing Russian oil.
It might be different if China withdrew its support from Russia, but that too is unlikely. Inadvertently or otherwise, the US has facilitated rapprochement between India and China. ‘Hindi-Cheeni bhai bhai’ might remain a historical memory, but the South Asian region would no doubt benefit from unexpected bonhomie between the world’s two most populous powers. The days of ‘Howdy Modi’ and ‘Namaste Trump’ seem to be long gone.
Around the time of Trump’s second inauguration, a global poll indicated that India was among the very few Global South nations that saw his return to power as positive. Opinions have been shifting, though, and even the 52 per cent of Indians who approved of Trumpianism in June might be differently inclined after the 50pc tariffs threatening to strangle India’s economy.
That’s yet another obstacle in the path of India’s economic illusions, and it remains to be seen whether a prospective partnership with China might prove transformative. But Modi is also struggling domestically, after the disappointing last election and credible accusations of fraud. That may seem Trumpian in some ways, but the US and India are very different entities.
Both Modi and Trump benefit from largely ineffectual oppositions. That might change, and the aftermath could remain troublesome. It must be said, though, that Modi’s reported refusal to chat with Trump over the phone was more assertive than Pakistan’s deference to Washington. Neither side has offered a credible explanation for why the war stopped. Whatever the details, the outcome stretches beyond regional circumstances.
China’s transcendence might be a long time coming, but, unlike Trump, Xi knows how to play the long game. Could a better world order emerge?
It’s not impossible, but the scant mention in the Tianjin agenda of the genocide in Gaza and beyond serves as yet another reminder that trade trumps transgressions against human rights. China’s trajectory as a US rival remains shrouded in mystery, but Trump might solve it sooner than we expect.
mahir.dawn@gmail.com
Published in Dawn, September 3rd, 2025
Multilateral world order
Zahid Hussain
Zahid Hussain
September 3, 2025
DAWN
The writer is an author and journalist.
IT was the largest gathering of the Shanghai Cooperation Organisation, with leaders of Eurasian nations seeking to establish a more just and equitable multilateral system as an alternative to a crumbling West-dominated world order. The recently concluded SCO summit in the Chinese city of Tianjin brought together countries with competing interests in times of great turmoil in global governance.
Initially formed as a security cooperation group over two decades ago, the SCO has evolved into a formidable forum for trade and economic development. Described as ‘SCO-Plus’, the conference was attended by more than 20 heads of state and government, as well as leaders of international organisations. The Tianjin summit reinforced China’s leading role in the emerging multilateral international order.
In his speech, President Xi Jinping called for “equal and orderly multipolarisation”. The Chinese leader stressed the need for the organisation to work towards a “more just and equitable global governance system” and urged regional leaders to shun a “Cold War mentality”.
It was pointed out that member states faced complicated security and development challenges in a “chaotic and intertwined” world. These remarks set the tone of the conference. His speech indicated China’s emphasis on geo-economics and connectivity.
As per media reports, “The organisation covers approximately 24 per cent of global land area and 42pc of the world’s population, with member states accounting for roughly one-quarter of global GDP and trade increasing nearly 100-fold in two decades.” China’s trade with SCO members, observers and dialogue partners reportedly totalled $890 billion in 2024. Donald Trump’s reckless trade war has massively increased SCO’s potential, as the bloc provides an alternative to America’s economic domination.
The Tianjin summit reinforced China’s leading role in the emerging international order.
The conference also brought the leaders of Pakistan and India face-to-face for the first time after their four-day conflict in May that had pushed the two nuclear-armed nations close to a wider conflagration. The tension was palpable with the two leaders not even shaking hands, let alone any possibility of meeting on the sidelines. Pakistan’s offer for a dialogue on all disputed matters between the two countries had gone unheeded by the Indian prime minister.
Without taking names, both leaders accused the other of perpetrating terrorist activities in their respective countries. New Delhi has hardened its position and does not want any bilateral talks with Islamabad after it was humiliated during its military action against Pakistan. India’s belligerence remains the main source of tension, hampering regional economic and trade cooperation. There seems to be no change in its stance despite foreign policy setbacks.
However, the conference provided an opportunity for China and India to ease the tensions in their relationship. It was the first trip of the Indian prime minister to China in seven years. Relations between the world’s two most populous nations remained strained after bloody border clashes in 2019 following India’s unilateral and illegal decision to annex the disputed state of Jammu and Kashmir and declare Ladakh as federal territory.
Although a ceasefire has been in place for some time, other issues have continued to strain their relationship. India has been part of a US-led anti-China coalition in the Indo-Pacific region. But the latest dispute with the Trump administration on trade tariffs seems to have forced India to mend fences with China. Interestingly, the 50 per cent tariff on exports to the US had come into force just before the summit. Once America’s so-called strategic ally, India now faces some of the highest tariffs imposed by the US. This factor, together with political reasons, has caused relations to sour between Washington and Delhi.
Although the Chinese and Indian leaders agreed they were not “rivals but partners in development”, unresolved issues remain between them, which can widen the existing trust deficit. These include the border dispute, which the Chinese president indicated should be put aside to focus on improved trade and economic relations.
Interestingly, despite their strained relations over the past years, trade between the two countries in 2024-2025 totalled $118bn, though with India’s trade deficit with China reaching $99.2bn.
The thaw in their relations has already resulted in the resumption of direct flights between the two countries and improved business environment. But China’s strategic relations with Pakistan continue to cast a shadow over any further breakthrough.
The summit also reinforced Russia’s return to the global stage after being ostracised by the West for invading Ukraine. President Putin blamed the West for triggering the war. The Russian president has also been invited to the military parade in Beijing this week to commemorate the 80th anniversary of the victory of the World Anti-Fascist War (World War II) and the founding of the United Nations. “It is a milestone prompting us to remember the past and create a better future together,” declared President Xi.
The gathering of leaders and observers from across Eurasia reflected the emerging alignment in the shifting sands of regional geopolitics. The bloc represents the emerging power of the Global South, which is challenging the unjust Western international global order.
The Tianjin Declaration, issued after the two-day parleys, reaffirmed the commitment to sustainable international peace and called for joint efforts to counter traditional and new security challenges. While resolving to fight against terrorism, separatism and extremism, the conference recognised the leading role of sovereign states and their competent authorities in countering terrorist and extremist threats.
The conference also adopted a 10-year SCO Development Strategy, which “defines the priority tasks and main directions for deepening multifaceted cooperation in the interests of ensuring peace and stability, development and prosperity in the SCO space”.
After the summit concluded, President Xi had a bilateral meeting with Pakistan’s prime minister and his delegation in Beijing, reaffirming the strategic and economic partnership between the two countries. They also agreed to initiate the second phase of CPEC. The SCO provides a great opportunity for Pakistan’s economic development.
i zhussain100@yahoo.com
X: @hidhussain
Published in Dawn, September 3rd, 2025
DAWN
The writer is an author and journalist.
IT was the largest gathering of the Shanghai Cooperation Organisation, with leaders of Eurasian nations seeking to establish a more just and equitable multilateral system as an alternative to a crumbling West-dominated world order. The recently concluded SCO summit in the Chinese city of Tianjin brought together countries with competing interests in times of great turmoil in global governance.
Initially formed as a security cooperation group over two decades ago, the SCO has evolved into a formidable forum for trade and economic development. Described as ‘SCO-Plus’, the conference was attended by more than 20 heads of state and government, as well as leaders of international organisations. The Tianjin summit reinforced China’s leading role in the emerging multilateral international order.
In his speech, President Xi Jinping called for “equal and orderly multipolarisation”. The Chinese leader stressed the need for the organisation to work towards a “more just and equitable global governance system” and urged regional leaders to shun a “Cold War mentality”.
It was pointed out that member states faced complicated security and development challenges in a “chaotic and intertwined” world. These remarks set the tone of the conference. His speech indicated China’s emphasis on geo-economics and connectivity.
As per media reports, “The organisation covers approximately 24 per cent of global land area and 42pc of the world’s population, with member states accounting for roughly one-quarter of global GDP and trade increasing nearly 100-fold in two decades.” China’s trade with SCO members, observers and dialogue partners reportedly totalled $890 billion in 2024. Donald Trump’s reckless trade war has massively increased SCO’s potential, as the bloc provides an alternative to America’s economic domination.
The Tianjin summit reinforced China’s leading role in the emerging international order.
The conference also brought the leaders of Pakistan and India face-to-face for the first time after their four-day conflict in May that had pushed the two nuclear-armed nations close to a wider conflagration. The tension was palpable with the two leaders not even shaking hands, let alone any possibility of meeting on the sidelines. Pakistan’s offer for a dialogue on all disputed matters between the two countries had gone unheeded by the Indian prime minister.
Without taking names, both leaders accused the other of perpetrating terrorist activities in their respective countries. New Delhi has hardened its position and does not want any bilateral talks with Islamabad after it was humiliated during its military action against Pakistan. India’s belligerence remains the main source of tension, hampering regional economic and trade cooperation. There seems to be no change in its stance despite foreign policy setbacks.
However, the conference provided an opportunity for China and India to ease the tensions in their relationship. It was the first trip of the Indian prime minister to China in seven years. Relations between the world’s two most populous nations remained strained after bloody border clashes in 2019 following India’s unilateral and illegal decision to annex the disputed state of Jammu and Kashmir and declare Ladakh as federal territory.
Although a ceasefire has been in place for some time, other issues have continued to strain their relationship. India has been part of a US-led anti-China coalition in the Indo-Pacific region. But the latest dispute with the Trump administration on trade tariffs seems to have forced India to mend fences with China. Interestingly, the 50 per cent tariff on exports to the US had come into force just before the summit. Once America’s so-called strategic ally, India now faces some of the highest tariffs imposed by the US. This factor, together with political reasons, has caused relations to sour between Washington and Delhi.
Although the Chinese and Indian leaders agreed they were not “rivals but partners in development”, unresolved issues remain between them, which can widen the existing trust deficit. These include the border dispute, which the Chinese president indicated should be put aside to focus on improved trade and economic relations.
Interestingly, despite their strained relations over the past years, trade between the two countries in 2024-2025 totalled $118bn, though with India’s trade deficit with China reaching $99.2bn.
The thaw in their relations has already resulted in the resumption of direct flights between the two countries and improved business environment. But China’s strategic relations with Pakistan continue to cast a shadow over any further breakthrough.
The summit also reinforced Russia’s return to the global stage after being ostracised by the West for invading Ukraine. President Putin blamed the West for triggering the war. The Russian president has also been invited to the military parade in Beijing this week to commemorate the 80th anniversary of the victory of the World Anti-Fascist War (World War II) and the founding of the United Nations. “It is a milestone prompting us to remember the past and create a better future together,” declared President Xi.
The gathering of leaders and observers from across Eurasia reflected the emerging alignment in the shifting sands of regional geopolitics. The bloc represents the emerging power of the Global South, which is challenging the unjust Western international global order.
The Tianjin Declaration, issued after the two-day parleys, reaffirmed the commitment to sustainable international peace and called for joint efforts to counter traditional and new security challenges. While resolving to fight against terrorism, separatism and extremism, the conference recognised the leading role of sovereign states and their competent authorities in countering terrorist and extremist threats.
The conference also adopted a 10-year SCO Development Strategy, which “defines the priority tasks and main directions for deepening multifaceted cooperation in the interests of ensuring peace and stability, development and prosperity in the SCO space”.
After the summit concluded, President Xi had a bilateral meeting with Pakistan’s prime minister and his delegation in Beijing, reaffirming the strategic and economic partnership between the two countries. They also agreed to initiate the second phase of CPEC. The SCO provides a great opportunity for Pakistan’s economic development.
i zhussain100@yahoo.com
X: @hidhussain
Published in Dawn, September 3rd, 2025
To dump West, embrace BRICS
Jawed Naqvi
The writer is Dawn’s correspondent in Delhi.
BY habit, the choreographed Indian crowd began to chant “Modi Modi” at an event for the Indian prime minister’s two-day visit to China. The Chinese hosts, on the other hand, greeted him with a knowledgeable display of Indian classical music, something Indians would struggle to reciprocate if it ever came to that. There’s a trade deficit, and there’s evidently a cultural deficit too. Three sari-clad Chinese women performed Vande Mataram, an Indian nationalist favourite, in Rag Desh on the sitar and santoor as the third kept rhythm on the tabla. But there are more urgent reasons than China’s showcasing its soft power to woo a pro-America Narendra Modi, on an emotional rebound, to make a compelling case for BRICS. Dumping the Western capitalist model that has spawned wars and exploitative sanctions is a need that preceded the dismantling of the USSR.
Western perfidy targets friend and foe alike if business interests clash. The malaise is older than Donald Trump. Among my early observations in this regard was the West’s betrayal of Kuwait before Saddam Hussein was hustled into completing the job.
India has 800m on food dole, signalling the contradiction between its right-wing government shored up by big money and people’s priorities.
Jawed Naqvi
September 2, 2025
DAWN
DAWN
The writer is Dawn’s correspondent in Delhi.
BY habit, the choreographed Indian crowd began to chant “Modi Modi” at an event for the Indian prime minister’s two-day visit to China. The Chinese hosts, on the other hand, greeted him with a knowledgeable display of Indian classical music, something Indians would struggle to reciprocate if it ever came to that. There’s a trade deficit, and there’s evidently a cultural deficit too. Three sari-clad Chinese women performed Vande Mataram, an Indian nationalist favourite, in Rag Desh on the sitar and santoor as the third kept rhythm on the tabla. But there are more urgent reasons than China’s showcasing its soft power to woo a pro-America Narendra Modi, on an emotional rebound, to make a compelling case for BRICS. Dumping the Western capitalist model that has spawned wars and exploitative sanctions is a need that preceded the dismantling of the USSR.
Western perfidy targets friend and foe alike if business interests clash. The malaise is older than Donald Trump. Among my early observations in this regard was the West’s betrayal of Kuwait before Saddam Hussein was hustled into completing the job.
The story goes back to the 1987 stock market crash when the Thatcher government was in the process of selling its remaining 31.5 per cent stake in BP. The crash threatened to derail this massive sale, potentially costing the treasury billions. The Kuwait Investment Office, the investment arm of the Kuwaiti sovereign wealth fund, stepped in to bail out the UK. It began purchasing BP shares on the open market. Initially, the UK government was pleased. The KIO’s buying provided crucial support to the BP share price, helping to ensure the success of the government’s own share sale. In a short time, the KIO had acquired a 21.6pc stake in BP, making it by far the largest shareholder. The UK government’s stake was now zero.
Suddenly, Margaret Thatcher’s government was uncomfortable with a controlling stake being held by a foreign government, even a friendly one. A 21.6pc stake gave Kuwait significant power and the idea of a major British icon falling under effective control of an OPEC member state was politically toxic, even for a pro-market government like Thatcher’s.
Thatcher formally instructed the KIO to reduce its holding. They were ordered to sell down their stake to no more than 9.9pc. The government made it clear that if Kuwait did not comply voluntarily, it would use its legal and regulatory powers to force the issue, potentially damaging diplomatic relations and Kuwait’s other investments in the UK. Kuwait, a close ally that relied on Western protection, ultimately complied to maintain good relations.
What happened with Pakistan’s prestigious BCCI bank was not entirely dissimilar. The CIA acknowledged using the major international bank as a conduit to secretly fund the Afghan mujahideen. The job done, the bank turned into an object of envy for the West. To quote Shakespeare, the West was mocking the very meat it had fed upon. BCCI was not the cleanest bank and lent itself to narratives of corruption, fraud, drug peddling and money laundering. But here’s the rub. Major Western banks have paid billions in penalties for knowingly laundering drug money. They never had to shut down.
A US Senate investigation found that a Western bank had systemically laundered at least $881 million for Mexican and Colombian drug cartels over years. The bank moved bulk cash from its Mexican subsidiary to the US, bypassing money laundering controls. The concerned bank avoided criminal prosecution and paid a $1.9bn fine, a sum widely criticised as a ‘slap on the wrist’ given the scale of the crimes and the bank’s profits. In the 2008 financial crisis and mortgage-backed securities fraud, multiple American banks paid tens of billions in penalties for packaging and selling toxic mortgage-backed securities they knew were likely to fail, while simultaneously betting against them. This fraud triggered the global financial crisis. But they were politically protected unlike Pakistan’s bank. The BCCI had dared to challenge Western monopoly and suffered for it. BCCI was the first truly major global bank from the developing world. Its rapid growth, aggressive strategy, and ability to woo clients away from traditional Western banks caused resentment and unease. This meant it had fewer powerful friends in the financial capitals of London and New York to defend it when trouble started.
In a similar vein, the ongoing targeting of Huawei and other prominent Chinese tech firms like ZTE, TikTok and Xiaomi is indeed a central piece of this pattern. Adding Huawei to the analysis of the Indian situation reveals a spectrum of tactics used by Western powers, primarily the US, when dealing with rising non-Western competitors.
The botched efforts that have been made to dismantle states like Russia, Venezuela and Iran to lay them open to Western carpetbaggers are well known. Much of the Middle East from Libya to Yemen has suffered for that and more.
Capitalism is driven by private profit and has congenital aversion to social welfare. India has 800m on food dole, signalling the contradiction between its right-wing government shored up by big money and people’s priorities.
Gautam Adani and Mukesh Ambani, two leading Indian tycoons, are in trouble with the US, one for alleged bribery to woo American investors, the other for defying Donald Trump’s fiat against importing Russian oil. The two led the pack of Gujarati businessmen in 2013 to nominate Modi as their prime ministerial candidate for the 2014 elections. Modi thanked them and did what he does best.
He saw Uttar Pradesh burst into a communal frenzy on election eve to give himself an easy ride to power. The Adani-Ambani crony conundrums are serious issues and Indians should address them with political power rather than leaving them open to Western manipulation. BRICS is just the platform to gear up for the fight, preferably with fewer Modi chants.
jawednaqvi@gmail.com
Published in Dawn, September 2nd, 2025
Suddenly, Margaret Thatcher’s government was uncomfortable with a controlling stake being held by a foreign government, even a friendly one. A 21.6pc stake gave Kuwait significant power and the idea of a major British icon falling under effective control of an OPEC member state was politically toxic, even for a pro-market government like Thatcher’s.
Thatcher formally instructed the KIO to reduce its holding. They were ordered to sell down their stake to no more than 9.9pc. The government made it clear that if Kuwait did not comply voluntarily, it would use its legal and regulatory powers to force the issue, potentially damaging diplomatic relations and Kuwait’s other investments in the UK. Kuwait, a close ally that relied on Western protection, ultimately complied to maintain good relations.
What happened with Pakistan’s prestigious BCCI bank was not entirely dissimilar. The CIA acknowledged using the major international bank as a conduit to secretly fund the Afghan mujahideen. The job done, the bank turned into an object of envy for the West. To quote Shakespeare, the West was mocking the very meat it had fed upon. BCCI was not the cleanest bank and lent itself to narratives of corruption, fraud, drug peddling and money laundering. But here’s the rub. Major Western banks have paid billions in penalties for knowingly laundering drug money. They never had to shut down.
A US Senate investigation found that a Western bank had systemically laundered at least $881 million for Mexican and Colombian drug cartels over years. The bank moved bulk cash from its Mexican subsidiary to the US, bypassing money laundering controls. The concerned bank avoided criminal prosecution and paid a $1.9bn fine, a sum widely criticised as a ‘slap on the wrist’ given the scale of the crimes and the bank’s profits. In the 2008 financial crisis and mortgage-backed securities fraud, multiple American banks paid tens of billions in penalties for packaging and selling toxic mortgage-backed securities they knew were likely to fail, while simultaneously betting against them. This fraud triggered the global financial crisis. But they were politically protected unlike Pakistan’s bank. The BCCI had dared to challenge Western monopoly and suffered for it. BCCI was the first truly major global bank from the developing world. Its rapid growth, aggressive strategy, and ability to woo clients away from traditional Western banks caused resentment and unease. This meant it had fewer powerful friends in the financial capitals of London and New York to defend it when trouble started.
In a similar vein, the ongoing targeting of Huawei and other prominent Chinese tech firms like ZTE, TikTok and Xiaomi is indeed a central piece of this pattern. Adding Huawei to the analysis of the Indian situation reveals a spectrum of tactics used by Western powers, primarily the US, when dealing with rising non-Western competitors.
The botched efforts that have been made to dismantle states like Russia, Venezuela and Iran to lay them open to Western carpetbaggers are well known. Much of the Middle East from Libya to Yemen has suffered for that and more.
Capitalism is driven by private profit and has congenital aversion to social welfare. India has 800m on food dole, signalling the contradiction between its right-wing government shored up by big money and people’s priorities.
Gautam Adani and Mukesh Ambani, two leading Indian tycoons, are in trouble with the US, one for alleged bribery to woo American investors, the other for defying Donald Trump’s fiat against importing Russian oil. The two led the pack of Gujarati businessmen in 2013 to nominate Modi as their prime ministerial candidate for the 2014 elections. Modi thanked them and did what he does best.
He saw Uttar Pradesh burst into a communal frenzy on election eve to give himself an easy ride to power. The Adani-Ambani crony conundrums are serious issues and Indians should address them with political power rather than leaving them open to Western manipulation. BRICS is just the platform to gear up for the fight, preferably with fewer Modi chants.
jawednaqvi@gmail.com
Published in Dawn, September 2nd, 2025
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