MUMBAI // The offer by the Indian prime minister, Manmohan Singh, to give Kashmir a greater degree of political autonomy has received a tepid response from the state's separatist leaders. It has also provoked outrage among Hindu nationalists, who are demanding that the entire region be integrated into the Indian state.
Against a backdrop of two months of anti-India rioting in the Kashmir Valley in which more than 50 people have died, Mr Singh this week asked Kashmiri Muslims to "give peace a chance" and called for a political solution "that addresses the alienation and emotional needs" of Kashmiris. He said his government would consider any consensus proposal for Kashmiri autonomy as long as it remained "within the ambit of the constitution".
Although most people inside and outside the Himalyan state reacted with scepticism to Mr Singh's overture on Tuesday, analysts say his offer marks a radical shift in New Delhi's policy on Kashmir, a territory claimed in its entirety by both India and Pakistan, which have fought two wars over it.
It is a sign, they say, that India has warmed to the idea of relaxing its political domination over Kashmir, if not granting it complete freedom - a move that many observers have long claimed is the only viable solution to the territorial dispute that erupted into a full-blown separatist struggle more than two decades ago.
"[Singh's statement] marks a welcome change from the imperious statements that used to emanate from New Delhi, dismissing all public outburst as the handiwork of pro-Pakistan agents," said Madhu Kishwar, a professor at the New Delhi-based Centre for the Study of Developing Societies.
Ms Kishwar warned, however, "it would be naive to believe that the PM's appeal for calm will work like a magic wand in the valley."
Separatist leaders were quick to reject Mr Singh's initiative, in which the Indian leader also urged a "jobs plan" for Indian Kashmir, where unemployment among young people is high. They said independence, not autonomy, was the only solution to the conflict.
"Kashmiris must be given the right to self-determination. Nothing more, nothing less," said Mirwaiz Umar Farooq, chairman of the moderate faction of the All Parties Hurriyat Conference, a coalition Kashmiri separatist groups. "[Singh] may have good intentions, but in Kashmir, India always makes a statement through the barrel of the gun. We are interested in conflict resolution, while he is still talking in terms of crisis management."
Rejecting Mr Singh's proposal for Kashmir, Yogi Adityanath, an MP from the Hindu nationalist Bharatiya Janata Party, remarked in parliament on Wednesday: "Such announcements help terrorists, separatists, and lower the morale of the security forces." He added that his party was open to discussing any other solution that did not "compromise" the sovereignty of India.
Hindu nationalists were equally dismissive. For the Rashtriya Swayamsevak Sangh (RSS), a Hindu nationalist political organisation, autonomy for Kashmir is an "intolerable" idea, especially if it implies "Balkanisation" of the Indian state.
In a editorial in its weekly Organiser, the RSS called the people of Indian-controlled Kashmir a "pampered lot" because of Article 370 of the Indian constitution, which accords the state a "special status".
Meanwhile, analysts cautioned against confusing autonomy for Kashmir with secession.
"Autonomy must not be viewed as a dirty word," said Amitabh Mattoo, a professor of international studies at the Jawaharlal Nehru University in New Delhi. "Autonomy is about empowering people, making people feel that they belong [to the state]. It is synonymous with decentralisation and devolution of power - phrases that have been on the charter of virtually every political party in India. It also means greater political space ? and power flowing to the grassroots."
Sheikh Shaukat Hussain, a professor of law at Kashmir University in Srinagar, the state's summer capital, said no matter how much the prospects for greater autonomy have improved in the wake of Mr Singh's declaration, his promises ring hollow in the Kashmir Valley.
"These promises have been made before, but New Delhi has not delivered them," he said. "Kashmiris don't take them seriously anymore."
A new round of violence erupted in the Kashmir Valley in early June after the death of a 17-year-old boy struck by a police tear-gas shell. Since then, stone-throwing demonstrators have defied curfews and protested almost daily, earning the label "Kashmiri intifadah" in the Indian media. In the past two weeks alone, 33 people have been killed in clashes with Indian security personnel.
Mr Hussain said the only way to end the violence was for New Delhi to withdraw its troops from civilian areas of the valley, and "confine them to the border".
"We need actions from New Delhi," he said. "Not just empty words."
In the disputed region, there is one soldier for every 20 Kashmiris, one of the highest soldier-to-civilian ratios in the world. When militancy first flared in 1989, 36,000 Indian troops were deployed in the region. Since then, the number has swelled to 500,000, even though militancy, by the government's own admission, is less active.
The number of Islamic militants operating in the valley has fallen from nearly 10,000 in the early 1990s to fewer than 500 now, according to the state's police department.
@EMail:achopra@thenational.ae
* With additional reporting by Agence France-Presse
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Frida%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarla%20Gutierrez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Frida%20Kahlo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
DUNE%3A%20PART%20TWO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE%3A
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envision%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarthik%20Mahadevan%20and%20Karthik%20Kannan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20The%20Netherlands%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%2FAssistive%20Technology%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%241.5%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%204impact%2C%20ABN%20Amro%2C%20Impact%20Ventures%20and%20group%20of%20angels%3C%2Fp%3E%0A