VIT Mauritius signs MoU with Binghamton University, US
The MoU was signed by Dr G Viswanathan, Founder & Chancellor of VIT and Dr Harvey G Stenger, President of Binghamton University (SUNY), New York, US.
The event was held at the Binghamton campus in the presence of Nobel laureate Dr M Stanley Whittingham and other senior leaders from both the institutions.
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Time of India
2 hours ago
- Time of India
Instant Scholar: Development as freedom - an India perspective by Amartya Sen
When Nobel laureate Amartya Sen published Development as Freedom in 1999, he reshaped the global discourse on economic development. Moving away from the narrow focus on income or GDP, Sen argued that freedom is both the primary objective and the principal means of development. His thesis laid the foundation for what is now termed the capability approach, a framework that sees development as the expansion of people's capabilities—their real freedoms to lead the kind of lives they have reason to value. Nowhere is this framework more relevant than in India, a country grappling with economic disparity, social stratification, and democratic aspirations. Sen's insights, drawn partly from his own experiences growing up in British India and later as an economist engaged with policymaking, offer a moral and philosophical compass for India's journey toward inclusive development. Freedom as the Ends and Means of Development At the heart of Sen's thesis is a simple but radical idea: development is the process of expanding human freedoms. These freedoms are not just political or civil but also include economic opportunities, access to education and healthcare, social inclusion , and protective security. Sen identifies five types of instrumental freedoms: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dementia Has Been Linked To a Common Habit. Do You Do It? Memory Health Learn More Undo Political freedoms – Free speech, democratic participation, and accountability. Economic facilities – Access to resources, employment, and production. Social opportunities – Education, healthcare, gender equality. Transparency guarantees – Institutional openness, trust in governance. Protective security – Social safety nets for the vulnerable. These components are interconnected; for instance, education enhances economic opportunity, which in turn strengthens political participation. In India, where disparities are vast, ensuring access to these freedoms remains a central development challenge. India's Economic Growth: Unequal and Unjust? India has experienced substantial GDP growth over the past few decades, particularly after the liberalisation reforms of 1991. However, Sen cautions that growth without human development is incomplete. In his words, 'there is no automatic connection between economic growth and human freedom.' India's progress is often undermined by stark contrasts. On one hand, it is the world's fifth-largest economy; on the other, it continues to grapple with malnutrition, illiteracy, poor health outcomes, and widening inequality. The National Family Health Survey (NFHS-5) reports show that over one-third of Indian children are stunted, and anemia affects more than half of women aged 15–49. Sen critiques India's overreliance on trickle-down economics, arguing that public investment in health and education has been insufficient. 'India has managed to achieve economic growth with a disgraceful neglect of the social sector,' he once noted. This mismatch is precisely what the Development as Freedom approach seeks to correct. Public Policy through the Capability Lens Sen's framework reframes the role of the state. Rather than acting merely as an enabler of market growth, the state should actively expand citizens' capabilities—what they can do and be. This implies a rights-based approach to policy design: education, healthcare, food, and employment are not handouts but entitlements. Some Indian policy innovations reflect this shift: The Right to Education Act (RTE) gave legal teeth to the notion of education as a fundamental right. The National Rural Employment Guarantee Act (NREGA) empowered the rural poor with wage-based employment and social dignity. The Public Distribution System (PDS) and the National Food Security Act aimed to ensure food as a right, not a charity. While these policies have had implementation challenges, they represent a shift toward institutionalising freedom and capability—a central theme in Sen's work. Democracy and Public Reason in Indian Context Sen places high value on democracy not just as a form of government but as a form of public reasoning. He argues that political freedoms and open debate enable societies to prioritise people's real needs. This has direct implications for India, the world's largest democracy, where the freedom to dissent and discuss shapes the developmental agenda. A well-known illustration is his argument that famines do not occur in functioning democracies. Drawing from India's experience, Sen showed that democratic institutions—free press, electoral competition, civil society—act as checks against catastrophic failures. The Bengal famine of 1943, which occurred under British colonial rule, contrasts with India's post-independence record, where mass starvation has been largely absent despite recurring droughts. Yet, Sen warns that democracy in form is not enough. In recent years, concerns over democratic backsliding in India—curbs on press freedom, judicial independence, and civil liberties—threaten the very instruments that ensure equitable development. For Sen, democracy must remain inclusive, participatory, and deliberative, not just majoritarian. Gender Justice and Social Inclusion Another area where Development as Freedom intersects sharply with Indian realities is gender justice. Sen famously coined the phrase 'missing women' to describe the millions of girls and women whose lives are cut short due to gender-based discrimination—through sex-selective abortion, inadequate healthcare, and systemic neglect. In India, despite progress in female literacy and labour participation, deeply embedded patriarchal norms still restrict women's freedoms. The capability approach demands not only formal equality but substantive freedom—real choices and empowerment. This is seen in movements pushing for women's reservation in legislatures, greater access to healthcare, and stronger protections against gender-based violence. Sen's framework also encourages reflection on caste, tribal identity, and religion—factors that shape social exclusion in India. He calls for policies that enhance the capabilities of marginalised communities, not merely by offering quotas or subsidies but by improving foundational systems like education, nutrition, and justice delivery. COVID-19 and the Fragility of Freedoms The COVID-19 pandemic laid bare the vulnerabilities in India's developmental model. Millions of migrant workers were stranded during lockdowns, lacking basic food, shelter, or transport. The healthcare system was overwhelmed, and education access declined sharply due to the digital divide. Sen, along with fellow economist Jean Drèze, wrote during the pandemic that India needed to prioritise universal access to healthcare, employment support, and education continuity, not just economic stimulus. The crisis reaffirmed the urgency of investing in human capabilities to build a more resilient and equitable society. The Global Impact and Continued Relevance Beyond India, Development as Freedom has influenced UNDP's Human Development Index, World Bank policy papers, and numerous national development strategies. In India, its relevance has only deepened. As the country eyes a future of technological prowess and global influence, Sen reminds us that true development is not about what a country produces, but about what its people are free to become. From climate resilience to AI ethics, from rural health to urban inequality—India's policy questions today demand a framework that is moral, inclusive, and human-centred. Sen provides that foundation. Towards a Freedom-Centred Future Amartya Sen's Development as Freedom challenges India to rethink its development model—not as a race for GDP growth but as a commitment to human dignity, equality, and justice. In a country of 1.4 billion people with immense diversity and disparity, the real challenge is not just how to grow, but how to grow with freedom. India's development story will be richer and more just when it is rooted in the expansion of freedoms—for women and men, for rich and poor, for urban and rural, for all castes and communities. Sen's vision is not just an economic theory; it is a call to action for democratic India to fulfil the promises it made in its Constitution—liberty, equality, and fraternity—for every citizen. Read full text: 'Instant Scholar' is a Times of India initiative to make academic research accessible to a wider audience. If you are a Ph.D. scholar and would like to publish a summary of your research in this section, please share a summary and authorisation to publish it. For submission, and any question on this initiative, write to us at instantscholar@ Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Economic Times
a day ago
- Economic Times
Trump backs crypto, Pakistan embraces it. How long must India wait?
Synopsis Pakistan embraces crypto for strategic gains, including potential US favor, while India grapples with regulatory uncertainty and security concerns. Other nations like Bhutan leverage crypto for economic diversification. The US faces scrutiny over stablecoin regulation and potential conflicts of interest, prompting calls for India to establish a clear, comprehensive crypto policy to address financial and security risks. ETtech Photo: Ewan Kennedy A couple of weeks before the Pahalgam attack, something strange happened in Islamabad. Changpeng Zhao, the Chinese-born Canadian businessman and founder of Binance, the world's largest cryptocurrency exchange, agreed to be an advisor to the Pakistan Crypto Council (PCC) in early April. PCC, freshly minted in March, was cobbled together to create a framework for crypto in a country that had until then been notoriously suspicious of digital the time, many wondered what Pakistan's motivation was in welcoming crypto, which officials maintained was a tool to attract foreign investment. In the subsequent months and during Operation Sindoor, it became clear that the move had a strategic angle as well. Pakistan, having signed up with World Liberty Financial (WLF), a crypto company linked to US President Donald Trump's family, was also using crypto to gain currency with the White House. That, along with carrots like a Nobel peace prize nomination for Trump, may have influenced the US's tepid pushback on Pakistan during the conflict. On July 9, Pakistan went all in with President Asif Ali Zardari signing an ordinance establishing the Pakistan Virtual Asset Regulatory Authority (PVARA), 'an autonomous federal body empowered to license, regulate and supervise entities dealing in virtual assets (VA)'.That is quite a move for a struggling economy desperate for bailouts from the International Monetary Front (IMF), but the reality is that Pakistan is not alone in embracing US is racing to legitimise stablecoins—a type of cryptocurrency pegged to stable assets. Almost 98% of stablecoins are tied to the dollar. India's neighbour Bhutan has quietly built bitcoin reserves worth $1.3 billion or roughly 40% of the country's gross domestic product (GDP), according to the Wall Street Journal . Countries like Russia, Iran and North Korea have been using it to conduct business, beyond the reach of the international sanctions countries with a clear agenda—from attracting investment, to sidestepping sanctions, or even currying favour with the world's elite—crypto is becoming a legit play. That has meant that from US to UAE, Singapore to Bhutan, countries have made crypto a part of their foreign and economic policy playbook. The big question: where is India in all of this?'Why does the Centre not come out with a clearcut policy on regulating cryptocurrency?'The Supreme Court's pointed question to Additional Solicitor General Aishwarya Bhati during a May 19 hearing encapsulates India's prolonged struggle with digital assets. The bench, hearing a bail plea in an illegal bitcoin trade case, stated: 'There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade.'This wasn't the first judicial nudge. In February 2022, the apex court had similarly pressed the central government to clarify whether cryptocurrency trading was legal in repeated queries highlight a regulatory vacuum that continues to perplex the courts. India's crypto landscape remains in what experts describe as a 'state of flux' where lawsuits involving fraud get dismissed due to 'a lack of legal status for cryptocurrencies in India'.The Reserve Bank of India's concerns about financial stability continue to shape the government's cautious approach. The central bank fears that cryptocurrencies could undermine its control over money supply and pose risks to financial and monetary stability. This, even as the market regulator Securities and Exchange Board of India (Sebi) has reportedly recommended that several regulators oversee trade in cryptocurrencies. The Centre has to take a clear stance, backed by a well-defined policy vision, at a time when the technology is increasingly exploited by hostile the regulatory framework consists of a flat 30% tax on capital gains and 1% tax deducted at source (TDS) on transactions above Rs 10,000, introduced in 2022. In March 2023, the finance ministry mandated all crypto exchanges operating in India to register with the Financial Intelligence Unit–India (FIU–IND).There have been news reports that India is reconsidering its stance amid growing global acceptance, but a promised discussion paper outlining policy framework options for crypto assets —scheduled for June—has still not been the use of virtual assets for terror financing has been 'overall on the increase', according to a report by the Financial Action Task Force (FATF), an intergovernmental body tracking financial crime, released this week.A country with a history of terror financing that can easily weaponise crypto against India is plunging headlong into it. How long must India wait? Pakistan's strategy extends beyond partnerships, with the country exploring bitcoin mining using surplus energy to create a strategic bitcoin reserve. 'Crypto is becoming a channel for strategic financial flows for Pakistan,' says Anirudh Suri, MD, India Internet Fund. 'For countries like Pakistan, aligning crypto policy with US frameworks isn't just diplomacy, it's a transactional pipe to stay useful to America's geopolitical interests.'Suri points out that's not positive for India by any measure: 'India is trying to choke financial flows to terror groups via FATF and IMF diplomacy, and crypto could reopen that tap.'Subimal Bhattacharjee, an independent adviser and consultant on cybersecurity, defence and technology policy, warns of the implications: 'What are the impacts of rogue elements using it? How do we guard our people against that? The answer to everything is in a coherent and clear crypto policy. To put it simply, we have to make it a regulated entity.'Following the Pahalgam terror attack, India's FIU instructed crypto exchanges to closely monitor transactions, specifically from Jammu and Kashmir and other border regions. Exchanges were directed to scrutinise private wallets and private coins used for person-to-person transfers without blockchain notes that there may be arms within Pakistan's government or military establishment that like open crypto channels—enabling a continued flow of funds. 'For a country like Pakistan, maintaining a fluid stance on crypto allows them to either attract financial flows or pursue other strategic objectives,' he says. While Pakistan's approach raises security concerns, Bhutan presents a different model. The Himalayan kingdom has been quietly mining bitcoin since 2020, using abundant hydropower, accumulating enormous reserves of it. The country is integrating crypto into tourism and its upcoming smart city project, and views Bitcoin not merely as a store of value but as a tool to diversify its Gowdara Shivamurthy, an associate fellow with the strategic studies programme at the think tank Observer Research Foundation, says Bhutan's foray into bitcoin mining is driven largely by domestic economic necessity, to diversify beyond tourism and hydropower, and is meant to curb brain drain. Revenues from mining have already helped them shore up foreign reserves and fund public spending—including significant salary hikes for civil India recognises Bhutan's sovereign right to diversify its economy, there are worries, particularly around reduced hydropower exports, and imports of Chinese bitcoin mining companies like Adani have shown interest in setting up data centres there, and how those moves unfold could shape the long-term GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act—currently pending a vote in the US House of Representatives, expected in the week of July 14—aims to set a regulatory framework for stablecoins in the country. But there are plenty of the US president made nearly $57.4 million in 2024 from his cryptocurrency company, World Liberty Financial, according to the latest disclosures. This is before Trump became president for the second time. The company has floated its own stablecoin, are allegations that the GENIUS law would provide even more opportunities to reward buyers of Trump's coin with favours, including tariff exemptions, pardons and government appointments.A case in point — before the US president's visit to West Asia, MGX, a fund backed by Abu Dhabi, said it would make a $2 billion investment using USD1 into Binance, triggering allegations of conflict of interest.'I wouldn't be surprised if other countries now try to exploit this pathway to gain access or soften the stance of the US administration. Under Trump, the line between strict adherence to global norms and personal or commercial interests appears to have blurred,' says of this should worry India. Observers believe US may leverage its influence within FATF to promote GENIUS, with all its loopholes, as the new global standard for crypto regulation. It is a move especially significant for Pakistan, a country previously flagged for terror financing, which could take a leaf out of the GENIUS Kumar, deputy director for future of money at the GeoEconomics Center of Atlantic Council, says the biggest challenge going forward is fragmented regulation. 'Crypto doesn't really listen to borders. So it's not really a domestic problem, it's an international problem that everyone needs to come together on.'But clarity in policy in India would help resolve the current uncertainty, which often undermines consumer protection, and allows legit crypto entrepreneurs—many of whom have moved operations abroad, or shut down—to work within a well-defined framework.'Virtual digital assets or crypto assets have not been defined outside of income tax and anti-money laundering laws in India. The lack of classification under foreign exchange laws, securities laws, payments laws and goods and services tax creates critical ambiguities. This leads to uncertainty for both businesses and consumers,' says Jaideep Reddy, partner at Trilegal.'India needs regulation around the treatment of US dollar-denominated stablecoins, because it's also a concern of capital flight—money flowing into dollars instead of rupees,' says Kumar. 'India would likely want to create some sort of threshold.'As India's neighbours forge ahead with comprehensive crypto strategies, the question posed by the Supreme Court becomes increasingly pressing. The choice is no longer between embracing or rejecting crypto.
Time of India
a day ago
- Time of India
Trump backs crypto, Pakistan embraces it. How long must India wait?
A couple of weeks before the Pahalgam attack, something strange happened in Islamabad. Changpeng Zhao, the Chinese-born Canadian businessman and founder of Binance, the world's largest cryptocurrency exchange, agreed to be an advisor to the Pakistan Crypto Council (PCC) in early April. PCC, freshly minted in March, was cobbled together to create a framework for crypto in a country that had until then been notoriously suspicious of digital currencies. At the time, many wondered what Pakistan's motivation was in welcoming crypto, which officials maintained was a tool to attract foreign investment. In the subsequent months and during Operation Sindoor, it became clear that the move had a strategic angle as well. Pakistan, having signed up with World Liberty Financial (WLF), a crypto company linked to US President Donald Trump's family, was also using crypto to gain currency with the White House. That, along with carrots like a Nobel peace prize nomination for Trump , may have influenced the US's tepid pushback on Pakistan during the conflict. On July 9, Pakistan went all in with President Asif Ali Zardari signing an ordinance establishing the Pakistan Virtual Asset Regulatory Authority (PVARA), 'an autonomous federal body empowered to license, regulate and supervise entities dealing in virtual assets (VA)'. That is quite a move for a struggling economy desperate for bailouts from the International Monetary Front (IMF), but the reality is that Pakistan is not alone in embracing crypto. The US is racing to legitimise stablecoins—a type of cryptocurrency pegged to stable assets. Almost 98% of stablecoins are tied to the dollar. India 's neighbour Bhutan has quietly built bitcoin reserves worth $1.3 billion or roughly 40% of the country's gross domestic product (GDP), according to the Wall Street Journal . Countries like Russia, Iran and North Korea have been using it to conduct business, beyond the reach of the international sanctions regime. For countries with a clear agenda—from attracting investment, to sidestepping sanctions, or even currying favour with the world's elite—crypto is becoming a legit play. That has meant that from US to UAE, Singapore to Bhutan, countries have made crypto a part of their foreign and economic policy playbook. The big question: where is India in all of this? A CONSERVATIVE PLAY 'Why does the Centre not come out with a clearcut policy on regulating cryptocurrency?' The Supreme Court's pointed question to Additional Solicitor General Aishwarya Bhati during a May 19 hearing encapsulates India's prolonged struggle with digital assets. The bench, hearing a bail plea in an illegal bitcoin trade case, stated: 'There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade.' This wasn't the first judicial nudge. In February 2022, the apex court had similarly pressed the central government to clarify whether cryptocurrency trading was legal in India. The repeated queries highlight a regulatory vacuum that continues to perplex the courts. India's crypto landscape remains in what experts describe as a 'state of flux' where lawsuits involving fraud get dismissed due to 'a lack of legal status for cryptocurrencies in India'. The Reserve Bank of India's concerns about financial stability continue to shape the government's cautious approach. The central bank fears that cryptocurrencies could undermine its control over money supply and pose risks to financial and monetary stability. This, even as the market regulator Securities and Exchange Board of India (Sebi) has reportedly recommended that several regulators oversee trade in cryptocurrencies. The Centre has to take a clear stance, backed by a well-defined policy vision, at a time when the technology is increasingly exploited by hostile actors. Currently, the regulatory framework consists of a flat 30% tax on capital gains and 1% tax deducted at source (TDS) on transactions above Rs 10,000, introduced in 2022. In March 2023, the finance ministry mandated all crypto exchanges operating in India to register with the Financial Intelligence Unit–India (FIU–IND). There have been news reports that India is reconsidering its stance amid growing global acceptance, but a promised discussion paper outlining policy framework options for crypto assets —scheduled for June—has still not been floated. Meanwhile, the use of virtual assets for terror financing has been 'overall on the increase', according to a report by the Financial Action Task Force (FATF), an intergovernmental body tracking financial crime, released this week. A country with a history of terror financing that can easily weaponise crypto against India is plunging headlong into it. How long must India wait? PAKISTAN'S PLANS Pakistan's strategy extends beyond partnerships, with the country exploring bitcoin mining using surplus energy to create a strategic bitcoin reserve. 'Crypto is becoming a channel for strategic financial flows for Pakistan,' says Anirudh Suri, MD, India Internet Fund. 'For countries like Pakistan, aligning crypto policy with US frameworks isn't just diplomacy, it's a transactional pipe to stay useful to America's geopolitical interests.' Suri points out that's not positive for India by any measure: 'India is trying to choke financial flows to terror groups via FATF and IMF diplomacy, and crypto could reopen that tap.' Subimal Bhattacharjee, an independent adviser and consultant on cybersecurity, defence and technology policy, warns of the implications: 'What are the impacts of rogue elements using it? How do we guard our people against that? The answer to everything is in a coherent and clear crypto policy. To put it simply, we have to make it a regulated entity.' Following the Pahalgam terror attack, India's FIU instructed crypto exchanges to closely monitor transactions, specifically from Jammu and Kashmir and other border regions. Exchanges were directed to scrutinise private wallets and private coins used for person-to-person transfers without blockchain visibility. Suri notes that there may be arms within Pakistan's government or military establishment that like open crypto channels—enabling a continued flow of funds. 'For a country like Pakistan, maintaining a fluid stance on crypto allows them to either attract financial flows or pursue other strategic objectives,' he says. BHUTAN MODEL While Pakistan's approach raises security concerns, Bhutan presents a different model. The Himalayan kingdom has been quietly mining bitcoin since 2020, using abundant hydropower, accumulating enormous reserves of it. The country is integrating crypto into tourism and its upcoming smart city project, and views Bitcoin not merely as a store of value but as a tool to diversify its economy. Aditya Gowdara Shivamurthy, an associate fellow with the strategic studies programme at the think tank Observer Research Foundation, says Bhutan's foray into bitcoin mining is driven largely by domestic economic necessity, to diversify beyond tourism and hydropower, and is meant to curb brain drain. Revenues from mining have already helped them shore up foreign reserves and fund public spending—including significant salary hikes for civil servants. While India recognises Bhutan's sovereign right to diversify its economy, there are worries, particularly around reduced hydropower exports, and imports of Chinese bitcoin mining equipment. Meanwhile, companies like Adani have shown interest in setting up data centres there, and how those moves unfold could shape the long-term relationship. GENIUS MOVES OF US The GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act—currently pending a vote in the US House of Representatives, expected in the week of July 14—aims to set a regulatory framework for stablecoins in the country. But there are plenty of worries. Notably, the US president made nearly $57.4 million in 2024 from his cryptocurrency company, World Liberty Financial, according to the latest disclosures. This is before Trump became president for the second time. The company has floated its own stablecoin, USD1. There are allegations that the GENIUS law would provide even more opportunities to reward buyers of Trump's coin with favours, including tariff exemptions, pardons and government appointments. A case in point — before the US president's visit to West Asia, MGX, a fund backed by Abu Dhabi, said it would make a $2 billion investment using USD1 into Binance, triggering allegations of conflict of interest. 'I wouldn't be surprised if other countries now try to exploit this pathway to gain access or soften the stance of the US administration. Under Trump, the line between strict adherence to global norms and personal or commercial interests appears to have blurred,' says Bhattacharjee. All of this should worry India. Observers believe US may leverage its influence within FATF to promote GENIUS, with all its loopholes, as the new global standard for crypto regulation. It is a move especially significant for Pakistan, a country previously flagged for terror financing, which could take a leaf out of the GENIUS law. WHAT INDIA SHOULD DO Ananya Kumar, deputy director for future of money at the GeoEconomics Center of Atlantic Council, says the biggest challenge going forward is fragmented regulation. 'Crypto doesn't really listen to borders. So it's not really a domestic problem, it's an international problem that everyone needs to come together on.' But clarity in policy in India would help resolve the current uncertainty, which often undermines consumer protection, and allows legit crypto entrepreneurs—many of whom have moved operations abroad, or shut down—to work within a well-defined framework. 'Virtual digital assets or crypto assets have not been defined outside of income tax and anti-money laundering laws in India. The lack of classification under foreign exchange laws, securities laws, payments laws and goods and services tax creates critical ambiguities. This leads to uncertainty for both businesses and consumers,' says Jaideep Reddy, partner at Trilegal. 'India needs regulation around the treatment of US dollar-denominated stablecoins, because it's also a concern of capital flight—money flowing into dollars instead of rupees,' says Kumar. 'India would likely want to create some sort of threshold.' As India's neighbours forge ahead with comprehensive crypto strategies, the question posed by the Supreme Court becomes increasingly pressing. The choice is no longer between embracing or rejecting crypto.
