Latest news with #NiranjanShetty
Observer
04-07-2025
- Business
- Observer
Isolation amidst globalisation
The US has long stood as a pioneer of liberalisation, privatisation and globalisation (LPG), spearheading major policy shifts and contributing significantly to global institutions like the UN, WTO and WHO. Known for extending Most Favoured Nation (MFN) status — a founding principle of the WTO — the US has often used this tool to cement trade ties, even with rivals like China, Russia and Belarus. However, MFN status has also been strategically withheld, as in the cases of Cuba and North Korea. Despite its pivotal global role, recent US developments reveal a surprising turn towards isolationism. As former UK prime minister Tony Blair aptly stated, 'The only exception to globalisation is isolation'. Though full economic data is yet to emerge, global sentiment suggests a US retreat from its once-central position in international trade. The shift likely reflects changes in political leadership in early 2025 and evolving politico-economic priorities. Signs of this distancing include threats to reduce or withdraw funding from international organisations, engagement in tariff wars and a more selective stance on geopolitical conflicts — all under the banner of 'America First'. With the US accounting for 15-26 per cent of global GDP and around 8 per cent of global trade in 2022, its retreat disrupts global markets and alarms trading partners like India, Canada and China. Domestically, strict immigration crackdowns reinforce this inward focus. From January to June 2025, over 100,000 suspected illegal immigrants were arrested — an average of 750 per day, double the previous decade's rate — with approximately 200,000 deportations by May. Additionally, visa restrictions have tightened, including bans under security pretexts. Nevertheless, the world economy remains 3–5.5 times larger than the US economy. To mitigate overdependence, experts urge diversification and the rise of alternative power centres. As the US share in global trade declines, emerging markets strengthen ties. Recent meetings among China, Japan and South Korea explored ways to bypass US tariffs. Meanwhile, BRICS continues expanding, even contemplating an alternative currency to challenge the US dollar. While the US recalibrates its global stance, other economies adapt — and in doing so, signal a shift towards a more multipolar world order. Dr Niranjan Shetty The writer works with the College of Banking and Financial Studies, Muscat
Time of India
10-06-2025
- Time of India
‘Raze illegal structures, prevent fires'
Mumbai: Several fire incidents over the past decade have exposed a recurring pattern—many of the affected structures were unauthorised or had illegal alterations. Citizens and activists argue that the BMC must proactively act against such violations to prevent tragedies. The Oct 2015 blaze at Hotel City Kinara in Kurla revealed glaring fire safety lapses: Gas pipes crisscrossed the eatery, cylinders were stored on a mezzanine balcony, staircases were dangerously narrow, and the mezzanine itself was illegal. Similarly, the Dec 2017 fire at Kamala Mills that claimed 14 lives at the 1 Above restaurant spread rapidly due to a highly combustible, unauthorised thatched roof—an addition for which no permissions was granted. The BMC had suspended 5 officials after the blaze. Niranjan Shetty, chairman of Ahar (Association of Hotels and Restaurants), said, "Authorised eateries largely comply with fire safety norms, as they know non-compliance invites strict action. But there's a clear trend—most fire incidents involve unauthorised structures or illegal extensions. That's where enforcement needs to tighten." The inquiry into the recent fire at a Bandra mall pointed out that the firefighting system was manual, not automatic, highlighting gaps in safety infrastructure in commercial spaces. Nicholas Almeida of Watchdog Foundation said after the Kinara fire, the BMC cracked down on illegal eateries and roadside cooking. "But a decade later, open cooking continues. Ward level officials can act against this."tnn
