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The permeance of global debt

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Lanka will subsist on a diet of perpetual debt

by Kumar David

The thesis of this essay, conveyed within my 1,700 word-mandate, is that the world economy has entered a phase of near universal debt. Lanka’s inexorable overload of domestic and foreign debt is part our own making part footnote of the global story. Everywhere, mighty USA and European Union included, the state is mired in debt that will not vanish so long as Finance Capital (FC) rules the world. The surpluses created by economic activity are amassed by a few institutions and individuals. Thomas Piketty drew attention to inequity of wealth and income. The market capitalisation of the world’s largest 2,000 companies is $100 trillion, but the value of all the property (land, houses, other fixed assets) of the poorer 50% of the world’s population is just $10 trillion. The heft of bank balance sheets, private-equity, mutual and hedge funds, pension & social welfare coffers, sovereign wealth funds and holdings of personal wealth, leave one dumb struck by their magnitude. FC rules the world.

Recently, post the 2009 recession, Central Banks including especially the Fed in the US expanded money supply not by billions but by trillions. Governments issued bonds, that is borrowed from FC’s (money-market) gigantic holdings to splurge on fiscal deficits or “sold” Treasury Bonds to Central Banks, which printed money (electronically) to “buy” on never-never terms. Debts to Central Banks will never be repaid, simply rolled over in perpetuity. Central Banks also ‘Quantitative-Eased’ hundreds of billions to banks and private funds to lubricate asset purchases (equities and property) which merely ballooned an asset price bubble and exacerbated wealth inequality. I don’t want to stud this piece with statistics which readers will find easily enough on the Internet and will limit myself to three numbers. The US national (government) debt of $26.5 trillion exceeded US GDP during 2020 and will not decline in the foreseeable future – in Japan it’s 230%. Second, global government debt is $60 trillion but global GDP in nominal (not PPP) terms is $75 trillion. The third point is that the total debt of non-financial corporations, globally, is about 95% of global GDP according to the IMF.

 

A nominal currency (not PPP) comparison

This essay is intended for my non-specialist readers and the data gives a broad idea of magnitudes and distributions. It is not easy to gauge indebtedness of financial institutions as reliable data is hard to come by. And it is meaningless to tot up household debt globally because $1,000 has a different meaning for say the denizens of the USA as against an Indian or an Indonesian. The idea I would like you to take away is not only that States and Corporations are deeply mired in debt, but more important things will get worse not better in the 2020s decade. This is commonplace in countries where productivity is low and which will never export enough to cover imports plus investment for capital projects plus surpluses to accommodate graft for the political classes. But I put basket cases to a side to deal with chronic diseases of the mighty. I cannot within the confines of this essay deal with the US, the EU and China, the big three whose capital shapes the world, and I have to limit this essay mainly to the US

Classical Keynesianism held that when demand and employment were low and economic activity in decline, the state should intervene and prime the pump with monetary and fiscal injections. ‘Monetary’ means to hold interest rates down and lend (print) to would-be investors; fiscal stimulus is big spending by governments to build infrastructure and create employment. Roosevelt’s New Deal helped but it was really WW2 (capitalism loves wars, armaments production and sales) that did the trick. In theory, economic revival should allow the government to recoup its outlay via higher taxes and duties. The “Keynesian multiplier” was said to be greater than one. It worked in the glorious boom from 1945-1970 when capitalism shone and socialist ideas were put away in a dog-box. But Keynes-Thought lost its shine after the oil-shocks of the 1970s and welfare capitalism slumped into Stagflation – economic growth was stuck in the mud; high inflation could not be reduced and high unemployment persisted. The world did not learn a lesson and turn against capitalism. On the contrary, there came neo-liberalism; Regan, Thatcher, Pinochet and JR slashing welfare, smashing trade unions, privatising and swinging political philosophy to the far right. Except Pinochet, mostly within the bounds of democracy unlike ultra-right populism today.

The gurus of neo-liberalism like Heinrich Hayek, Robert Barro and Robert Lucas, theorised that the Keynesian-multiplier was less than one. Barro father of the now discredited ‘rational expectations theory’ said that if the state spent more, people will realise that higher taxes were on the way and would spend less, erasing the hoped for increase in demand. Nothing of the sort is happening today; reality has stood ‘rational expectations’ on its head. The US housing market is rising because of low interest rates (interest rates are negative in Japan). Consumer spending remains undamped without engendering inflation because the US consumer is tapping into a global, mainly Asian, dirt cheap by US prices, one-billion worker labour-market churning out goodies for pampered North American and European consumers. Inflation in the Eurozone is negative; Japan is in perpetual deflation. Fifteen dollars per hour! An Asian or south of the US-border worker will be lucky to take home $15 (LKR 2800) a day. What Barro and his ilk failed to take into account was much-integrated global goods, services and labour markets. US inflation stays stubbornly low because producers for the US market de facto pay minimal wages to their producers (workers). In any case governments and Central Banks can’t stimulate the economy in perpetuity, you can’t defy gravity forever.

Demand is slack in advanced countries because the one percent rich can only splurge that much on consumer goods and prefer to invest in assets, and secondly production companies are risk-averse in the face of Asian competition hence domestic investment in manufacturing remains weak. The pre-COVID picture was bleak since state revenue was slack in the rich world due to slow growth, and it was falling in the US thanks to Trump’s tax handouts to the rich. Post-COVID expenditure has risen even further due to large expenses on medical and subsistence grants and unemployment payments. Hence pressure for trillion-dollar stimulus packages. The end point is that substantial fiscal deficits have become a permanent feature. In the US for example the fiscal deficit for 2020 and 2021 taken together will be three to five trillion dollars. There is no way out except to borrow-print-hold interest rates low or negative, and live with debt for eternity. Eurozone stimulus will be hundreds of billions per years for many more years. This nexus of extra-loose monetary policy and unescapable fiscal deficit blurs the divide between monetary and fiscal policy; they merge. Government borrowing without constraint has got a new name, Modern Monetary Theory (MMT). Adherents of MMT dismiss concerns that excess borrowing will induce inflation or will bring countries to the brink of an abyss. They have no fear that if interest rates go up governments will have to default or that the financial system will die in convulsions.

I need to repeat the thesis that underpins my essay before moving on: The world economy has entered a period of universal debt – government, corporate and household. I now need to say a few words about high-finance in China; I am avoiding the term finance-capital (FC) when dealing with China because how financial interactions will unfold in the context of a state-led economy cannot be foreseen yet.

High-finance is moving into China on a not insignificant scale. I am on tenuous ground, but I make a ball-park guess that about 10% of global high-finance is networked with China – add 5% to 10% if Hong Kong is included. True, New York, London, Tokyo and Frankfurt dominate bank, investment-fund and equity-market capital. High-finance however is on the move; asset managers (BlackRock and Vanguard), giant investment banks (JP Morgan Chase) and others are setting up shop in China (HSBC is already there), and Ant Group’s Hong Kong stock market launch later this year will be the largest ever IPO, eclipsing Saudi oil giant Aramco’s recent listing. Let us imagine that global high-finance has a quarter of its roots in the PRC by 2030. Remember that China took over as manufacturing workshop of the world in 20 years from 1980 to 2000; finance is a great deal more fluid than industry.

High-finance will be affected if the reach of China’s financial sector becomes even half as big as its global manufacturing. Some of the influences that will underpin change in the decade of the 2020s are easy to discern. The stranglehold of the US dollar as world reserve currency and mechanism of payment will need to be broken. Within five years an alternative global payments system and a currency based on two or three of the following, gold, yuan, yen, Euro and US$, will need to be initiated. (The US is the only country that can run eternal deficits, print mountains of money and export its economic problems because the world remains hungry for dollars till the value of the dollar declines). Second, the world needs other payments mechanism to overcome the US stranglehold known as sanctions – Cuba, Iran, Hong Kong, China, Venezuela, Turkey and Russia are among affected countries. Third, Belt & Road expenditure will be facilitated by an alternative global currency and banking and payments mechanisms.

A few words about Lanka before I sign off. The merging of monetary and fiscal policy is already advanced. Prof Lakshman’s task is to stay on the phone borrowing from whoever will lend and burning the midnight oil ensuring that the printing presses keep rolling. We are familiar with Lanka’s Central Bank borrowing billions again and again from China, India, the IMF or money-markets to repay China, India, the IMF or money-markets, again and again! Debt keeps growing as interest compounds while capital indebtedness persists. The balance of payments will remain in the red if not forever, for the foreseeable future. I don’t know it can be reversed both because governments need to survive politically and there is no big-enough feasible economic strategy. I am certain China, India, Japan and the US will not let us sink on the balance of payments issue since none of them wants a chaotic and anarchic country in this geographic location. For this reason I do not see sudden collapse but slow irreversible decline.

This essay has turned into heavy reading; I feel sorry for myself. No one pays attention to well researched stuff that is not simple to skim and digest. Anything on the Sinhala-Tamil brawl or derogatory of persons, regimes or regime-opponents draws stampeding crowds. Oh well, what to do!



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Meet the women protecting India’s snow leopards

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These women work with the local forest department to track and protect the snow leopard species [BBC]

In one of India’s coldest and most remote regions, a group of women have taken on an unlikely role: protecting one of Asia’s most elusive predators, the snow leopard.

Snow leopards are found in just 12 countries across Central and South Asia. India is home to one of the world’s largest populations, with a nationwide survey in 2023 – the first comprehensive count ever carried out in the country – estimating more than 700 animals, .

One of the places they roam is around Kibber village in Himachal Pradesh state’s Spiti Valley, a stark, high-altitude cold desert along the Himalayan belt. Here, snow leopards are often called the “ghosts of the mountains”, slipping silently across rocky slopes and rarely revealing themselves.

For generations, the animals were seen largely as a threat, for attacking livestock. But attitudes in Kibber and neighbouring villages are beginning to shift, as people increasingly recognise the snow leopard’s role as a top predator in the food chain and its importance in maintaining the region’s fragile mountain ecosystem.

Nearly a dozen local women are now working alongside the Himachal Pradesh forest department and conservationists to track and protect the species, playing a growing role in conservation efforts.

Locally, the snow leopard is known as Shen and the women call their group “Shenmo”. Trained to install and monitor camera traps, they handle devices fitted with unique IDs and memory cards that automatically photograph snow leopards as they pass.

“Earlier, men used to go and install the cameras and we kept wondering why couldn’t we do it too,” says Lobzang Yangchen, a local coordinator working with a small group supported by the non-profit Nature Conservation Foundation (NCF) in collaboration with the forest department.

Yangchen was among the women who helped collect data for Himachal Pradesh’s snow leopard survey in 2024, which found that the state was home to 83 snow leopards – up from 51 in 2021.

Spiti Wildlife Division A snow leopard looks into the camera
Snow leopards are often called the “ghosts of the mountains” because they are so hard to spot [BBC]

The survey documented snow leopards and 43 other species using camera traps spread across an area of nearly 26,000sq km (10,000sq miles). Individual leopards were identified by the unique rosette patterns on their fur, a standard technique used for spotted big cats. The findings are now feeding into wider conservation and habitat-management plans.

“Their contribution was critical to identifying individual animals,” says Goldy Chhabra, deputy conservator of forests with the Spiti Wildlife Division.

Collecting the data is demanding work. Most of it takes place in winter, when heavy snowfall pushes snow leopards and their prey to lower altitudes, making their routes easier to track.

On survey days, the women wake up early, finish household chores and gather at a base camp before travelling by vehicle as far as the terrain allows. From there, they trek several kilometres to reach camera sites, often at altitudes above 14,000ft (4,300m), where the thin air makes even simple movement exhausting.

The BBC accompanied the group on one such trek in December. After hours of walking in biting cold, the women suddenly stopped on a narrow trail.

Yangchen points to pugmarks in the dust: “This shows the snow leopard has been here recently. These pugmarks are fresh.”

Devesh Chopra/BBC A woman wearing a black and red scarf writes something in her notebook and a camera trap is placed in front of her.
The women set up cameras with unique IDs and memory cards, which capture an image of a snow leopard as soon as it passes through [BBC]

Along with pugmarks, the team looks for other signs, including scrapes and scent‑marking spots, before carefully fixing a camera to a rock along the trail.

One woman then carries out a “walk test”, crawling along the path to check whether the camera’s height and angle will capture a clear image.

The group then moves on to older sites, retrieving memory cards and replacing batteries installed weeks earlier.

By mid-afternoon, they return to camp to log and analyse the images using specialised software – tools many had never encountered before.

“I studied only until grade five,” says Chhering Lanzom. “At first, I was scared to use the computer. But slowly, we learned how to use the keyboard and mouse.”

The women joined the camera-trapping programme in 2023. Initially, conservation was not their motivation. But winters in the Spiti Valley are long and quiet, with little agricultural work to fall back on.

“At first, this work on snow leopards didn’t interest us,” Lobzang says. “We joined because we were curious and we could earn a small income.”

The women earn between 500 ($5.46; £4) and 700 rupees a day.

But beyond the money, the work has helped transform how the community views the animal.

Spiti Wildlife Division A woman looks at a computer screen which has a grab of a leopard.
Images captured by the camera traps are analysed using a special software [BBC]

“Earlier, we thought the snow leopard was our enemy,” says Dolma Zangmo, a local resident. “Now we think their conservation is important.”

Alongside survey work, the women help villagers access government insurance schemes for their livestock and promote the use of predator‑proof corrals – stone or mesh enclosures that protect animals at night.

Their efforts come at a time of growing recognition for the region. Spiti Valley has recently been included in the Cold Desert Biosphere Reserve, a Unesco-recognised network aimed at conserving fragile ecosystems while supporting local livelihoods.

As climate change reshapes the fragile trans-Himalayan landscape, conservationists say such community participation will be crucial to safeguarding species like the snow leopard.

“Once communities are involved, conservation becomes more sustainable,” says Deepshikha Sharma, programme manager with NCF’s High Altitudes initiative.

“These women are not just assisting, they are becoming practitioners of wildlife conservation and monitoring,” she adds.

As for the women, their work makes them feel closer to their home, the village and the mountains that raised them, they say.

“We were born here, this is all we know,” Lobzang says. “Sometimes we feel afraid because these snow leopards are after all predatory animals, but this is where we belong.”

[BBC]

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Freedom for giants: What Udawalawe really tells about human–elephant conflict

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Too many vehicles entering national parks

If elephants are truly to be given “freedom” in Udawalawe, the solution is not simply to open gates or redraw park boundaries. The map itself tells the real story — a story of shrinking habitats, broken corridors, and more than a decade of silent but relentless ecological destruction.

“Look at Udawalawe today and compare it with satellite maps from ten years ago,” says Sameera Weerathunga, one of Sri Lanka’s most consistent and vocal elephant conservation activists. “You don’t need complicated science. You can literally see what we have done to them.”

What we commonly describe as the human–elephant conflict (HEC) is, in reality, a land-use conflict driven by development policies that ignore ecological realities. Elephants are not invading villages; villages, farms, highways and megaprojects have steadily invaded elephant landscapes.

Udawalawe: From Landscape to Island

Udawalawe National Park was once part of a vast ecological network connecting the southern dry zone to the central highlands and eastern forests. Elephants moved freely between Udawalawe, Lunugamvehera, Bundala, Gal Oya and even parts of the Walawe river basin, following seasonal water and food availability.

Today, Udawalawe appears on the map as a shrinking green island surrounded by human settlements, monoculture plantations, reservoirs, electric fences and asphalt.

“For elephants, Udawalawe is like a prison surrounded by invisible walls,” Sameera explains. “We expect animals that evolved to roam hundreds of square nationakilometres to survive inside a box created by humans.”

Elephants are ecosystem engineers. They shape forests by dispersing seeds, opening pathways, and regulating vegetation. Their survival depends on movement — not containment. But in Udawalawa, movement is precisely what has been taken away.

Over the past decade, ancient elephant corridors have been blocked or erased by:

Irrigation and agricultural expansion

Tourism resorts and safari infrastructure

New roads, highways and power lines

Human settlements inside former forest reserves

Sameera

“The destruction didn’t happen overnight,” Sameera says. “It happened project by project, fence by fence, without anyone looking at the cumulative impact.”

The Illusion of Protection

Sri Lanka prides itself on its protected area network. Yet most national parks function as ecological islands rather than connected systems.

“We think declaring land as a ‘national park’ is enough,” Sameera argues. “But protection without connectivity is just slow extinction.”

Udawalawe currently holds far more elephants than it can sustainably support. The result is habitat degradation inside the park, increased competition for resources, and escalating conflict along the boundaries.

“When elephants cannot move naturally, they turn to crops, tanks and villages,” Sameera says. “And then we blame the elephant for being a problem.”

The Other Side of the Map: Wanni and Hambantota

Sameera often points to the irony visible on the very same map. While elephants are squeezed into overcrowded parks in the south, large landscapes remain in the Wanni, parts of Hambantota and the eastern dry zone where elephant density is naturally lower and ecological space still exists.

“We keep talking about Udawalawe as if it’s the only place elephants exist,” he says. “But the real question is why we are not restoring and reconnecting landscapes elsewhere.”

The Hambantota MER (Managed Elephant Reserve), for instance, was originally designed as a landscape-level solution. The idea was not to trap elephants inside fences, but to manage land use so that people and elephants could coexist through zoning, seasonal access, and corridor protection.

“But what happened?” Sameera asks. “Instead of managing land, we managed elephants. We translocated them, fenced them, chased them, tranquilised them. And the conflict only got worse.”

The Failure of Translocation

For decades, Sri Lanka relied heavily on elephant translocation as a conflict management tool. Hundreds of elephants were captured from conflict zones and released into national parks like Udawalawa, Yala and Wilpattu.

Elephant deaths

The logic was simple: remove the elephant, remove the problem.

The reality was tragic.

“Most translocated elephants try to return home,” Sameera explains. “They walk hundreds of kilometres, crossing highways, railway lines and villages. Many die from exhaustion, accidents or gunshots. Others become even more aggressive.”

Scientific studies now confirm what conservationists warned from the beginning: translocation increases stress, mortality, and conflict. Displaced elephants often lose social structures, familiar landscapes, and access to traditional water sources.

“You cannot solve a spatial problem with a transport solution,” Sameera says bluntly.

In many cases, the same elephant is captured and moved multiple times — a process that only deepens trauma and behavioural change.

Freedom Is Not About Removing Fences

The popular slogan “give elephants freedom” has become emotionally powerful but scientifically misleading. Elephants do not need symbolic freedom; they need functional landscapes.

Real solutions lie in:

Restoring elephant corridors

Preventing development in key migratory routes

Creating buffer zones with elephant-friendly crops

Community-based land-use planning

Landscape-level conservation instead of park-based thinking

“We must stop treating national parks like wildlife prisons and villages like war zones,” Sameera insists. “The real battlefield is land policy.”

Electric fences, for instance, are often promoted as a solution. But fences merely shift conflict from one village to another.

“A fence does not create peace,” Sameera says. “It just moves the problem down the line.”

A Crisis Created by Humans

Sri Lanka loses more than 400 elephants and nearly 100 humans every year due to HEC — one of the highest rates globally.

Yet Sameera refuses to call it a wildlife problem.

“This is a human-created crisis,” he says. “Elephants are only responding to what we’ve done to their world.”

From expressways cutting through forests to solar farms replacing scrublands, development continues without ecological memory or long-term planning.

“We plan five-year political cycles,” Sameera notes. “Elephants plan in centuries.”

The tragedy is not just ecological. It is moral.

“We are destroying a species that is central to our culture, religion, tourism and identity,” Sameera says. “And then we act surprised when they fight back.”

The Question We Avoid Asking

If Udawalawe is overcrowded, if Yala is saturated, if Wilpattu is bursting — then the real question is not where to put elephants.

The real question is: Where have we left space for wildness in Sri Lanka?

Sameera believes the future lies not in more fences or more parks, but in reimagining land itself.

“Conservation cannot survive as an island inside a development ocean,” he says. “Either we redesign Sri Lanka to include elephants, or one day we’ll only see them in logos, statues and children’s books.”

And the map will show nothing but empty green patches — places where giants once walked, and humans chose. roads instead.

By Ifham Nizam

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Challenges faced by the media in South Asia in fostering regionalism

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Main speaker Roman Gautam (R) and Executive Director, RCSS, Ambassador (Retd) Ravinatha Aryasinha.

SAARC or the South Asian Association for Regional Cooperation has been declared ‘dead’ by some sections in South Asia and the idea seems to be catching on. Over the years the evidence seems to have been building that this is so, but a matter that requires thorough probing is whether the media in South Asia, given the vital part it could play in fostering regional amity, has had a role too in bringing about SAARC’s apparent demise.

That South Asian governments have had a hand in the ‘SAARC debacle’ is plain to see. For example, it is beyond doubt that the India-Pakistan rivalry has invariably got in the way, particularly over the past 15 years or thereabouts, of the Indian and Pakistani governments sitting at the negotiating table and in a spirit of reconciliation resolving the vexatious issues growing out of the SAARC exercise. The inaction had a paralyzing effect on the organization.

Unfortunately the rest of South Asian governments too have not seen it to be in the collective interest of the region to explore ways of jump-starting the SAARC process and sustaining it. That is, a lack of statesmanship on the part of the SAARC Eight is clearly in evidence. Narrow national interests have been allowed to hijack and derail the cooperative process that ought to be at the heart of the SAARC initiative.

However, a dimension that has hitherto gone comparatively unaddressed is the largely negative role sections of the media in the SAARC region could play in debilitating regional cooperation and amity. We had some thought-provoking ‘takes’ on this question recently from Roman Gautam, the editor of ‘Himal Southasian’.

Gautam was delivering the third of talks on February 2nd in the RCSS Strategic Dialogue Series under the aegis of the Regional Centre for Strategic Studies, Colombo, at the latter’s conference hall. The forum was ably presided over by RCSS Executive Director and Ambassador (Retd.) Ravinatha Aryasinha who, among other things, ensured lively participation on the part of the attendees at the Q&A which followed the main presentation. The talk was titled, ‘Where does the media stand in connecting (or dividing) Southasia?’.

Gautam singled out those sections of the Indian media that are tamely subservient to Indian governments, including those that are professedly independent, for the glaring lack of, among other things, regionalism or collective amity within South Asia. These sections of the media, it was pointed out, pander easily to the narratives framed by the Indian centre on developments in the region and fall easy prey, as it were, to the nationalist forces that are supportive of the latter. Consequently, divisive forces within the region receive a boost which is hugely detrimental to regional cooperation.

Two cases in point, Gautam pointed out, were the recent political upheavals in Nepal and Bangladesh. In each of these cases stray opinions favorable to India voiced by a few participants in the relevant protests were clung on to by sections of the Indian media covering these trouble spots. In the case of Nepal, to consider one example, a young protester’s single comment to the effect that Nepal too needed a firm leader like Indian Prime Minister Narendra Modi was seized upon by the Indian media and fed to audiences at home in a sensational, exaggerated fashion. No effort was made by the Indian media to canvass more opinions on this matter or to extensively research the issue.

In the case of Bangladesh, widely held rumours that the Hindus in the country were being hunted and killed, pogrom fashion, and that the crisis was all about this was propagated by the relevant sections of the Indian media. This was a clear pandering to religious extremist sentiment in India. Once again, essentially hearsay stories were given prominence with hardly any effort at understanding what the crisis was really all about. There is no doubt that anti-Muslim sentiment in India would have been further fueled.

Gautam was of the view that, in the main, it is fear of victimization of the relevant sections of the media by the Indian centre and anxiety over financial reprisals and like punitive measures by the latter that prompted the media to frame their narratives in these terms. It is important to keep in mind these ‘structures’ within which the Indian media works, we were told. The issue in other words, is a question of the media completely subjugating themselves to the ruling powers.

Basically, the need for financial survival on the part of the Indian media, it was pointed out, prompted it to subscribe to the prejudices and partialities of the Indian centre. A failure to abide by the official line could spell financial ruin for the media.

A principal question that occurred to this columnist was whether the ‘Indian media’ referred to by Gautam referred to the totality of the Indian media or whether he had in mind some divisive, chauvinistic and narrow-based elements within it. If the latter is the case it would not be fair to generalize one’s comments to cover the entirety of the Indian media. Nevertheless, it is a matter for further research.

However, an overall point made by the speaker that as a result of the above referred to negative media practices South Asian regionalism has suffered badly needs to be taken. Certainly, as matters stand currently, there is a very real information gap about South Asian realities among South Asian publics and harmful media practices account considerably for such ignorance which gets in the way of South Asian cooperation and amity.

Moreover, divisive, chauvinistic media are widespread and active in South Asia. Sri Lanka has a fair share of this species of media and the latter are not doing the country any good, leave alone the region. All in all, the democratic spirit has gone well into decline all over the region.

The above is a huge problem that needs to be managed reflectively by democratic rulers and their allied publics in South Asia and the region’s more enlightened media could play a constructive role in taking up this challenge. The latter need to take the initiative to come together and deliberate on the questions at hand. To succeed in such efforts they do not need the backing of governments. What is of paramount importance is the vision and grit to go the extra mile.

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