221and conservative teachings in madrasas in different parts of the country.
While the September 11 attacks curbed official Saudi financial support to
various radical Muslim groups, private contributions appear to be continu-
ing. By formally flagging the Islamic dimension, India would be able to
underscore its concerns over religious extremism, especially when it is also
a major security concern for the Kingdom.
Four, facing stiff competition from others, especially China, India
would have to reassess its traditional ways of fulfilling its foreign commit-
ments. Walking the talk is a major Indian problem and most projects do
not go beyond promises and intensions. Kal, the Hindi word for yesterday
as well as tomorrow, symbolizes the traditional Indian approach to time.
The Saudi modernization which began with the oil boom was possible
because of the timely execution of projects and hence expecting the
Kingdom to wait ad infinitum is neither practical nor realistic.
Furthermore, scale and size have not become integral to Indian business
culture. Only a handful of companies—mostly banks and oil companies—
figure in Forbes 500 companies. Even if Riyadh is prepared to divert some
of its sovereign wealth funds, there are no appropriate avenues capable of
absorbing them. The delays in the flow of US$75 billion pledged by the
UAE in August 2015, for example, aptly capture the gulf between Indians’
dream and absorptive capacity. Either India should scale down its expecta-
tions or scale up its size. This gulf is true also for the private companies and
most of the top ten Indian conglomerates have no presence in the interna-
tional market.
The cobweb of judiciary compounds the time and scale dimensions. In
recent years, in the name of social equity and transparency, courts have
struck down some of the projects which saw significant foreign invest-
ments. If India were to attract Saudi investments, especially in various
infrastructure projects, there has to be protection against unnecessary liti-
gations and possible cancellations. While democracies cannot predict or
block judicial interventions, certain level playing fields and international
arbitration mechanism become inevitable.
Five, India’s foreign engagements have been marked by relations than
by policies and this is more visible in the Middle East. Keeping in tune
with the constant challenges of the region and its power aspirations, India
would have to evolve a more coherent and holistic policy towards some of
the principal countries of the region. This is valid for Saudi Arabia. Such a
policy will not be ad hoc but is capable of recognizing occasional
CHALLENGES