National Security Advisor (NSA) Ajit Doval said on Friday that governance plays a seminal role in nation-building and in securing a nation, enabling it to achieve its goals and fulfil the aspirations of the common man.

Delivering a lecture to mark the Rashtriya Ekta Diwas, Doval highlighted that an emerging challenge in governance is the increasing need for keeping the common man satisfied.

“The common man has become more aware and aspirational, has higher expectations from the state, and the state has a vested interest in keeping him satisfied,” he said.

Describing weak governance as a potential reason for regime change, the NSA cited the examples of the change of regimes through non-institutional methods in Bangladesh, Sri Lanka, Nepal and others.

“The power of a nation lies in governance. The government’s work through institutions and in the task of nation-building, the most important people are those who build and nurture these institutions,” he said.

Hailing the governance model of Prime Minister Narendra Modi, he said, “India is having an orbital shift, from a certain type of governance, from a certain type of government and societal structure, but also its place in the global orders.”

He also highlighted institutional changes brought about by the current government to contain institutional corruption, indicating that probably more measures are in the pipeline.

He said, whenever a change comes, the most important thing is your clarity of vision and not getting blinded by the dust and storms, not getting overawed by the noise and the threats, and not getting subdued by the adversities.

“You have to equip and prepare yourself. This is what Vallabhai Patel’s life was all about,” he said, highlighting how he played the role as a warrior of the freedom movement, supporting Mahatma Gandhi and all his ventures, but also, in the post-Independent era, integrated the country by unifying the over 500 princely states.

Doval also credited Vallabhai Patel’s vision for an all-India services structure that gave the country strong governance.

As a key part of good governance, the NSA highlighted the need for protection, the need for safety, and the need to give a sense of equality and empowerment to women.

“Empowerment of women is necessary for good governance in the modern new world. And, I think, that it is not only important to have good laws, good structures and good systems, but more importantly, to implement them effectively,” he said.

Doval stressed the need to harness technology in governance. “We have to exploit the technology that ensures greater transparency, accountability, and delivery of service to the common man, and then connect.”

We have to protect society from threats like cyber threats or many other threats that the technology poses, he said.

Source: NDTV

China’s Ambassador to Sri Lanka Qi Zhenhong on Wednesday said broader use of the Chinese Yuan, or Renminbi (RMB), could strengthen Sri Lanka’s macroeconomic stability and help lower foreign-exchange risks as the country seeks to rebuild from its recent economic crisis.

Speaking at the RMB Internationalisation Forum in Colombo, Qi said that for a developing country like Sri Lanka, this process is of significant and practical importance.

“Broader use of the RMB helps diversify the structure of foreign-exchange reserves, reduce exchange-rate risk, and provide more stable and lower-cost settlement channels in bilateral trade, investment and financing, thereby strengthening the local currency’s stability and macro-economic resilience,” Qi said.

He described the RMB’s internationalisation as a market-driven, enterprise-led, risk-controllable and gradual process, adding that it would inject fresh momentum into trade facilitation, investment attraction and financial-system modernisation in Sri Lanka.

“Expanding cooperation with China through the RMB would be timely as Sri Lanka undergoes “a critical period of economic recovery and structural adjustment,” the Ambassador noted.

In outlining the progress of the Chinese currency’s global adoption, Qi said that in the first half of 2025, cross-border RMB receipts and payments totalled RMB 35 trillion (about $ 4.9 trillion), up 14% year-on-year.

Over 80 countries and regions now hold RMB in their foreign-exchange reserves, while Hong Kong has developed into the core offshore hub, with complementary markets in London, Singapore and Dubai.

He noted that RMB deposits in major offshore markets amount to about RMB 1.6 trillion, and the outstanding volume of offshore RMB and Panda Bonds has reached around RMB 2 trillion.

The Cross-Border Interbank Payment System (CIPS), China’s global settlement platform, has 1,729 participants covering over 5,000 licensed banking institutions across 189 countries and regions.

“The cross-border use of the digital yuan (e-CNY), along with rapid domestic and cross-border payments and QR-code interoperability, is steadily progressing, further improving the efficiency of cross-border settlements,” Qi said.

Currently, RMB clearing banks have been established in 33 countries and regions, and the currency accounts for 12.28% of the International Monetary Fund’s Special Drawing Rights basket, ranking third after the US Dollar and the Euro.

The People’s Bank of China has signed 32 bilateral currency-swap agreements with counterparts including the European Central Bank and the central banks of New Zealand, South Korea, Indonesia, Brazil and Saudi Arabia, with a total scale of RMB 4.5 trillion.

Qi said broader use of the RMB simplifies procedures, lowers transaction costs and enables enterprises to hedge risks more effectively.

“China’s attitude toward RMB internationalisation has always been prudent and pragmatic. Its aim is to make the global financial system more diversified and more stable, and to give developing countries more space for equal participation and sharing of opportunities,” he said.

Qi also noted that since the establishment of the United Nations 80 years ago, the international monetary system had remained dominated by the US Dollar, first under the Bretton Woods fixed-exchange-rate system and later under the Jamaica Agreement’s floating-rate regime.

“Over the long run, this system provided institutional underpinnings for global economic recovery and trade prosperity. However, as the global economic landscape undergoes profound adjustment, the Dollar-centric system has gradually exposed its structural contradictions, imbalances in liquidity provision, spill-over of financial risks, and the marginalisation of developing countries’ interests,” Qi added.

He cited former US Treasury Secretary John Connally’s 1970s remark that “the dollar is our currency, but it’s your problem,” adding that such dominance meant policy changes in major economies had a tidal effect on the rest of the world.

“Once a major economy tightens policy rapidly to curb inflation, capital retrenchment accelerates, and developing countries may be forced to suffer from exchange-rate shocks, rising financing costs, and setbacks to growth,” Qi said.

He argued that reforming the international monetary framework to make it more equitable, stable and inclusive has become a shared goal.

“As the world’s second-largest economy and a major trading nation, China is actively participating in reform of the international monetary system and steadily promoting the internationalisation of the RMB,” he said.

Qi urged closer cooperation.

“We are ready to work with all parties to uphold the principles of extensive consultation, joint contribution and shared benefits, making the RMB an important piece in the diversified mosaic of the international monetary system.”

He said China hoped that through continued dialogue and cooperation, it will gather consensus, pool wisdom, translate intellectual outcomes into pragmatic action, and together push the internationalisation of the RMB to a new level.

A virtual meeting was held to discuss the implementation modalities of the India-Sri Lanka power grid interconnection. The Indian delegation was led by Shri Pankaj Agarwal, Secretary of the Ministry of Power, Government of India, while the Sri Lankan delegation was headed by Prof. K.T.M. Udayanga Hemapala, Secretary of the Ministry of Energy, Government of Sri Lanka.

During the discussions, both sides reviewed aspects related to the project’s implementation. This follows the confirmation of technical parameters for the interconnection during a meeting in Delhi on 16 June 2025.

The transmission line is expected to allow Sri Lanka to import electricity during shortages and export renewable energy, generating foreign exchange. It will also provide opportunities to diversify energy sources, improve grid stability, and integrate into the regional power market. Both countries have agreed to continue discussions to finalize the project’s implementation.

A discussion has been held on the possibility of expanding India-Sri Lanka maritime connectivity by launching a new route between Rameswaram and Talaimannar.

The discussion was held during a meeting between Minister of Ports and Civil Aviation Anura Karunathilaka and India’s Minister of Ports, Shipping and Waterways Sarbananda Sonowal during the India Maritime Week 2025 in Mumbai.

In a post on X, the Indian Ministry of Ports, Shipping and Waterways stated, “A bilateral meeting was held between Shri Sarbananda Sonowal, Hon’ble Minister for PS&W and Mr Anura Karunathilake, Hon’ble Minister of Ports & Civil Aviation, Sri Lanka, at the India Maritime Week 2025. The discussions focused on enhancing maritime connectivity through the ongoing India-Sri Lanka ferry service and exploring the possibility of launching a new route between Rameshwaram and Talaimannar, further deepening regional cooperation and people-to-people connect.”

India has been discussing the possibility of a new ferry route between Rameswaram and Talaimannar to add on to the existing route between Nagapattinam and Kankesanthurai.

The discussions were held during the India Maritime Week 2025 in Mumbai, hosted by the Ministry of Ports, Shipping and Waterways (MoPSW).

The Indian Maritime Week, which commenced on October 27, will continue till October 31.