India and Sri Lanka have a long and complex history of friendship and cooperation, dating back to ancient times. Both countries share cultural, religious, linguistic and ethnic ties, as well as common interests in regional stability and development. However, the relationship has also faced challenges and tensions over the years, especially due to the ethnic conflict in Sri Lanka, the role of China in the island nation, and the economic and political crises that have plagued both countries.
The recent crisis in Sri Lanka refers to the severe economic and social situation that the country is facing due to the impact of the Covid-19 pandemic, the decline in tourism revenues, the high debt burden, the shortage of foreign exchange reserves, the rising inflation and unemployment, and the political instability and protests. The crisis has also affected Sri Lanka's relations with its neighbours and creditors, especially India and China, who have competing interests and influence in the region.
India's role in the recent crisis in Sri Lanka can be seen from two perspectives: one, as a neighbour and a friend who has provided humanitarian and financial assistance to help Sri Lanka cope with the crisis; and two, as a strategic partner who has sought to protect its own interests and values in the region, while also balancing its relations with China.
As a neighbour and a friend, India has been providing crucial economic support to Sri Lanka since January 2022, when the island nation was in the grip of a severe dollar crisis that might lead to a sovereign default and a severe shortage of essentials in the import-reliant country. India has committed $1.9 billion to the island nation in loans, credit lines and currency swaps. India has followed the "Neighbourhood First policy" to cement bonds with its neighbours and is ready to help Sri Lanka out of the current crisis.
India has also provided humanitarian assistance to Sri Lanka in terms of food, health and energy security packages. India has donated essential medicines, medical equipment, vaccines and oxygen supplies to Sri Lanka to combat the Covid-19 pandemic. India has also supplied fuel oil, diesel and petrol to Sri Lanka to meet its energy needs. India has also offered to help Sri Lanka revive its tourism sector by establishing an air bubble arrangement and facilitating pilgrimages to Buddhist sites.
As a strategic partner, India has been concerned about the implications of the crisis on Sri Lanka's sovereignty, stability and democracy. India has been wary of China's growing presence and influence in Sri Lanka, especially through its Belt and Road Initiative (BRI) projects such as the Hambantota port, Colombo port city and other infrastructure investments. India fears that China may exploit Sri Lanka's economic vulnerability to gain strategic leverage and undermine India's security interests in the Indian Ocean region.
India has also been supportive of Sri Lanka's reconciliation process with its Tamil minority community, who have suffered decades of discrimination and violence. India has urged Sri Lanka to implement the 13th Amendment to its constitution, which devolves power to the provincial councils, as a way of addressing the grievances and aspirations of the Tamils. India has also been providing development assistance to the war-affected areas in northern and eastern Sri Lanka through various projects such as housing, education, health care, livelihoods and connectivity.
In conclusion, India's role in the recent crisis in Sri Lanka has been that of a friend who has extended a helping hand as well as a partner who has safeguarded its own interests. India has tried to balance its humanitarian and strategic objectives while respecting Sri Lanka's sovereignty and autonomy. India has also tried to engage with both the government and the opposition parties in Sri Lanka to promote dialogue and cooperation. India hopes that Sri Lanka will overcome its challenges and emerge as a stable, prosperous and inclusive nation that contributes positively to regional peace and development.