After 20 years in the US, my husband and I decided to uproot our family five years ago and move back to India, the country of our birth.
It was a decision fraught with confusion and conflict, mostly because America's pleasures were very tangible whereas everything that we were moving back for was intangible and immeasurable.
How to quantify the value of having our children grow up yards from their grandparents? What we were giving up, on the other hand, was easy to measure: a Wall Street job for my husband; the opportunity cost of moving geographically far away from the centre of finance for him and magazine journalism for me.
India's environment minister, Jairam Ramesh, has to make exactly these kinds of calculations. How to balance the value of preserving the nesting sites of endangered olive ridley turtles, which follow an ancient and instinctive ritual by coming ashore to lay eggs on the beaches of the north-eastern state of Orissa, versus the development that a US$12 billion (Dh44.07bn) steel project will bring to the state?
Five years is a long time to wait for a government clearance, but that's what it took for the South Korean steel company Posco to get a "conditional" go-ahead from the environmental ministry of India to set up its project in Orissa.
The project, which is India's largest foreign direct investment so far, encountered numerous hurdles, mostly environmental. Of the 1,620 hectares that Posco required, 1,173 are covered by pristine forest. Part of the site earmarked for a port is where endangered olive ridley turtles lay their eggs.
Betel nut farmers have complained they will lose their livelihood, and villagers, many of whom claim tribal origins, are protesting against the project, saying they will be forced to move.
When China and the US were expanding their economies, they didn't continuously have to consider the environment. India doesn't have that luxury. In granting conditional clearance to Posco, Mr Ramesh is trying to balance sustainability against growth, and the interests of environmentalists with those of industrialists. Industry welcomes Posco, expecting it to shore up India's FDI-friendly credentials.
Environmentalists are worried about the implications. Mr Ramesh has tried his best to please all parties by earmarking 25 per cent of the planned project as a "green" area, and by requiring Posco to come up with detailed blueprints for the regeneration of mangroves and for turtle conservation. Critics say it will not be hard for the company to circumvent these conditions and that they are therefore meaningless.
The larger question is: will India get the balance between growth and sustainability right? Some argue that a developing economy in its sweet spot of growth should not worry too much about the environment. After all, the West, the tiger economies and then China grew rapidly first and only then started worrying about what they were doing to the environment. It would be unfair, the argument goes, to handicap India's growth by forcing it to consider sustainability at every stage of its development.
Critics of this argument are global and vocal. Scientists speak urgently about climate change and say emerging economies have to put aside the fairness argument in favour of a more enlightened approach. What the West did out of ignorance cannot be held up as a blueprint, they say.
Tribal rights are another complication. Many of the mineral-rich forest areas that attract mining companies are home to tribes. Preserving their rights is a fraught political issue. Gulzar Natarajan, Hyderabad's complaints officer who has worked with tribal people in his state, Andhra Pradesh, questions the premise of tribal rights.
"Just as in any statistical sample, there are probably tribals who want to be entrepreneurs," he says. "In our efforts to preserve tribal culture and protect them from exploitation by outsiders, are we making them museum artefacts, deprived of the benefits of economic development that all of us take for granted?"
Tribal people and turtles; FDI and forests; farmers and steel. How to balance the competing interests? One thing Mr Ramesh could do is enforce best practices more stringently - allowing steel plants that use fewer raw materials and emit less pollution. The other approach is somehow to place a value on the intangible - nesting turtles, forest cover, tribal culture.
There has to be some economist whizz-kid who can run some models on this. If a number can be assigned to these intangibles, it will at least begin to balance out Posco's behemoth project.
The third way is just to continue the one-step-forward, two-steps-backward method that India is following, albeit involuntarily. This slow approach may affect short-term FDI inflows, but it may also be the only sustainable solution in the long-term.
business@thenational.ae
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
COMPANY%20PROFILE%20
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
FORSPOKEN
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Assassin's%20Creed%20Mirage
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Starfield
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Specs
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The%20specs
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Company%20profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Company%20Profile
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PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
A%20QUIET%20PLACE
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Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Uefa Nations League
League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands
League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey
League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania
League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh