Piracy over the years has been driven by geography, political instability and the availability of safe havens. Apart from these established factors, economics too play a role. This article reviews and examines Somali piracy, which has flourished due to the international community ignoring the growing instability in Somalia, the rampant illegal fishing and toxic waste dumping. It examines the international response, the legal and economic factors and advocates that piracy be viewed as a form of economic terrorism and be combatted as such, as well as by land-based operations.
India’s Defence Budget 2012-13
An expansionary fiscal policy has been the prime mover for the large increase in the budget of the defence ministry, which would otherwise have come under severe budgetary pressure.