interests

Authors: Rahul Mishra & Harshit Prajapati

The US-Israel conflict with Iran dragged almost every country into a phase of energy insecurity. While Iran’s neighboring countries are directly affected by the armed conflict, immediate regions too have not remained insulated from the ongoing conflict. For India, the conflict has demonstrated the implications of getting caught in the crossfire of a conflict in its vicinity. Two particular incidents—the US sinking of the Iranian warship IRIS Dena in the waters off the coast of Sri Lanka (just 40 nautical miles away) and the reported firing of two ballistic missiles towards the joint UK-US base at Diego Garcia in the Indian Ocean—serve as a grim reminder about a conflict spiraling in India’s maritime backyard in the Indian Ocean Region (IOR).

For decades, the Indian Ocean region has remained largely peaceful, away from any direct impact of a conflict in a neighboring region or any major power conflict with a regional impact. The two above-mentioned incidents highlight the need for littoral states of the IOR to have a regional security mechanism to deal with any crisis in the region in a more cohesive and coordinated fashion. Being one of the major stakeholders in the region, it is incumbent upon India to foster meaningful and substantial cooperation with IOR littoral states through regional mechanisms such as the Colombo Security Conclave (CSC) and the Indian Ocean Naval Symposium (IONS). It would be a timely exercise to strive to move beyond non-traditional security cooperation mechanisms to protect the shared maritime space, especially during such conflicts.

The sinking of IRIS Dena in the IOR when it was returning to its home after participating in the International Fleet Review and multinational exercise MILAN, hosted by India, serves as a major strategic lesson to countries of the region. Since the International Fleet Reviews are an acknowledgement by the regional and global peers of the host country’s sovereignty and maritime supremacy in its neighborhood, the sinking of an Iranian warship does not augur well for India’s claim as a net security provider or preferred security partner in the IOR.

Additionally, Iran’s launch of two ballistic missiles, which failed to strike the designated target, towards the Diego Garcia base, reflects the risk of a distant war reaching India’s maritime backyard. The 2025 decolonization agreement between the UK and Mauritius enabled the transfer of the Chagos archipelago, including Diego Garcia Island, to Mauritius; however, the UK retained access to the Diego Garcia military base for 99 years. Thus, in the event of a conflict, Diego Garcia, as the joint UK-US base, may become a target, thereby drawing the war into the Indian maritime backyard. With the escalating conflict with Iran, Hezbollah, and the Houthi rebels, the possibility of repetition of such an incident cannot be ruled out.

During the Cold War, India and the IOR countries endeavored to halt the foreign military presence in the IOR, as illustrated by the UNGA Resolution 2832 of 1971, which sought to establish the Indian Ocean Zone of Peace (IOZOP). However, the regional countries failed to implement the declaration because of resistance from the major powers. In 2016, India attempted to revive implementation of the 1971 resolution but failed to garner significant attention from the IOR countries, putting aside any major power.

Rather than seeking IOZOP through restrictions on foreign military presence, India should strengthen its naval capabilities, especially its intelligence, surveillance, and reconnaissance (ISR) platforms. Earlier, in 2018, India envisioned a 200-ship fleet by 2027; however, in 2026, the goal was revised to a 200-plus-ship fleet by 2035. Despite the induction of new platforms, this goal seems ambitious, as older platforms retire faster than new ones are inducted, especially given the constrained budget allocation to the Indian Navy.

A sizable portion of India’s submarine fleet is aging. The current force comprising Russian-origin Kilo-class submarines and German-origin Type 209 submarines has been in service for decades and is set to retire soon. Although the induction of nuclear-powered ballistic missile submarine Aridhaman in April 2026 and Arighaat in August 2024 strengthened India’s nuclear triad, the pace of induction of conventional submarines remains lagging. Project 75I, aimed at developing advanced diesel-electric submarines, was originally set in motion in 2007; however, its deal with the manufacturer—a German firm—has yet to be signed.

Earlier, it was planned that India would expand its fleet of long-range maritime reconnaissance Boeing P-8I aircraft from 12 to 28. But then the plan to expand the fleet to 28 P-8I aircraft was reduced to 20-22 due to constrained spending. Additionally, the Indian Navy only possesses 15 MQ-9B high-altitude, long-endurance (HALE) drones.

Therefore, if India needs to entrench its position as a preferred security partner in the IOR and realize its vision of Security and Growth for all in the Region (SAGAR)—upgraded to Mutual and Holistic Advancement for Security and Growth Across Regions (MAHASAGAR) in 2025—in the IOR, then it needs to support its normative framework with military capabilities.

Given India’s lack of naval capabilities—across all three mediums (air, surface, and undersea)—to conduct persistent surveillance of the enormous IOR (spanning more than 70 million square kilometers), India should collaborate with littoral countries to conduct surveillance in the IOR through regional mechanisms such as the CSC and the IONS. Presently, cooperation in these forums is largely limited to countering non-traditional security threats, such as piracy, trafficking, maritime disasters, etc. Challenges such as differing threat perceptions, disparity in naval capabilities, and a lack of regional consciousness hinder meaningful and substantial cooperation.

However, if the littoral countries of the IOR seek to avoid getting caught in the crossfire of a distant conflict, such as the present one, they need to move beyond non-traditional security cooperation to develop a common understanding of how to protect the shared maritime space in the IOR, especially during such conflicts. India, being the most militarily equipped country in the IOR, should take the lead in forging the collaborative efforts to conduct persistent surveillance in the IOR, as maritime wars do not respect geographical boundaries.

Billionaire hedge fund founder turned environmental warrior Tom Steyer, a leading Democratic candidate for California governor, is facing mounting questions about how he earned his wealth — notably investments in private prisons that are now being used to house undocumented immigrants facing deportation.

Some of the most vicious political attacks come from his Democratic rivals and Sacramento special interest groups as the June 2 primary election fast approaches, but Steyer has been dogged for years about his past, controversial business ventures and how they help fund his unbridled campaign spending.

Steyer, 68, faced that ire during a town hall event in San Diego last week.

“Tom, you’re not going to come to San Diego and ignore this detention center,” Holly Taylor, a 37-year-old Democrat screamed at Steyer, holding signs with QR codes to help detainees at an Otay Mesa private prison that Steyer’s hedge fund backed. “It’s a concentration camp. They’re drinking water out of a toilet.”

Taylor, a crime scene cleaner from Pacific Beach, is among scores of people who gather weekly at the facility to raise money for detained immigrants to provide them some comfort amid the Trump administration’s Immigration and Customs Enforcement raids.

In 1986, Steyer, co-founded Farallon Capital, which had shares valued at $89.1 million in the Corrections Corp. of America in 2005, according to the Securities and Exchange Commission. That company, now known as CoreCivic, operates private prisons around the nation that are housing people picked up by federal immigration agents, including the one in Otay Mesa.

It is not the first time Steyer has faced criticism about the connection with private detention facilities. At the California Democratic Party convention in February, protesters dressed in orange prison jumpsuits sought to draw attention to the controversy.

His Democratic rivals have also seized upon the issue to question the billionaire’s progressive credentials.

“Before he was a progressive, he made millions off of companies that operate ICE detention centers, that operate private prisons that incarcerated young children,” state Supt. of Public Instruction Tony Thurmond said during a recent interview with a political influencer known as Mrs. Frazzled.

“His entire campaign is built on the backs of kids in cages,” Rep. Eric Swalwell, (D-Dublin) wrote Tuesday in a post on X.

People protest outside of a lunch held by California gubernatorial candidate Tom Steyer at the 2026 California Democratic Party State Convention in San Francisco on Feb. 21.

(Jeff Chiu / Associated Press)

Several years earlier, Yale University’s graduate teachers union called upon the school — Steyer’s alma mater — to divest from Farallon because of concerns about how the private prison company treated detainees, notably minorities.

Steyer has repeatedly expressed remorse about his former firm’s ties with the detention company. In 2012, he sold his stake in Farallon, which was named in reference to islands off the coast of San Francisco and was once one of the largest hedge funds in the world.

“I deeply regret that Farallon made that investment, and I personally ordered the investment in CCA to be sold because it did not accord with my values then or now,” Steyer told The Times in 2019 after he launched a short-lived presidential campaign.

Asked to comment about the latest iteration of the controversy, Steyer’s campaign pointed to comments he made in March at a town hall in San Francisco about how among the hundreds of thousands of companies his hedge fund invested in, the private prison company changed the course of his life.

“It was a mistake, and I sold it over 20 years ago, thinking, not that it won’t be profitable, it’s just a mistake. I don’t want to be in that business. But let me say this, it wasn’t just a mistake,” Steyer said. “It was also a big wake-up call that I was in the wrong place, that I was in a business that was taking me to places I absolutely didn’t want to go. And there’s a reason I walked away from that business and walked away from a ton of money, because I felt like that is not the life I want.”

He added that he and his wife, Kat Taylor, have spent the past two decades pushing for rehabilitative justice — treatment instead of mass incarceration except for violent felons.

“Am I a perfect person? No, have I made mistakes? Yes,” Steyer said. “But for those of you who like to read the Bible, there is a moment on the road to Damascus when someone makes a change, and I have made a big change, and I did it a long time ago, and I’ve been pushing very, very hard the other way.”

Farallon also invested in fossil fuel projects, including an Australian coal mine that denuded thousands of acres of koala habitat and generated an enormous amount of carbon emissions.

Steyer, who has a net worth of $2.4 billion according to Forbes, has painted himself as a reformed billionaire who walked away from Farallon because of angst about how he earned his fortune. He has spent hundreds of millions of dollars supporting Democratic causes, notably efforts to fight climate change.

“The truth is that is not where I think there is value, and that is not what I’m seeking in my life,” he said at a Sacramento town hall in March when retired state employee Gina Coates asked how, as a woman of color, she could believe his promises given his privilege as a wealthy white man.

“In terms of trusting me, let me say this, I left my business 14 years ago, and anybody who cared about money would not have done it,” Steyer said.

Steyer later said at the town hall that he left Farallon because he realized that he didn’t want to remain on that path.

“I want to have a meaningful life,” he said. “I want to stand with the people of this state and have actual prosperity. Twelve trillionaires and 40 million people who can’t make rent is not success.”

But Steyer and his wife continue to receive significant income from the hedge fund, including millions of dollars in investments, holdings and various complicated transactions in 2024, according to a statement of economic interest and tax returns he was required to file with the California Secretary of State’s office because of his gubernatorial run.

A Steyer campaign spokesman said Steyer created guardrails to ensure that he does not profit off companies he morally disagrees with.

“Tom has put in place an investment policy to ensure that he does not directly invest in fossil fuels, payday lending, or private prisons,” spokesman Anthony York said. “To the extent he inadvertently incurs exposure to those industries through third-party managers or liquid legacy investments, Tom will donate all profits to charity.”

After leaving Farallon, Steyer became one of the nation’s top Democratic donors. And he has used his wealth to fund his political ambitions. Steyer contributed nearly $342 million of his own money to his short-lived 2020 presidential campaign, according to the Federal Election Commission.

In the 2026 governor’s race, Steyer has donated nearly $112 million to his campaign as of Thursday, according to the California secretary of state’s office. He has been an ubiquitous presence on the airwaves, including local news programs and campaign ads that aired during the “Puppy Bowl” on the Animal Planet channel on Super Bowl Sunday. In the past month, Steyer has aired more than 5,000 ads, according to iSpot, which tracks television commercials.

California, home to 23.1 million registered voters, is home to some of the nation’s most expensive media markets. And candidates, particularly those who are not well known, need to spend heavily on television advertising if they hope to have a successful campaign.

But money is no guarantee of success. Billionaire Meg Whitman, the former eBay chief and formerly a longtime Republican donor, spent $144 million of her money on her 2010 gubernatorial bid. That set a record for a candidate’s contribution in a state race at the time, but Whitman lost to Jerry Brown by nearly 13 percentage points.

In 1998, Democratic multimillionaire Al Checchi who had been the co-chair of Northwest Airlines spent $40 million of his wealth on an unsuccessful run for governor, also a record at the time.

Steyer is one of the top three Democrats in the sprawling field to replace termed-out Gov. Gavin Newsom. And his liberal positions are drawing the ire of powerful forces in Sacramento. On Tuesday , the state’s Realtors donated $5 million to an independent expenditure committee opposing Steyer’s bid.

Taylor, who confronted Steyer at the San Diego town hall, said she had not planned to be so vocal. But as the event unfolded, she decided she had to speak, not only to Steyer but to the attendees. She and her compatriots gather every Sunday outside the Otay Mesa facility to raise money to help detainees buy food in the prison commissary and call their families.

“My main issue is that he has gotten financial gain off of these people suffering,” she said.