Approach:

Introduction: Briefly introduce SAARC and its aims and objectives. 

Body:    

Heading 1: Discuss the limitations of SAARC, including political differences between member countries, the lack of trust, and an inability to achieve tangible results.  

Heading 2: Write the potential for BIMSTEC to replace SAARC as a more effective regional organization, highlighting the success of BIMSTEC in promoting regional cooperation and addressing shared challenges. 

Conclusion: Emphasize the need for greater cooperation and collaboration among South Asian nations to address common challenges, and regional organizations can play a crucial role in this regard. 

Answer: SAARC is a regional organization of 8 South Asian states formed in 1985 to promote economic and social cooperation. However, it has faced challenges and is often criticized as a "jammed vehicle" due to its perceived shortcomings in achieving its goals.

SAARC a jammed vehicle: shortcomings of SAARC 

Despite being in existence for over three decades, SAARC has failed to achieve its objectives. The major limitations on its working are: 

• India-Pakistan relations: Pakistan's use of terror as a state policy remains a major challenge for India's diplomacy and security and it has severely hampered the prospects of SAARC. 
• Trade issues: The member countries compete more than complement each other, with low levels of intra-regional trade hindering the organization's objective. 

• Similar trade and economic structures in South Asia, with cheap labor and low-value commodities, hinder intra-regional trade  

• Lack of connectivity: The region is mountainous and has a number of rivers and other natural barriers. This makes it difficult to build and maintain transportation infrastructure. 

• For example, despite India backing the SAARC–MVA during the 18th summit of SAARC, the agreement was stalled following Pakistan’s reluctance. 

• Limitation in SAFTA: SAARC agreed on South Asian Free Trade Area (SAFTA) in 2004 at the SAARC Summit in Kathmandu. Under this each country was supposed to accord national treatment to the products of other countries. But it has remained non-functional. 

• For instance, SAFTA's implementation has been unsatisfactory as it is limited to goods and does not include services such as IT. 

• Lack of consensus: SAARC's decision-making process is hampered by political differences and historical rivalries among its member countries, leading to a lack of consensus on critical issues. 

• For example, SAARC does not have any arrangement for resolving disputes or mediating conflicts. 

Importance of  BIMSTEC: 

• Economic stability: BIMSTEC member states have maintained a steady economic growth rate of 6.5% on average in the past five years, despite the global financial slowdown. 
• Natural resources: The region possesses abundant untapped natural, water, and human resources, ranging from potential hydropower in the Himalayan basin to hydrocarbons in the Bay of Bengal. 
• Connectivity: BIMSTEC has three major ongoing projects that could significantly improve the movement of goods and vehicles among member countries. For example, Kaladan Multimodal project that seeks to link India and Myanmar.  
• Bridging South and South-East Asia: BIMSTEC supports India's Neighborhood First and Act East policies, connecting South Asia with Southeast Asia.  
• Important for India’s northeast: It promotes economic development in India's northeastern states and provides a separate platform for engaging with neighboring countries. For example, development of IMT trilateral highway 

Feasibility of BIMSTEC replacing SAARC: 

• While BIMSTEC has emerged as a more effective regional organization in South Asia, it cannot fully replace SAARC due to their different objectives and membership. 
• Allowing SAARC to become dysfunctional further limits our ability to address mounting common challenges faced by SAARC nations. For example, poverty, climate change etc.  
• Failure of South Asian nations to act together in Afghanistan can lead to discord and tensions with jihadi militias, plunging the region into turmoil. For this SAARC has a major role to play.  

It is important to mention that BIMSTEC also faces several challenges such as limited capacity, inadequate funding, and narrow mandate, limiting its ability to address broader regional issues. Thus, while its role and position is promising, it should complement rather than replace SAARC.