India has told China not to "shift goalposts" and "confuse" managing the border affairs and restoring peace at the frontiers with the larger issue of the resolution of the boundary question, which is dealt with by different designated mechanisms.
External Affairs Minister S Jaishankar said on Friday that India and China are going through a 'particularly bad patch' in their ties because Beijing has taken a set of actions in violation of agreements for which it still doesn't have a 'credible explanation' and it is for the Chinese leadership to answer where they want to take the bilateral relationship.
Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.
The Asian Development Bank has downgraded India's economic growth forecast for the current financial year to 10 per cent on Tuesday, from 11 per cent projected in April, on account of the adverse impact of the coronavirus pandemic. India's GDP growth recovered to 1.6 per cent in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8 per cent estimated in April to a revised 7.3 per cent, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement. "Then a second wave of the pandemic induced many state governments to impose strict containment measures.
Qin's first in-person meeting with Jaishankar on Thursday came on the sidelines of the G20 foreign ministers conclave in New Delhi amid the over 34-month-long border row in eastern Ladakh.
The Chinese central bank on Monday warned the country could face huge uncertainties in the wake of slow world recovery process and the unstable economic and financial situation in Europe.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
Noted economist Arvind Panagariya says India is an emerging power. With liberalisation, Indian entrepreneurs have emerged and they are top class.
The biggest question looming over the summit is whether there will be a joint leaders' declaration in view of the sharp differences between the West and the Russia-China combine on the text to describe the Ukraine conflict in the document.
A day ahead of a crucial G20 meeting, External Affairs Minister S Jaishankar on Wednesday evening hosted a welcome dinner for the foreign ministers attending the deliberations but the reception was missed by his counterparts from the US, China, Germany and France.
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
The talks came a day after the two armies began a limited disengagement in a few areas in Galwan Valley and Hot Spring in a demonstration of their intent to end the row peacefully.
China has launched a host of reforms to halt the slow down of the economy, which is hovering around seven per cent with forecasts that it would dip down further.
Several factors seem to have corrected in India in the past six months, says the president of New Development Bank.
Premier Li Keqiang highlighted his government's performance in the last one year and the challenges ahead in various fields. Compared to other reports by his predecessors, Li spoke more frankly about the mounting challenges faced by the country. Srikanth Kondapalli on the two recent Chinese parliament sessions.
'The virus of trust deficit seems to be taking a toll of the friendship built over the years by succeeding leaderships of the two countries,' notes Rup Narayan Das.
China on Thursday said it will not object to the nomination of US deputy defence secretary Paul Wolfowitz as the new President of the World Bank
'India needs to adopt a more proactive policy of triggering exports to China.'
'She delivers on promises, especially on security issues which is a core concern for India.'
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
Even as India strives to climb the development mountain, the fact is that the mountaintop is already crowded. If it got there in 2047, India would be very much a late-comer, observes T N Ninan.
'Clearly, the depositors of cooperative banks need the maximum protection.'
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Arvind Panagariya speaks about climate change, globalisation and India's economy.
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
Prime Minister Narendra Modi's bilateral meetings on the sidelines of the BRICS summit in Johannesburg are being finalised, Foreign Secretary Vinay Kwatra said on Monday but did not give a direct reply on the possibility of a meeting between Modi and Chinese President Xi Jinping.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
India is keen on the issue of equal share holding since it doesn't want a repeat of the distortions that have crept into Bretton Woods institutions like International Monetary Fund, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
Companies are ranked by total revenues.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
She said that earlier governments used to sell dreams to people while the present regime is fulfilling the dreams.
The meeting will be attended by Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazil's Jair Bolsonaro, according to the MEA.
'Earnings will be the catalyst for markets to march higher from here on out.'
The talks took place in a beach resort in Benaulim on the sidelines of a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organisation.
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
'We actually have a problem because there may be too much activity in India.' 'Markets don't like too much concentration. But we are very happy with our collaborations in India.'
In her first address to a joint sitting of the two Houses in the new Parliament building in which she touched on varied issues ranging from insurgency to inflation, Murmu said a country can progress at a fast pace only when it defeats the challenges of the past and puts maximum energy into building the future.
China's malfunctioning stock markets remained semi-frozen.
