INDIA CHINA NEWS
The Chinese Yuan’s Appreciation: Implications for the Indian rupee
The yuan’s recent rally can largely be attributed to the softening of the US dollar. The dollar's slide was sparked by several factors, including the Bank of Japan’s (BOJ) unexpected rate hike, which led to an unwinding of short positions against the yen and triggered a broader sell-off of the dollar.
India signs another deal for 73,000 assault rifles from the US
India has signed a new contract to import 73,000 SiG Sauer SiG-716 assault rifles from the US, adding to the 72,400 rifles previously acquired for Army use. This repeat order, valued at Rs 837 crore, is intended for frontline troops along the China and Pakistan borders. The procurement comes amid delays in the production of Russian AK-203 rifles in India.
Marc Faber on bad news and where to find a good bargain now
Marc Faber noted a five-year bear market in Thai stocks, now bottoming out. He considered Hong Kong properties and stocks undervalued. Faber linked low-value Chinese stocks to ongoing criticism from the US and European media. He also discussed inflation and currency issues, predicting a rise in gold and other commodities.
SC denies relief to Byju’s; China back in India’s electronics play
In another blow to Byju’s, the Supreme Court has once again refused to halt the insolvency proceedings against the embattled edtech startup. This and more in today’s ETtech Top 5.
Bangladesh Protests: Are Pakistan's ISI and China behind protests in Bangladesh to nurture anti-India terror group?
Bangladesh Protests 2024: Intelligence agencies have linked Pakistan's ISI and Chinese interests to the protests that led to Sheikh Hasina's resignation in Bangladesh. The student wing of Jamaat-e-Islami, Islami Chhatra Shibir (ICS), played a pivotal role, with evidence of training in Afghanistan and Pakistan. China's Ministry of State Security has also been active in propaganda efforts. Amid the turmoil, the Students Against Discrimination movement has proposed Nobel laureate Mohammad Yunus as head of an interim government, highlighting the complex regional dynamics at play.
Bangladesh: Will India have another Pakistan on its border?
Though military chief Gen Waker-Uz-Zaman who has taken control of the country is pro-India, presence of the BNP and Jamaat-e-Islami in the interim government can put a strain on India-Bangladesh defence ties while the BNP coming to power after next elections will clearly make Bangladesh tilt away from India and towards Pakistan and China.
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Explained: How Sheikh Hasina’s resignation will impact India-Bangladesh ties
Sheikh Hasina's resignation as Bangladesh Prime Minister has introduced uncertainties for India, impacting bilateral relations. With Hasina’s departure, India faces challenges including an unclear interim government, potential revisions to crucial transit arrangements, and increased influence from Jamaat-e-Islami and Pakistan.
No rethink to support FDI from China, India to consider EU suggestion on own carbon tax: Piyush Goyal
Commerce and Industry Minister Piyush Goyal stated that India will not reconsider its stance on supporting foreign direct investments (FDI) from China, despite a recent Economic Survey advocating for such investments to enhance India’s global supply chain and boost exports.
India updates trade advisory for its SMEs doing business with Chinese firms, says adopt adequate precaution
The Indian Embassy in China has updated its trade advisory for Indian SMEs doing business with Chinese firms. It urges companies to review the advisory and its annexes carefully and to exercise caution. Key recommendations include consulting the embassy or consulates before engaging in large transactions, verifying the credentials of Chinese entities, and retaining copies of identity documents of key contacts.
India not rethinking on issue of allowing Chinese investment, says Trade Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal announced on Tuesday that India is not reconsidering its stance on supporting Foreign Direct Investment (FDI) from China, despite recent recommendations from the Economic Survey. Goyal emphasized that the Survey's recommendations are non-binding and do not influence government policy.
Blinken and envoys from Japan, Australia and India work to improve maritime safety in Asia-Pacific
Top diplomats from Japan, the US, Australia and India meeting Monday in Tokyo compiled a set of measures to reinforce maritime safety and cybersecurity and to support other Asia-Pacific countries in improving their defenses during growing tensions in the regional seas. After the meeting, host Japanese Foreign Minister Yoko Kamikawa, US Secretary of State Antony Blinken, Australian Foreign Minister Penny Wong and Indian External Affairs Minister Subrahmayam Jaishankar said they were "seriously concerned" about the tensions and expressed "strong opposition" to unilateral changes to the status quo by coercion.
Be robust in combating terrorism in all its forms and manifestations: Jaishankar
Jaishankar called on the international community to be robust in combating terrorism in all its forms and manifestations and dismantle terror sanctuaries and UN-proscribed terrorism financing networks. Jaishankar's remarks came as he participated in the 31st ASEAN Regional Forum (ARF) in Laos' capital Vientiane. He said India remains steadfast in its commitment to contributing to ARF activities over the coming years.
Sea lines of communication passing through South China Sea critical for peace in Indo-Pacific region: Jaishankar
EAM S Jaishankar on Saturday stressed the need for a substantive and effective code of conduct to secure sea lines of communication in the South China Sea. China claims most of the South China Sea as its own, while The Philippines, Vietnam, Malaysia, Brunei and Taiwan have counterclaims over the maritime area.
Jaishankar meets Wang Yi for second time in July; suggests urgency in resolution of pending issues
External Affairs Minister S. Jaishankar met with Chinese Foreign Minister Wang Yi in Vientiane to discuss India-China border issues. They emphasized the need to expedite disengagement and stabilize bilateral relations. This was their second meeting in July, following earlier discussions in Astana, where they decided to hold further consultations on disengagement in eastern Ladakh.
SCO countries hold anti-terror drills with member states in China
Security officials from Shanghai Cooperation Organization (SCO) member states conducted a joint anti-terrorism drill in China's Xinjiang Uygur Autonomous Region named 'Interaction-2024'. This marked the first time all SCO member states participated in such a live counter-terrorism exercise. The drill focused on enhancing capabilities and interoperability among member states to combat terrorist threats effectively.
Defence Budget 2024 Comparison: How India's defence allocation for armed forces stack up against China and Pakistan
Defence Budget 2024 Comparison: India's defence budget for FY 2024-25 has been raised to ₹6.21 lakh crore (US $75 billion), up from ₹5.94 lakh crore last year. This increase aims to bolster military capabilities and infrastructure. China's defence budget stands at $231.36 billion with a 7.2% increase, while Pakistan has allocated ₹2,122 billion, reflecting a 17.6% rise. These budgets highlight each country’s focus on strengthening their defence amid global and regional tensions.
Budget 2024: All eyes on defence allocation amid raging debate over Agnipath
Agnipath Scheme Budget 2024: The Agnipath scheme, aimed at reducing India's defence salary and pension bills, is facing significant criticism from various quarters, including opposition parties and BJP allies. Military experts and veterans argue that the scheme, intended to cut pension expenses, could compromise combat readiness amid rising regional threats. India's defence budget, increasingly strained by personnel costs, may prioritize modernization efforts in the upcoming Union Budget, set to be unveiled on July 23, to address these concerns and sustain operational capabilities.
Eric Garcetti lauds India, USA partnership, says it is shaped by defence, technology, space and more
Experts at a two-day meet in New Delhi last week discussed the India-USA partnership shaped by commerce, technology, people, and security. Pradeep S Mehta, Secretary General of CUTS International, emphasized that while India and the US maintain a strong friendship, they are not formal treaty allies. This partnership grows amidst a stable relationship with Russia, which India views as a balancing force against China.
A bet on Russia as a long-term, reliable partner is not good: US NSA to India
US official advises India on its relationship with Russia, highlighting concerns that Moscow may side with China. Despite historic ties, US emphasizes investing in democratic partnerships. Prime Minister Modi discusses peace efforts with Putin amid ongoing Ukraine conflict.
Why Indo-Pacific countries are joining the NATO summit
Leaders from Australia, Japan, New Zealand, and South Korea are set to join NATO's summit in Washington, marking the third consecutive summit for these countries referred to as the Indo-Pacific Four (IP-4). The meeting underscores NATO's growing interest in the Indo-Pacific region amidst concerns over China's actions, including potential threats to Taiwan, and Russia's strengthening ties with Beijing and North Korea.
Ready to work with India to properly handle situation in border areas: Chinese FM Wang to Doval
Chinese Foreign Minister Wang Yi expressed his willingness to collaborate with India's National Security Advisor Ajit Doval to address border issues. In a congratulatory message to Doval, Wang emphasized the importance of China-India relations beyond their bilateral boundaries. This message followed a meeting between Wang and Indian External Affairs Minister S Jaishankar at the SCO summit. Despite ongoing border tensions since 2020, both nations aim to maintain peace through the Special Representatives mechanism, which has held multiple meetings to resolve disputes.
Budget 2024: Defence allocation may be a focus, will India’s shipbuilding sector gain from it?
As the Union Budget, set to be presented on July 23, approaches, the defence sector is eagerly anticipating increased allocations, particularly in shipbuilding. Experts predict a continuation of the trend of higher defence spending. Industry expert Deven Choksey highlights significant shipbuilding needs for defence and inland transportation under the Sagarmala project, as well as commercial passenger ships.
Poised along the Indian border, Chinese troops are there for the long haul
The Strategic Studies Institute of the US Army War College published an in-depth report examining PLA activity along the mountainous border in Aksai Chin opposite India in 2020-21. It considered how the PLA rapidly moved troops into the region as violence flared between Chinese and Indian troops in Galwan Valley on 15-16 June 2020. However, Blasko, a former US defence attache in Beijing and Hong Kong, also provided a useful assessment of current and future conditions along the Line of Actual Control (LAC).
High tariffs on EVs to protect from Chinese imports, says trade ministry
India's trade department said on Friday that the country's car market is "well-protected" through high tariffs on the import of electric vehicles, at a time when other major economies like the European Union have slapped tariffs on Chinese EVs.
Third term for Modi likely to see closer defense ties with US as India's rivalry with China grows
Prime Minister Narendra Modi emphasizes on boosting India's military preparedness and clout, focusing on expanding defense production and exports to counter China's influence in the Indo-Pacific region.
India vs China: Watch as Indian troops triumph in Sudan UN Peacekeeping tug of war
Indian and Chinese troops recently engaged in a friendly "Tug of War" during their deployment in Sudan as part of a United Nations Peacekeeping mission. The Indian team emerged victorious, drawing cheers from their supporters. This event highlights the camaraderie and spirit of international cooperation among UN peacekeepers. The UN peacekeeping efforts are commemorated annually on May 29, honoring the sacrifices and dedication of personnel worldwide, with India being a significant contributor.
New star wars plan: US rushes to counter Chinese and Russian threats in orbit
US Defense Department is looking to acquire a new generation of ground- and space-based tools that will allow it to defend its satellite network from attack and, if necessary, to disrupt or disable enemy spacecraft in orbit, Pentagon officials have said in a series of interviews, speeches and recent statements.
What does China's third aircraft carrier's sea trials mean for India
China's third aircraft carrier, Fujian, has embarked on its maiden trials, signaling the country's naval expansion to challenge the US. With a focus on testing propulsion and electrical systems, the trials are expected to last two years before the carrier joins the fleet in five years. Fujian is the largest and most advanced Chinese aircraft carrier, equipped with the Electromagnetic Aircraft Launch System (EMALS) for smoother, more efficient aircraft launches. China's naval modernization is seen as a strategic move to assert dominance in the Indo-Pacific region.
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