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NDA nominee <keyword id="19896877" type="General" weightage="100" keywordseo="Om-Birla" source="keywords">Om Birla</keyword> was elected as speaker of the Lok Sabha for a second consecutive term by voice vote on Wednesday, capping days of intense battle on the issue with the <keyword id="19895395" type="General" weightage="20" keywordseo="opposition" source="keywords">opposition</keyword> in a rare move proposing its own candidate. <keyword id="19911515" type="General" weightage="20" keywordseo="Prime-Minister" source="keywords">Prime Minister</keyword> <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, who moved the motion for Birla's <keyword id="19895095" type="General" weightage="20" keywordseo="election" source="keywords">election</keyword> as speaker, lauded the balance he showed in maintaining decorum of the House during his previous term. Several opposition leaders, including Rahul Gandhi and Akhilesh Yadav, congratulated Birla too, stressing on "impartiality" and hoping he would allow them to raise the voice of the people and not apply his restraint orders only to opposition benches. Pro-tem Speaker Bhartruhari Mahtab made the announcement of Birla's election after the opposition, which had forwarded the the name of eight-term Congress MP Kodikunnil Suresh as its candidate, did not press for votes to the motion. This is the fifth time that a speaker will serve beyond the tenure of one Lok Sabha. It is also amongst the few occasions that an election became necessary for a post conventionally decided by consensus. As he assumed charge, Birla read out a resolution condemning the Emergency imposed by then prime minister Indira Gandhi in 1975 and asked members to observe a moment's silence, triggering a wave of protests by the opposition. "Democratic values and debate have always been supported in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>... Indira Gandhi imposed dictatorship on such an India. The democratic values of India were crushed and freedom of expression was strangled," Birla said while reading the resolution. His first day in the chair saw the House being adjourned. While opposition members vociferously protested inside, <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> members held a demonstration outside <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> House, raising slogans and demanding an apology from the Congress for the Emergency. Earlier in the morning, after the election, the prime minister and Leader of Opposition Gandhi escorted Birla to the speaker's chair. Gandhi also shook hands with Modi before escorting him. In his address, the first in the 18th Lok Sabha, Modi said Birla's work as a parliamentarian should be an inspiration for new Lok Sabha members. He said Birla presided over a golden era in Lok Sabha history with a number of historic decisions taken during its previous term. Modi lauded the balance shown by him in maintaining the decorum of the House which also involved taking several tough decisions. He expressed gratitude towards Birla for choosing to uphold the values of the House while maintaining traditions. The prime minister emphasised that the functioning of the house, conduct and accountability deepen the foundation of <keyword id="19973112" type="General" weightage="20" keywordseo="democracy" source="keywords">democracy</keyword> in the country. Congratulating Birla, Gandhi said the opposition wanted the House to function "often and well" and added that it was very important that cooperation happens with trust. "The opposition would like to assist you in your work. I am confident you will allow us to speak in the House," he said. Gandhi also pointed out that the opposition this time represents significantly more voices of the Indian people than last time. Samajwadi Party chief Yadav hoped that actions like suspension of MPs would not be taken as they hurt the dignity of the House. He said he also hoped Birla would be impartial towards the opposition and give its leaders equal opportunities. Trinamool Congress leader Sudip Bandyopadhyay and DMK leader T R Baalu echoed the sentiment. Bandyopadhyay said the functioning of the House always depends on the attitude of the treasury benches. "It is my firm belief and so far parliamentary democratic practice is concerned, the House belongs to the opposition," he said. He referred to the suspension of opposition MPs in the 17th Lok Sabha and said it was "not desirable". "You might have been elected by my BJP friends (but) hereafter there is no politics between you and the powers... You have to treat the opposition and the ruling party in the same manner. Kindly be impartial," added Baalu. Birla, 61, the BJP's MP from Kota, has risen through the ranks of the party. He is a third-term MP from Kota in Rajasthan and been a member of the Rajasthan Legislative Assembly thrice. "Treasury and opposition benches run the House together, the strength of Indian democracy is in listening to everyone, and running the House with everyone's agreement. I will expect that I run the House with everyone's agreement. Even if there is lone member from a party, they should get sufficient time," Birla said. "It will be my expectation that the House runs without obstruction. We are elected by people with hope, which is why I urge there should not be disruptions in the House." There can be criticism, but obstruction is not a tradition of the House, Birla said. "I never want to act against any member, but everyone wants the high standard of parliamentary tradition to be maintained. For that I have to make tough decisions at times," the speaker said. During the course of the proceedings, Birla intervened several times, reminding members to be precise and raise issues they wanted to during the debate on the motion of thanks to the president's address. He said the members should remember for the next five years that others should take their seat when the speaker is standing, Union Minister and LJP (Ram Vilas) leader Chirag Paswan took a jibe at the opposition for forcing an election for the speaker's post. In many opposition ruled states, he said, the post of both speaker and deputy speaker in the assembly is held by the ruling party. Birla's election follows a rare showdown by both the ruling alliance and the opposition bloc after the effort for a consensus was failed. The opposition's last-minute decision to go for a contest came after senior BJP leaders did not agree to the precondition that the INDIA bloc must be offered the post of deputy speaker in lieu of supporting Birla. "INDIA parties exercised their democratic right and moved motions in support of Kodikunnil Suresh as <keyword id="19990696" type="General" weightage="20" keywordseo="Lok-Sabha-speaker" source="keywords">Lok Sabha Speaker</keyword>... Voice Vote was taken. Thereafter, INDIA parties could have insisted on division. They did not do so. "This is because they wanted to a spirit of consensus and cooperation to prevail, a spirit singularly lacking in the actions of the PM and the NDA," Congress leader Jairam Ramesh said in a post on X. With the NDA having 293 MPs in its kitty and the INDIA bloc 233 in the Lok Sabha, the numbers were clearly in favour of Birla. The Lok Sabha currently has 542 members after Rahul Gandhi resigned from one of the two seats he was elected from. At least three independent members also support the opposition. Balram Jakhar is the only presiding officer to have served two complete terms extending seventh and eighth Lok Sabha.

Om Birla elected for second time as Lok Sabha speaker, opposition hopes their voice will be heard

New Delhi: After meeting Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> ahead of the <keyword id="21272963" type="General" weightage="100" keywordseo="semicon-india-2024" source="Orion">Semicon India 2024</keyword> Summit, <keyword id="20137945" type="General" weightage="20" keywordseo="sanjay-mehrotra" source="keywords">Sanjay Mehrotra</keyword>, CEO of Micron, appreciated PM Modi's vision of developing semiconductors in India and said policies set up by him to incentivise semiconductor manufacturing in India are also very exciting. "PM Modi's vision to develop semiconductors in India and make it self-reliant is very exciting. The policies set up by him to incentivise semiconductor manufacturing are equally exciting. This is the perfect time for India to develop semiconductors because opportunities will grow with AI. The best is yet to come," Mehrotra said ahead of SEMICON India 2024 Summit. PM Modi will inaugurate SEMICON India 2024 at India Expo Mart, Greater Noida, Uttar Pradesh, today. Earlier on Tuesday, PM Modi chaired Semiconductor Executives' Roundtable at his residence. During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future. Mentioning that the coming time will be technology-driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities". The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector. According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations. The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, <keyword id="23116584" type="General" weightage="20" keywordseo="tokyo-electron-ltd" source="keywords">Tokyo Electron Ltd</keyword>, Tower, <keyword id="19920144" type="General" weightage="20" keywordseo="synopsys" source="keywords">Synopsys</keyword>, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar. SEMICON India 2024 is being organised from 11 to 13 September with the theme "Shaping the Semiconductor Future." The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors. It will witness the participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts of the semiconductor industry. The conference will witness participation of more than 250 exhibitors and 150 speakers.

Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

<ul class="summary-list"><li>Despite pressure from Western allies, India has refused to isolate Russia over the Ukraine war.</li><li>India's Narendra Modi this week spoke with both Ukraine's and Russia's leaders.</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi</a> visited Ukraine over the weekend, he greeted its president Volodymyr Zelenskyy with an exuberant bear hug.He did the same <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">to Vladimir Putin</a> only weeks ago when he traveled to Moscow to meet the Russian president, much to the anger of Zelenskyy."It is a huge disappointment and a devastating blow to peace efforts to see the leader of the world's largest democracy hug the world's most bloody criminal in Moscow on such a day," Zelenskyy wrote on X at the time.Modi's visits to both Ukraine and Russia characterize his relentless ambiguity on the Ukraine war. He has not condemned nor supported the invasion and is now acting as a peacemaker.The diplomatic highwire act highlights the dilemma Modi faces as he seeks to balance pressure from the US to show more support for Ukraine against <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">maintaining good ties with Russia.</a><h2 id="5631f287-50fa-42fc-9492-15da89d39bf8">A quick end to the war</h2>In the wake of the Ukraine trip, Modi called Putin. In a post on X, Modi said he reiterated "India's firm commitment to support an early, abiding and peaceful resolution of the conflict."Dinakar Peri, a fellow at the Council for Strategic and Defense Research, told Business Insider that Modi's Ukraine visit was high on symbolism."Although the image of India being a peacemaker is largely rhetoric, the fact of the matter is that India is definitely uniquely positioned in comparison to many other countries due to the kind of bandwidth they have with Russia," said Peri.Rahul Bhatia, an analyst with the Eurasia Group, told BI that while India is reluctant to come down on one side in the Ukraine war, it sees grave dangers in a prolonged conflict in Ukraine."India has sought to take a balanced approach to the war in Ukraine. New Delhi wants to maintain its relationship with Russia regardless of its diplomatic isolation," said Bhatia.<h2 id="bb68f21a-9c73-4a16-a530-190e801237c5">India's ties with the Kremlin are tested</h2>Modi's insistence on not taking a side in <a target="_blank" class="" href="https://www.businessinsider.com/russian-murder-convict-ivan-rossomakhin-kills-again-joins-army-wagner-2024-8">Ukraine</a> is likely to baffle and frustrate many Western observers, but analysts say there are vital economic and strategic goals behind India's position.India has long had <a target="_blank" class="" href="https://www.businessinsider.com/putin-bid-undermine-global-ukraine-support-working-zelenskyy-peace-2024-6">close diplomatic ties with Russia</a>. During the Cold War, it relied on the Kremlin for military support while the US-backed regional rival Pakistan.It now depends on Russia for oil supplies, surpassing <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">China</a> this week to become Russia's top oil importer."Most of the oil India imports from Russia is actually going to Europe," said Peri. "India is just a conduit — the oil is refined here, and the refined petroleum products are going to Europe as we speak.""In that way, India has played the middle role of stabilizing the larger global economy, which would otherwise have gone for a toss."Peri also pointed out India's dependence on Russia for military equipment, as well as upgrades and spare parts."Around 60% of Indian military equipment is of Russian origin," said Peri. "We have received a lot from other countries in the last few decades, like France, Israel, and increasingly so from the US, but we're still heavily Russian-oriented."But the Ukraine war has shaken up India's relations with the Kremlin.The US is pressuring India to help isolate Putin as punishment for the Ukraine invasion, and India is worried about the Kremlin's increasingly close relationship with China, which has backed Russia amid the Ukraine invasion."India-US ties are not just about Russia or the war in Ukraine," said Peri. "They're also about trade and strategic cooperation, which in some cases is also underpinned by concerns over China or the larger developments in the Indo-Pacific."<h2 id="4c3050d8-adb0-46af-b14f-2689f19f7caa">India sees Russia as a buffer against China's aggression</h2>India has long been concerned about China's increasing aggressiveness in Asia, with a Himalayan border dispute erupting into clashes that left 24 people dead in 2020.Indian and Chinese militaries have been engaged in a standoff on the disputed region of Ladakh since 2020. Although the countries have disengaged on several points, the standoff has continued.Peri said that is India dependent on good ties with the Kremlin to help mitigate that threat: "The standoff created new dynamics for India, and those are all factors which will be in Indian calculations on the stand it takes."Bhatia agreed that India has an eye on China when it engages with Russia. "While New Delhi accepts that Russia and China will gradually grow closer, it believes that maintaining a good relationship with Moscow will ensure that Russia remains neutral when India-China border tensions flare up," he said.It also relies on close ties with the US to help counter China's aggression, reviving the "Quad" dialogue with the US, Australia, and Japan in 2017 to counter China's threat.In the meantime, Modi will likely continue India's tightrope act, maintaining its alliance with the US while seeking not to alienate the Kremlin as it warily watches China's growing might.

India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

INDIA bloc leaders gathered at <keyword id="19895812" type="General" weightage="20" keywordseo="Jantar-Mantar" source="keywords" meta.keywordsubtype="org" meta.entityname="Jantar Mantar" meta.hostid="153" meta.entityid="Jantar Mantar">Jantar Mantar</keyword> here on Tuesday to demand the release of Delhi Chief Minister <keyword id="19901384" type="General" weightage="100" keywordseo="Arvind-Kejriwal" source="keywords">Arvind Kejriwal</keyword> amid his declining health and hit out at the BJP-led Centre for "suppressing" the voice of <keyword id="19895395" type="General" weightage="20" keywordseo="opposition" source="keywords">opposition</keyword>. They also blamed the Centre for obstructing the work of the Delhi government, therefore leading to the recent incident in Rajinder Nagar where three students died after getting trapped in a flooded basement of a coaching centre. Slogans of "Bharat Mata Ki Jai" and "End dictatorship" were raised during the <keyword id="19895811" type="General" weightage="20" keywordseo="protest" source="keywords">protest</keyword> rally called by the <keyword id="19914482" type="General" weightage="20" keywordseo="AAP" source="keywords" meta.keywordsubtype="org" meta.entityname="AAP" meta.hostid="153" meta.entityid="AAP">AAP</keyword>. CPI(ML) Liberation leader Dipankar Bhattacharya said three senior AAP leaders -- Kejriwal, Manish Sisodia and Satyendar Jain were put in jail as "part of a conspiracy". He also accused the Centre of obstructing the work of the Delhi government, and held them responsible for the situation in the national capital, including the Rajinder Nagar coaching centre deaths. "The Modi government is responsible for the anarchy in Delhi. This anarchy took the lives of the three <keyword id="20217536" type="General" weightage="20" keywordseo="UPSC-aspirants" source="keywords">UPSC aspirants</keyword> in Rajinder Nagar. <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="153" meta.entityid="BJP">BJP</keyword> took the lives of three UPSC aspirants," Bhattacharya said during the rally. "They tried to end AAP, weaken Delhi government as part of a conspiracy. The elected chief minister is in jail. Umar Khalid and many activists are in jail in false charges in Delhi riots. Bhima Koregaon fake case, father Stan Swamy was in jail and he even died while in custody. There is a huge conspiracy against leaders, activists," he said. The BJP-led Centre is "trying to suppress the voice of those who oppose them", he said. "Six months ago when Arvind ji, Hemant ji were arrested, we knew it was a conspiracy because Lok Sabha elections were there," he said. "Hemant ji came out, there was an appeal to stop his bail but it was dismissed. Kejriwal ji was released for less than a month. Now though he has been given a bail there is a conspiracy to keep him in jail," he said. "It is a conspiracy to finish a democratically elected government and a political party," Bhattacharya said, urging the people to give their reply to the BJP in upcoming assembly polls in Haryana, Maharashtra and Jharkhand by defeating the BJP. "The recent mandate has proved that people won't tolerate tyranny. We will ensure justice,"he added. Communist Party of India general secretary D Raja also demanded the immediate release of the Delhi chief minister, and expressed concerns about his health. "After BJP's coming to power, democracy is no longer 'for' the people, democracy is 'far' from people, democracy is not 'of' the people, it is 'off' the people, and it is not 'by' the people, it is 'buy' the people," Raja said. "Kejriwal is one of the victims of the central agencies used by the Modi government. Can we allow this? How much longer can we tolerate this situation in the country. Kejriwal is not well and his health has deteriorated," he said. AAP Delhi convener Gopal Rai said Kejriwal's sugar levels are going down in custody. "He was granted bail by trial court and Supreme Court but a conspiracy was hatched to keep him in jail. Why does BJP want to put opposition leaders in jail? Who is responsible for the deaths of the three UPSC aspirants?" Rai said. "When LG is being asked about the incident, he is quiet. The BJP, which is demanding Kejriwal's resignation, snatched away the powers of the Delhi government. They want rights but run away when they are held accountable," he charged. has been accusing the BJP of "conspiring to kill" Kejriwal in jail and cited his medical report to show that his sugar levels have fallen 34 times between June 3 and July 7. Nationalist <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="153" meta.entityid="Congress">Congress</keyword> Party - Sharadchandra Pawar (NCP-SP) chief Sharad Pawar and Deputy Leader of Congress in Lok Sabha Gaurav Gogoi are also present in the INDIA bloc rally. Congress Rajya Sabha MP Pramod Tiwari referred to Kejriwal's wife Sunita as a "symbol of resistance" as he began his address. "We have come to give complete moral support to AAP and Kejriwal on behalf of Congress president Mallikarjun Kharge, and party leaders Sonia Gandhi and Rahul Gandhi in the struggle against illegal arrest of Arvind Kejriwal. The arrest of Kejriwal in an illegal and unconstitutional manner indicate nothing but the bad intentions of the BJP," he alleged. Tiwari said it was "height" of inhumanity to keep Kejriwal in jail despite his medical reports showing dip in his blood sugar to a dangerous level. The Congress and AAP had fought the recent Lok Sabha elections in Delhi in alliance. AAP had fielded candidates on four seats and Congress on three seats. However, the alliance drew a blank. Gogoi warned the BJP and its leaders saying they cannot scare the opposition whether it is AAP, Congress or any other party. "Their illusion lies shattered with this rally. If fair Lok Sabha elections had been held in 2024, the BJP would have been in opposition and we would have been in power. The BJP-led government is not going to complete its five-year term," he stressed. Kejriwal was arrested on March 21 by the Enforcement Directorate (ED) in a money laundering case linked to the alleged excise policy scam and has been granted bail by the Supreme Court. However, he is currently lodged in Tihar in a connected CBI case.

INDIA bloc leaders gather at Jantar Mantar, demand release of Delhi CM Kejriwal

<ul class="summary-list"><li>India's Prime Minister Narendra Modi had his power pegged back in elections this week. </li><li>It was also the 35th anniversary of the Tiananmen Square massacre in China. </li></ul><a target="_blank" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi's strongman ambitions</a> suffered a setback this week.His Bharatiya Janata Party (BJP) party fell<a target="_blank" href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6"> short of the landslide victory </a>many had predicted in the Indian elections.As Modi becomes India's prime minister for a third time, his party will have to enter into a power-sharing agreement with alliance partners.It's a chastening lesson from the Indian electorate for Modi, who, while boosting India's global standing, has been accused of stoking division and weakening India's democracy.On the same day as the Indian election results, <a target="_blank" href="https://www.state.gov/on-the-35th-anniversary-of-tiananmen-square/">the world marked the 35th anniversary </a>of the June 4, 1989 Tiananmen Square massacre, which saw a brutal crackdown on pro-democracy protesters in Beijing.In the decades since, China has slid back into Maoist-style authoritarianism.The events this week highlighted how the competition between India and China is about more than raw power. It's also a competition between two very different political ideologies.<h2 id="6acd91a8-36b3-408f-85c1-259d5944f4e0">India is a flawed but thriving democracy</h2>India is the world's largest democracy. Its first elections were held in 1951-52 after it gained independence from Britain. Free elections have been held in nearly every election cycle since, with a coup in 1975 briefly threatening India's democratic status.It is a rare bright spot in a world where democracy seems to be in retreat. Even in the US, the global champion of democracy, former president Donald Trump is accused of launching an attempt to cling to power illegally after losing the 2020 election.<div type="image" title="Indian voters" height="683" width="1024" msid="110819479" hostid="261" sizebytes="88454"></div>"India isn't a perfect democracy but it is still a role model for developing nations, large or small. And given trends in some Western democracies, I would have to say that there are several things they, too, should be learning from India," said Jabin T. Jacob, an expert on India-China relations at Shiv Nadar University, India.India's democracy, though, faces a stern test under Modi, say critics. Global democracy watchdog <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-india-56393944">Freedom House in 2021</a> downgraded India's democratic status, saying Modi's Hindu nationalist movement had menaced journalists, attacked Muslims, and corroded civil liberties.Jacob said this week's results showed India's democracy remained resilient despite the pressures, while dealing a blow to a leader seen to have overstepped his authority."We have just seen an election in which the Indian electorate decided that their interests are best served by power shared more evenly among a set of political formations that represent diverse interests and aspirations. That is the essence of democracy," he said."The Indian electorate is a very mature one, and it has always intervened in a timely fashion against authoritarian tendencies in its rulers."It's unclear whether Modi will now double down on the nationalism he's championed or seek a more moderate path based on economic reform.<h2 id="c1fe728e-200a-4edb-8d77-94ea6111c952">China's rise comes at a high cost</h2>There are those in India, though, <a target="_blank" href="https://www.ft.com/content/daa87f88-ae0e-11e3-974d-00144feab7de">who have been astonished</a> at the speed and efficiency of China's rise to economic superpower status.China has become the world's second-largest economy, and the lives of millions of ordinary Chinese people have been transformed. Though India has made huge economic progress under Modi, it still lags behind.<div type="image" title="China high speed rail" height="644" width="1024" msid="110819477" hostid="261" sizebytes="117068"></div>"Perhaps the greatest challenge democracy faces in India is that is has failed to deliver the kind of sustained economic development enjoyed by neighbors like China over the last four decades. It has also failed to eliminate extreme poverty," wrote Chatham House <a target="_blank" href="https://www.chathamhouse.org/2022/04/democracy-india">analyst Gareth Price in 2022.</a>But with prosperity in China, has come reduced freedom.Since Tiananmen Square 35 years ago, China's Communist Party has rolled back many of the freedoms its citizens once had.Its current leader, Xi Jinping, has imposed a draconian surveillance state and is considered <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">China's most authoritarian ruler</a> since Mao Tse Tung.Dominic Chiu, an analyst with the Eurasia Group, told Business Insider that China's system had given it an economic advantage — but at a cost."China's one-party rule in the reform era enabled consistent long-term policymaking and economic planning," he said. "This benefited China's economy immensely when the leadership decided to liberalize markets, privatize industries, and open the country up to foreign investment." But, he said, China's repressive one-party system was also deterring investors. And with China's <a target="_blank" href="https://www.businessinsider.com/china-falls-out-of-love-with-natural-diamonds-industry-struggles-2024-6">economy experiencing a steep </a>downturn, this poses a serious problem for its future growth.<h2 id="ebafe111-fa5e-49b8-95d3-f92a674d0da2">China and India vie for dominance</h2>Having achieved economic superpower status, China is now seeking to assert its power more aggressively both regionally and internationally.Tensions with India are increasing. In 2020, clashes along the countries' Himalayan border resulted in the death of 20 Indian soldiers and four Chinese.<div type="image" title="India-China border" height="683" width="1024" msid="110819475" hostid="261" sizebytes="158650"></div><a target="_blank" href="https://uk.news.yahoo.com/modi-mission-assert-indias-global-123002908.html">Analysts told BI</a> that building stronger alliances to counter Chinese aggression will be one of the core aims of Modi's third term.And its commitment to democracy hands it an important advantage, said Jacob."India's democratic status is critical for its international standing. It is an opportunity to develop a model of economic and political development that is both equitable and democratic and thus distinct from the aggressive capitalism of the US or the authoritarianism of the PRC," he said.In 2021, India entered<a target="_blank" href="https://uk.news.yahoo.com/modi-went-straight-reelection-needling-103142130.html"> into the "Quad" partnership </a>with democracies the US, Japan, and Australia, to counter what is perceived as growing Chinese aggression in the Pacific and Indian Ocean.It's a political alliance that would've been more difficult to broker if India was ruled by an authoritarian government,<a target="_blank" href="https://www.brookings.edu/articles/democracy-and-the-us-india-relationship/"> say observers.</a><h2 id="b9b7d5ac-0c25-43f4-adf2-9128d9242020">Competing nationalist visions</h2>Some analysts, though, say that the competition between India and China is not, at its core, about competing political systems but about competing nationalist visions.According to this interpretation, both Xi and Modi are committed to restoring what they see as their nation's rightful place at the top of the global order.But in his quest to strengthen India, critics are warning Modi not to undermine the commitment to democracy and pluralism they believe is at the heart of its post-independence success.Jacob said those in India jealous of China's economic might should look more closely at the reality."Indians who argue against democracy using the China comparison clearly don't understand anything about the reality of China and the Chinese people," he said.

The competition between India and China is about more than raw power

The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

<ul class="summary-list"><li>India wants to unseat China as the new factory of the world.</li><li>Modi is set to stay in power for another five years, but the results of the election are going to make it harder to beat China.</li></ul>India's economy is on a roll, chalking up <a target="_blank" href="https://www.mospi.gov.in/sites/default/files/press_release/PressNoteGDP31052024.pdf">8.2% GDP growth</a> in the last fiscal year and a boom in <a target="_blank" href="https://www.reuters.com/business/finance/india-eyes-100-bln-annual-foreign-direct-investment-coming-years-it-minister-2024-01-17/">foreign investments.</a>The growth is in part thanks to a <a target="_blank" href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12">shift in supply chains</a> and investment flows as companies try to stop relying solely on China.This has boosted Indian Prime Minister Narendra Modi's appeal, sending him to a historic third term as the country's prime minister in the country's general election.But Modi's win this time around also <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6?mrfhud=true">comes with a huge loss</a>.While Modi is still hugely popular in India, his party — <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Bharatiya Janata Party, or BJP</a> — lost its majority in Parliament, reflecting resentment among voters amid rising <a target="_blank" href="https://www.reuters.com/world/india/indias-richest-1-has-highest-concentration-wealth-decades-study-shows-2024-03-20/">inequality.</a>"The problem is most Indians have not adequately participated in the fruits of an economy with gaudy headline numbers," wrote Atman Trivedi, a senior fellow with the Atlantic Council's South Asia Center in a <a target="_blank" href="https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react-modi-loses-ground-electoral-surprise/">Tuesday note.</a> "Growth is unequal, and jobs are few and far between."India's unemployment rate rose to 8.1% in April from 7.4% in March, according to the <a target="_blank" href="https://cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=20240502160006&amp;msec=476">Centre for Monitoring Indian Economy,</a> a private think tank. The country has a <a target="_blank" class="" href="https://affiliate.insider.com?h=881bbd696b99c4065e343b97a60624443ddd9aabed87bc59213e9c4e53b5de60&amp;postID=665fc5bbe01a10ede1be40ec&amp;postSlug=india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fd41586-023-03915-5">longstanding brain drain issue.</a><h2 id="2c7371a5-8197-477c-a8db-86744aed6de4">India wants to unseat China as the factory of the world</h2>BJP's likely loss of its majority is a testament to India's political system — but it will also make the dream of becoming the next China harder to achieve.<a target="_blank" href="https://www.businessinsider.com/india-business-market-entry-barriers-tariffs-supply-chain-china-2023-6">Decision-making and policy changes</a> in the world's largest democracy, after all, can take far longer than they do in Communist China — a one-party state."Coalition governments require compromises. That reality could complicate any plans for ambitious structural reforms on land, labor, or opening India's markets to unfinished and intermediate inputs," wrote the Atlantic Council's Trivedi, who is also a partner at Albright Stonebridge Group.India's stock markets tanked on the shock election results, with the benchmark <a target="_blank" href="https://markets.businessinsider.com/index/sensex">Sensex</a> index crashing over 5% in one day on Tuesday following the news. It rebounded on Wednesday.Despite the knee-jerk reaction, most analysts are optimistic about India's economic outlook given that Modi is still in charge."Modi's broader economic reform agenda is likely to remain intact. And so, fears of India's key economic reforms unraveling are overdone," wrote Vishnu Varathan, the chief economist of Asia excluding Japan at Mizuho Bank.<h2 id="d51e0b52-c0b2-432c-977a-5640abaef074">India needs to get rich before it gets old</h2>But India has a longer-term problem: aging.India is the world's <a target="_blank" href="https://www.businessinsider.com/india-overtake-china-worlds-most-populous-nation-2023-un-2022-7">most populous country</a>. With a 1.4 billion population, it has a huge pool of young people; <a target="_blank" href="https://www.spglobal.com/en/research-insights/special-reports/look-forward/india-s-demographic-dividend-the-key-to-unlocking-its-global-ambitions">65% of its population</a> is under the age of 35.But aging is "rapidly progressing," according to the <a target="_blank" href="https://india.unfpa.org/en/news/indias-ageing-population-why-it-matters-more-ever">United Nations Population Fund.</a> By 2050, one in every five persons in India will be 60 years old or above, the fund wrote in a <a target="_blank" href="https://india.unfpa.org/sites/default/files/pub-pdf/20230926_india_ageing_report_2023_web_version_.pdf">report last year.</a>So, even though India has grown rapidly in recent years, it will need to grow much faster to get rich before it gets old, Raghuram Rajan, a professor at the University of Chicago Booth School of Business, told <a target="_blank" href="https://www.npr.org/sections/planet-money/2024/06/04/g-s1-2226/india-election-democracy-china-economy-manufacturing">NPR's "Planet Money"</a> in a podcast.It's not enough to power up India's manufacturing sector in the wake of China's breakneck growth — because so many other countries are doing the same thing, added Rajan, who is a former head of the Central Bank of India and a former chief economist of the International Monetary Fund.He said India will do better to capitalize on its services industry, especially since so many Indians are English speakers.Despite its challenges, India is still expected to post healthy growth in the near future. The IMF <a target="_blank" rel="noreferrer noopener" href="https://www.imf.org/en/Countries/IND">forecasts</a> India's economy will grow by 6.8% this fiscal year and 6.5% next fiscal year.

India wants to be the new China. Modi's shock election result shows it won't be easy.

<ul class="summary-list"><li><keyword id="15219879" type="General" weightage="20" keywordseo="JPMorgan-CEO" source="Orion">JPMorgan CEO</keyword> <keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> in April said Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> had done "an unbelievable job" leading India.</li><li>But effusive praise from <keyword id="22000749" type="General" weightage="20" keywordseo="business-titans" source="keywords">business titans</keyword> didn't persuade voters to give Modi the victory he wanted.</li><li>Modi will now have to govern with allies, and the surprise result hit the Indian stock market.</li></ul>In a major upset, Indian Prime Minister Narendra Modi <a href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6" target="_blank">lost his absolute majority in parliament</a> on Tuesday. But, back when most expected Modi to cruise to a third big election victory, Western business titans lined up to praise him for transforming what is set to become the world's third-largest economy by 2027. His pro-growth, pro-business policies have been a huge draw for tech giants like <a href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7" target="_blank">Apple</a> and <a href="https://www.businessinsider.com/tesla-would-spur-growth-in-india-ev-market-rival-says-2024-4" target="_blank">Tesla</a>, both of which have signaled intentions to expand operations there. In April, <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan" meta.hostid="261" meta.entityid="JPMorgan">JPMorgan</keyword> CEO <a href="https://www.businessinsider.com/jamie-dimon-career" target="_blank">Jamie Dimon</a> effusively praised the Indian leader during an event at The Economic Club of New York. "Modi has done an unbelievable job in India. I know the liberal press here, they beat the hell out of him," Dimon said. "He's taken 400 million people out of poverty." Dimon also said he thought US officials needed to stop "lecturing" Modi on how to run India and instead start taking lessons from the world's most populous democracy. "They've got an unbelievable education system. Unbelievable infrastructure. They're lifting up that whole country because this one man is tough," Dimon said. "He's breaking down some of the bureaucracy," he added. "And we need a little bit more of that here." Representatives for Dimon didn't immediately respond to a request for comment on the election result sent outside regular business hours. Dimon isn't alone. <a href="https://x.com/tim_cook/status/1648684750029340673" target="_blank">Apple CEO Tim Cook met Modi in April of last year</a>, saying the company shared his "vision of the positive impact technology can make on India's future." "India is an incredibly exciting market. It's a major focus for us," Cook said in a November <a href="https://www.bloomberg.com/news/videos/2023-05-05/tim-cook-india-is-an-incredibly-exciting-market-video" target="_blank">earnings call</a>. "I was just there and the dynamism in the market, the vibrancy is unbelievable." Without an absolute majority, <a href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6" target="_blank">Modi will rely on the support of smaller parties, who could oust him if they switch allegiance</a>. News of the shrinking majority hit the Indian stock market on Tuesday — it <a href="https://markets.businessinsider.com/news/etf/indian-stocks-tumble-the-most-since-march-2020-with-modi-s-party-set-to-lose-majority-1033450216" target="_blank">registered its most significant daily drop</a> since March 2020. However, experts say the electoral surprise is unlikely to unravel his past reforms. "This surprise creates political and policy uncertainties that will have at least short-term consequences," said <a href="https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react-modi-loses-ground-electoral-surprise/" target="_blank">Jeff Lande</a>, a nonresident fellow at the Atlantic Council's South Asia Center. "A reversal of the sort of investments and capital expenditure that the government has advanced in recent years, in favor of a return to subsidies, protectionism, and welfare programs, is unlikely," he continued. It is true that his decadelong reign as India's prime minister has coincided with a decline in the country's poverty levels: Figures from the <a href="https://ourworldindata.org/grapher/share-of-population-in-extreme-poverty?tab=chart&amp;country=~IND" target="_blank">World Bank</a> indicate the share of its population living in extreme poverty dropped to 12.9% in 2021 from 18.8% in 2014. Some of Modi's critics, however, may argue that his track record in economic policymaking has been uneven. In October, India's unemployment rate hit 10.1%, per the <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=20231103192154&amp;msec=053" target="_blank">Centre for Monitoring Indian Economy</a>. That is the first time the country's jobless rate has exceeded 10% since the COVID-19 pandemic. "Growth has been good, but it has to be set in perspective," Raghuram Rajan, a former governor of the Reserve Bank of India, told the <a href="https://www.ft.com/content/8299d318-7c35-49a0-9a9a-b8e5abeba7be" target="_blank">Financial Times</a> in January.

Business titans like Jamie Dimon think Modi is great for India. It didn't convince voters.

<ul class="summary-list"><li>India's Prime Minister Narendra Modi won a narrower-than-expected reelection victory.</li><li>But the setback likely won't deter his global ambitions.</li></ul>India's Prime Minister <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Narendra Modi</a> emerged from Tuesday's election victory with his air of invincibility damaged.The strongman leader of the world's largest democracy had been predicted to win reelection for a third term by a landslide.But his Bharatiya Janata Party <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">failed to gain enough seats</a> to claim outright victory, and it will need the support of coalition partners to form a government.The result, though, is unlikely to deter Modi, as he continues to pursue one of the core goals of his decade in power: transforming India into one of the world's most powerful nations.<h2 id="272ba8df-0d6b-4e4a-960e-7da93df8450f">A leader of the Global South</h2>Under Modi, India's growth has put it <a target="_blank" href="https://www.forbes.com/sites/benjaminlaker/2024/02/23/india-to-become-third-largest-economy-by-2027-implications-for-leaders/?sh=58b178754fd5">on the path</a> to becoming the world's third-biggest economy by 2027 — and it has become an important and increasingly abrasive global power player.Modi wants to position India as a leader of the Global South — a term often used to describe a group of developing nations — and for it to have a permanent position on the UN Security Council to mark its new global status.He has strengthened ties with the US, a long-standing ally, but he's also sought to build ties with Russia and has clashed with Asia's chief power, China.Modi will work to cement his foreign-policy legacy in his third term.<h2 id="c3e5a4c5-0e40-407e-a012-9b6448008edc">Countering Chinese aggression</h2>Richard Rossow, a senior advisor at the Center for Strategic and International Studies, told Business Insider that countering China's aggression and seeking foreign investment will be key focuses for Modi going forward."India's main priorities will remain unchanged," he said.A clash between India and China in June 2020 over a long-simmering Himalayan border dispute resulted in the death of 20 Indian soldiers. Meanwhile, tensions in the Indian Ocean are escalating, with <a target="_blank" href="https://www.businessinsider.com/china-produces-vast-undersea-maps-submarine-warfare-report-says-2024-1">a report from earlier this year</a> finding that China is mapping vast undersea areas in preparation for a potential naval conflict with the rival regional power.<div type="image" title="Biden Modi" height="2666" width="4000" msid="110739802" hostid="261"></div>India is part of the Quadrilateral Security Dialogue with the US, Australia, and Japan, and it'll be looking to counter China's aggression by strengthening these strategic relationships."On security affairs, India wants to continue building partnerships that can help it manage belligerent actions China is taking today and in the future. This includes robust engagement with nations in its own neighborhood, particularly in the maritime domain," Rossow said.<h2 id="1c4bdd94-6b6b-4a40-a00c-8ff78e101722">A dark side</h2>India's new assertiveness under Modi has a dark side.<a target="_blank" href="https://www.google.com/search?q=wapo+india+assassination&amp;rlz=1C5GCEM_enGB1112&amp;oq=wapo+india+assassination+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yCAgCEAAYFhgeMg0IAxAAGIYDGIAEGIoFMgoIBBAAGIAEGKIEMgoIBRAAGIAEGKIEMgoIBhAAGIAEGKIEMgoIBxAAGIAEGKIEMgoICBAAGIAEGKIE0gEINDg2N2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">The Washington Post in April</a> reported that India's security services were behind the assassination of a dissident in Canada last June and the attempted assassination of a Modi critic in the US, claims that India has denied.Modi's disappointing election result is unlikely to change his often abrasive and aggressive pursuit of foreign goals."This election result is unlikely to have much of an impact on India's international security actions," Rossow said.<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="110739803" hostid="261"></div>But Modi will face serious challenges in his efforts to cement India's new global status.India has bought vast quantities of Russian oil, and that money has been used by Putin to fund his war in Ukraine. This move has aggravated the US, which <a target="_blank" href="https://www.youtube.com/watch?v=aQ9WiQPyLFk&amp;ab_channel=Reuters">has reportedly</a> pressured Modi to stop the purchases.Putin's "no limits" relationship with China's Xi Jinping presents another strategic conundrum for Modi, who seems keen to retain good ties with Putin but is wary of China's global might.Modi's core challenges in the years ahead will be ensuring regional stability by avoiding war with China and Pakistan and continuing India's economic rise through vital domestic reforms."India's journey towards true great power capabilities is thus likely to be long and arduous," <a target="_blank" href="https://eastasiaforum.org/2024/04/21/indias-arduous-road-to-achieving-its-great-power-ambitions/">Ashley J. Tellis</a>, an analyst at the Carnegie Endowment for International Peace, wrote.Correction: June 5, 2024 — An earlier version of this story misstated which countries are part of the Quadrilateral Security Dialogue. It's a group consisting of India, the US, Australia, and Japan; the UK is not part of it.

You Searched For "democracy india" and got 9 results

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Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

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