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Indian troops have started patrolling the <keyword id="23761332" type="General" weightage="20" keywordseo="Demchok-sector" source="keywords">Demchok sector</keyword> in eastern Ladakh, marking a significant step in the recent <keyword id="23661926" type="General" weightage="20" keywordseo="disengagement-agreement" source="keywords">disengagement agreement</keyword> between India and China. The two countries have agreed to start coordinated patrols based on their respective perceptions of the Line of Actual Control (LAC) in both the <keyword id="23634524" type="General" weightage="20" keywordseo="demchok" source="keywords">Demchok</keyword> and Depsang sectors. Patrolling in the Depsang sector is expected to commence soon, according to <keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="261" meta.entityid="Indian Army">Indian Army</keyword> sources. This coordinated patrolling arrangement allows both sides to be aware of each other's patrol schedules, reducing the chances of accidental conflicts or misunderstandings in these sensitive areas. In a gesture of goodwill, the Indian and Chinese armies exchanged sweets at various border points on Thursday in celebration of Diwali. This symbolic exchange took place at Hot Springs, Karakoram Pass, Daulat Beg Oldi, Kongka La, and the Chushul-Moldo meeting point in Ladakh, reinforcing the message of <keyword id="20189963" type="General" weightage="20" keywordseo="peace-and-cooperation" source="keywords">peace and cooperation</keyword>. Ladakh Member of Parliament (MP) Haji Hanifa expressed optimism about the recent developments. "Those of us who live near the border know what war feels like. We desire peace along the border. We welcome the agreement between the two countries, but we want to see it implemented on the ground. <keyword id="23761946" type="General" weightage="20" keywordseo="tensions-along-the-border" source="keywords">Tensions along the border</keyword> should be reduced through diplomatic means," said MP Hanifa. The recent disengagement follows a tense standoff that began in 2020, which significantly strained India-China relations. Chief of Army Staff <keyword id="22236978" type="General" weightage="20" keywordseo="General-Upendra-Dwivedi" source="keywords">General Upendra Dwivedi</keyword> noted that restoring trust along the Line of Actual Control (LAC) would be a gradual process to return to the April 2020 status quo. He emphasised the steps of disengagement, de-escalation, and buffer zone management as essential measures to ensure a peaceful border environment. In a recent statement, Chinese Ambassador to India Xu Feihong acknowledged the challenges of managing relations between the two neighboring nations. He noted that it was natural for India and China to have differences as neighbouring countries, but explained that the important thing was how to handle and solve these differences. The recent disengagement and coordinated patrolling efforts represent a hopeful turn toward stability and peace along the border. Both countries aim to work through their differences and establish a more secure and peaceful LAC, gradually easing tensions through diplomacy and collaboration. (With inputs from agencies)

Indian troops resume patrolling along LAC in Demchok as India-China border relations take a step forward

In a major <keyword id="22639726" type="General" weightage="20" keywordseo="diplomatic-breakthrough" source="keywords">diplomatic breakthrough</keyword>, India and China have struck an agreement to defuse tensions along the <keyword id="20140251" type="General" weightage="20" keywordseo="Line-of-Actual-Control" source="keywords">Line of Actual Control</keyword> (LAC), which have been ongoing since the deadly clashes in the Galwan Valley in 2020. The deal, announced just days before the <keyword id="21003379" type="General" weightage="20" keywordseo="BRICS-summit" source="keywords">BRICS summit</keyword>, marks the first concrete step towards restoring peace between the two nations since the conflict began. It includes a structured patrolling plan and <keyword id="23643398" type="General" weightage="20" keywordseo="troop-withdrawals" source="keywords">troop withdrawals</keyword> aimed at preventing future confrontations in the <keyword id="20224053" type="General" weightage="20" keywordseo="Ladakh-region" source="keywords">Ladakh region</keyword>. Indian Foreign Minister <keyword id="20508657" type="General" weightage="20" keywordseo="S-Jaishankar" source="keywords">S. Jaishankar</keyword> described the agreement as a return to pre-2020 conditions, effectively resetting the status quo along the contested border. Troops from both sides will be pulled back to avoid face-offs, while joint patrols will be carried out according to a mutually agreed schedule. This is a notable shift from the tense, militarised standoff that has gripped the LAC over the past four years, where tens of thousands of soldiers were stationed in extreme high-altitude conditions. A key feature of the agreement is the creation of a regular monitoring system to ensure compliance. Monthly review meetings will be held to track progress, signalling a long-term commitment to peace. This structured approach, involving both military and diplomatic channels, could lay the foundation for more robust confidence-building measures. The pact also carries significant economic implications. While India had increased scrutiny of Chinese investments post-2020, bilateral trade has continued to rise, with Indian imports from China surging 56% in recent years. Experts see this agreement as a crucial step toward normalising broader diplomatic and economic ties, potentially allowing stalled business projects to resume. Despite the optimism, challenges remain. Experts caution that this is just the first step in what will be a long road to lasting peace. As former Indian military commander Deependra Singh Hooda noted, “At least the impasse has been broken,” but further confidence-building measures will be critical. The resolution of this border dispute could pave the way for deeper cooperation between the two nations, especially in a global context where both India and China are key players in shaping regional stability. For now, the world watches to see how this agreement will unfold in the months to come.

India and China just reached a landmark agreement to de-escalate border tensions! Here's what happens now

<keyword id="22003705" type="General" weightage="20" keywordseo="Indian-traders" source="keywords">Indian traders</keyword> involved in <keyword id="22003703" type="General" weightage="20" keywordseo="border-trade" source="keywords">border trade</keyword> with China through the <keyword id="22003704" type="General" weightage="20" keywordseo="Lipulekh-pass" source="keywords">Lipulekh pass</keyword> in Pithoragarh district since 1992, have requested the central government to take up the issue of resumption of border trade through this route with Beijing. The trade route was closed rather suddenly after the outbreak of the Covid-19 pandemic in 2019, forcing Indian traders to return from the <keyword id="22003706" type="General" weightage="20" keywordseo="Taklakot-mart" source="keywords">Taklakot mart</keyword> in Tibet leaving behind their woollen products. Five years have passed but the route has not been opened, an organisation of border traders in Dharchula said. The traders who belong to the <keyword id="22005864" type="General" weightage="20" keywordseo="Bhotia-tribe" source="keywords">Bhotia tribe</keyword> started to raise their demand for reopening of the trade route through Lipulekh after China recently began the process of implementing a pact, in which it had agreed to open all 14 trade passes with Nepal. The implementation of the agreement inked by China and Nepal in December, 2022 began on May 25 this year, when China opened Piangi pass situated in Dolpa district of eastern Nepal, president of Bharat Tibetan Simant Vyapar Samiti, Dharchula Jeewan Singh Rongkali said. Three more passes along the Indo-Tibet border in the western region of Nepal that fall in the districts of Humla, Bajang and Darchula will be opened on June 20, 30 and 25 respectively, he said. "We have so far sent 22 applications to the government of India requesting it to take up with the Chinese authorities the reopening of the trade route through Lipulekh pass but have received no response so far," Rongkali said. According to Rongkali, Indian tribal traders from Dharchula alone have left trading items worth Rs 15 lakh in <keyword id="22005865" type="General" weightage="20" keywordseo="taklakot" source="keywords">Taklakot</keyword> Mart of Tibet at the time of closure of border trade in 2019, following the Covid-19 pandemic. "We have no information if our stored goods are safe or in a state of decay. They were stored in plywood covers at the time of closure of trade," Rongkali said. "We want trade with China to be resumed through Lipulekh pass but if for some reason it is not possible then the traders should be given 15 days' time to go to Taklakot to ring back their goods," he said. Goods of over 450 Indian tribal traders have been lying there for the last 5 years, he said. According to Rongkali, over 450 Indian traders used to supply essential goods to villagers of over 45 villages of western Tibet through this trade route since 1992. "Out of over 1.5 crore trade annually, we have paid lakhs of rupees towards customs duty and other taxes to the government of India," said Rongkali. China announced in the year 2022 that it will build trans Himalayan multi-dimensional connectivity with Nepal to restructure the road and communication network with that country, Rongkali said. "As China has not given permission to open our passes along the Indo-China border, we have an apprehension that the mart made for Indian traders in Gakkhu town of Taklakot could be handed over to Nepalese traders," said Rongkali.

Indian traders demand resumption of border trade with China through Lipulekh pass

<ul class="summary-list"><li>China's Xi Jinping negotiated a truce with India's leader, Narendra Modi.</li><li>They agreed to a patrolling arrangement on a disputed Himalayan border.</li></ul>At the <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">BRICS summit</a> in Russia this week, China's leader Xi Jinping and India's Prime Minister Narendra Modi shook hands for the first time in five years.The symbolic moment came after a deal was struck to resolve a long-standing feud between the Asian superpowers.In the lead-up to the summit, the countries announced they had reached a patrolling agreement that would reduce tensions along a disputed <a target="_blank" class="" href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">Himalayan border.</a>The dispute had led to deadly hand-to-hand combat in recent years, taking the lives of 20 Indian troops and at least four Chinese soldiers.After their meeting at the summit hosted by Russia's President Vladimir Putin, Xi and Modi said they would continue discussions on resolving the issue.<h2 id="997cee52-7fd6-4283-bf77-94e40a12b5cc">A setback for the US</h2>Some analysts believe it is a development that's unlikely to be welcomed in Washington, DC.The US has sought to recruit India to help it contain China's growing regional aggression alongside other members of the Quadrilateral Security Dialogue, a security pact that also includes Japan and Australia."So definitely, this is a setback for the United States of America's Indo-Pacific outlook, given the kind of rapprochement we are seeing in India-China relations, and particularly India, China and Russia coming together," Jagannath Panda, head of the Stockholm Center for South Asian and Indo-Pacific Affairs, told Business Insider."Putin, Xi, and Modi meeting definitely signals that there is a kind of understanding under the carpet that has happened, which is quite subtle," he said.It's an assessment echoed by Zhiqun Zhu, professor of political science and international affairs at Bucknell University."The thaw in India-China relations is a boon to both countries. This is particularly significant for China because India may now be less inclined to confront Beijing as part of Quad," Zhu told <a target="_blank" class="" href="https://www.voanews.com/a/india-china-deal-raises-questions-about-us-indo-pacific-strategy-/7838623.html">Voice of America. </a>"In this sense, the effectiveness of Quad would be diluted with a less enthusiastic India."<h2 id="baf534cf-4366-41b8-b9ef-d526ffe91fda">Competition between Asia's rival powers intensifies</h2>Tensions have been building between China and India for years.As the two biggest economies in Asia, the countries have long jostled for regional power, with the dispute over the Himalayan border a flashpoint that led to clashes in 2020, 2021, and 2022.Amid the stand-off, Chinese vessels have reportedly surveilled the Indian Ocean in <a target="_blank" class="" href="https://www.reuters.com/world/india/another-chinese-research-vessel-spotted-off-india-fuelling-unease-2024-03-11/">what experts told Reuters</a> was a likely intelligence-gathering operation, while India has strengthened its security ties with China's chief global rival, the US.In 2017 India played a key role in restarting the Quad, an alliance designed as a bulwark against growing Chinese influence and aggression in the Asia-Pacific region.But India has long sought to balance its relationship with rival superpowers the US and China, and does not at this point want to tie itself too closely to either side, say analysts.In addition to being a member of the Quad Alliance, it is a founding member of the BRICS, an <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">association of non-Western economies </a>that China has sought to transform into an alternative global economic power base to the US.<div type="image" title="India-China border" height="683" width="1024" msid="114594056" hostid="261" sizebytes="158650"></div>"This explains why it remains part of multilateral groupings with contradictory goals," said Praveen Donthi, a South Asia analyst with the Eurasia Group in Washington, DC, pointing to both its membership of the US-aligned Quad and China-dominated BRIC group.The truce comes with China on the back foot diplomatically, said Panda, pointing to its damaged relations with Europe and the US after its support f<a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">or Russia's invasion of Ukraine.</a>"One could draw a conclusion at this point that probably the Chinese are more interested to rebuild the ties with India than the other way round," said Panda.He said there's also the possibility that Xi has reached an agreement with Modi behind the scenes for India to remain silent if China acts on its longstanding ambition to seize back control of Taiwan.Such a move would likely draw in the US and its other regional allies, who have pledged to help defend<a target="_blank" class="" href="https://www.businessinsider.com/china-taiwan-drone-swarms-uav-us-playing-catch-up-production-2024-10"> Taiwan's independence.</a>"I think China's bigger ambition and target is the Taiwan issue, and therefore they would not really like to continue the kind of tensions they were engaged in with India for the last three to four years," he said."Therefore, they would like to rebuild, and they would like to ensure that India does not react to the Taiwan issue so sensitively."In any case, its a setback in US attempts to include India in a deeper security alliance, he said."For a long time, the US has tried to develop security and defense ties with India," said Panda.For the time being, a truce suits both Russian and Chinese interests, Rahul Bhatia, an analyst at the Eurasia Group, said. But, he added, tensions remain.He said that though both parties have opened discussions about the border dispute, the underlying problem remains unresolved, and future flare-ups are likely.Donthi said the progress between the leaders could also be derailed if tensions between the US and China increase."This comes as a relief after four years of eyeball-to-eyeball troop deployment in the Himalayas. However, it's only the beginning," he said.

Xi undercut the West by negotiating a truce in China's long feud with India

<ul class="summary-list"><li>US lithium production is set to spike with new projects advancing in Nevada and California.</li><li>The expansion aims to reduce reliance on China for critical minerals and electric-vehicle batteries.</li></ul>The US is on the cusp of a lithium boom after years of laying the groundwork for an electric-vehicle supply chain that doesn't rely on China.Within the past month, the Biden administration has approved the Rhyolite Ridge lithium-boron mine in Nevada and loaned $2.6 billion to the company developing Thacker Pass, another lithium mine in the state. A project in California's Salton Sea started construction earlier this year. The three sites, expected to come online between 2026 and 2028, would massively increase the US's lithium supply. Since the 1960s, only one site, Silver Peak, in Nevada, has operated in the country.The expansion is aimed at curbing China's control over the metals used in EV batteries and other renewable-energy technologies that countries need to decarbonize their economies. While most of the world's lithium is produced in Australia and South America, some two-thirds of it is processed in China, which also dominates EV-battery manufacturing. The US imports about 25% of its lithium supply from Chile and Argentina, but an analysis of federal data by the Atlantic Council found that it relied on China for about 70% of its lithium-ion batteries in 2023."If we're electrifying the transportation industry, you don't want to rely on any one country," Bernard Rowe, a managing director of Ioneer, which is developing Rhyolite Ridge, told Business Insider. "There was a recognition that there had to be domestic production."<div type="image" title="A customs officer holds powdery white lithium carbonate during an inspection at Shanghai İnternational Port on June 6, 2022." height="683" width="1024" msid="114817441" hostid="261" sizebytes="27062"></div>The Biden administration is encouraging US mining and manufacturing through a mix of loans, grants, tax breaks, and research and development programs — a lot of which was authorized under the Inflation Reduction Act. The incentives cover activities including extracting critical minerals like lithium; manufacturing solar, wind, and battery parts; buying EVs; and recycling components.Rowe argued that while the US alone can't meet the skyrocketing demand for lithium due to rising sales of EVs and battery storage, some of the supply has to be sourced domestically for national security reasons.Karl Friedhoff, a fellow for Asia studies at the Chicago Council on Global Affairs, agreed. He said there's no world in which the US and its partners can quickly compete with China on critical minerals; China already has so much capacity that it sets global prices."The question then is, can the US and other partner countries create a supply chain that meets their basic requirements," Friedhoff, who's part of a project exploring how the US, Japan, Australia, and India can cooperate to shift supply chains away from China. "Can we supply our own batteries? Can we build our own battery technologies? Do we have enough rare-earth elements for defense?"Based on estimates from Ioneer and other lithium project developers, the US could produce more than enough supply for the 1.4 million EVs sold in the country last year, which accounted for 7% of the auto market.The Biden administration wants EVs to account for at least 50% of car sales by 2030, and states like California and Texas are quickly deploying more battery storage to help balance stressed power grids. In September, the White House said US lithium production was on track to meet one-fifth of global demand outside of China this decade.<h2 id="c11b28df-2899-481e-8b55-b52898315793">Some environmentalists, Native tribes are alarmed</h2>The lithium projects haven't been without controversy, however. The Center for Biological Diversity <a target="_blank" href="https://biologicaldiversity.org/w/news/press-releases/blm-grants-final-approval-to-nevada-lithium-mine-threatening-biodiversity-cultural-landscapes-2024-10-24/?_gl=1*jmu4dt*_gcl_au*MTc3Mjg1OTA3Ni4xNzI5ODYzNzkz">has threatened to sue the Biden administration</a> over its permit for Rhyolite Ridge, arguing that the project could drive an endangered wildflower to extinction. The Western Shoshone Defense Project, which works to protect the Western Shoshone peoples' native homelands, says the mine threatens local water sources and culturally important sites.<div type="image" title="A Tiehm's buckwheat plant in Esmeralda County, Nevada, grows beside where the Rhyolite Ridge lithium-boron mine is planned." height="682" width="1024" msid="114817435" hostid="261" sizebytes="82450"></div>Thacker Pass faced similar opposition, but a federal judge last year dismissed a lawsuit from three Native tribes who argued that the mine's construction near a sacred site along Nevada's border with Oregon violated the law, <a target="_blank" href="https://apnews.com/article/lithium-mine-tribes-climate-energy-lawsuit-nevada-7a65eee7d78d93a1e44e3f8e10445143">the AP reported</a>.Rowe said Ioneer redesigned the Rhyolite Ridge mine to limit its footprint in the critical habitat of the endangered wildflower, Tiehm's buckwheat. He said Ioneer would also monitor the pollinator population and adopt dust-control strategies. The Biden administration, in issuing the permit for the mine, said it would not jeopardize the flower's survival.Some companies are working on <a target="_blank" href="https://www.businessinsider.com/lithium-mining-electric-vehicles-climate-crisis-2023-5">direct lithium extraction techniques</a> that don't involve open-pit mining or large evaporation ponds and therefore could require less land and water and produce less toxic chemical waste. Controlled Thermal Resources is developing such a project in the Salton Sea, where lithium-rich brine is already being used to power geothermal plants.Tapping the US's newly discovered lithium resources likely hinges on the new extraction techniques, which currently cost more than traditional methods and still haven't been used commercially. The US Geological Survey this month estimated that there's enough lithium underneath southwestern Arkansas to meet the projected global demand for car batteries in 2030 nine times over.Actually extracting that lithium, including from brines left over from oil and gas production in the region, depends on whether the direct extraction techniques are viable, USGS researchers said.

The US is on the cusp of a lithium boom to loosen China's grip on EVs

<ul class="summary-list"><li>India's Prime Minister Narendra Modi is in Russia to visit its president Vladimir Putin. </li><li>It's a visit that risks annoying India's ally the US. </li></ul>When India's prime minister arrived in Moscow on Tuesday, he greeted Russia's famously chilly president, Vladimir Putin, with an exuberant bear hug.It was a move likely <a target="_blank" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">to rile the US, </a>India's most important geopolitical ally, which has placed pressure on New Delhi to loosen its ties with Russia over Putin's invasion of Ukraine.But Prime Minister Narendra Modi's fear of China — a key Russian ally — means that he's willing to risk American anger to keep Putin close."New Delhi sees Moscow as an important buffer in their relationship due to Moscow's strong ties with Beijing," Sarang Shidore, an analyst at the Quincy Institute, told Business Insider."It is not in Russia's interest to have China and India at loggerheads, so it could, to a degree, act as a restraining agent."<h2 id="0ad4840d-1eb0-4f3e-a27c-3953a5a682f0">India ignores US pressure to cut Russia ties</h2>During the Cold War, the Soviet Union was among India's most important allies, with the Kremlin providing military support during India's clashes with Pakistan.They've remained close ever since, but the relationship is being tested anew in the fallout from the Ukraine war.The US has attempted to persuade India to take part <a target="_blank" href="https://apnews.com/article/russia-ukraine-united-nations-general-assembly-biden-narendra-modi-india-82c9273cf3143cf16e9da23c3dd48170">in its campaign to isolate</a> Russia over the Ukraine invasion — but with little success."Russia is one of India's oldest strategic partners, and New Delhi wants to maintain this relationship regardless of Russia's diplomatic isolation following the war in Ukraine," Rahul Bhatia, an analyst at the Eurasia Group, told BI.India has increased its purchase of Russian goods, including oil and fertilizer, at reduced prices after the US imposed sanctions on Russia.It continues to buy Russian armaments, with around <a target="_blank" href="https://economictimes.indiatimes.com/news/defence/more-than-60-70-of-india-armed-forces-equipped-with-russian-origin-weapons-indian-envoy/articleshow/76903811.cms?from=mdr">70% of its weapons systems believed to be Russian</a>-made, and its military reliant on the Kremlin for spare parts and upgrades."Taking a hardline position against Russia could have both economic and security ramifications for India," said Richard Rossow, an analyst at the Center for Strategic and International Studies.<h2 id="a68bd311-605c-44db-97ac-44c2056c27c0">China's threat to India increases</h2>The threat from Chinese leader Xi Jinping is another key factor in Modi's determination to ignore US pressure and retain good ties with Putin.China's regional might is growing, and it's menacing India, Asia's other major economic power.In 2020, a long-simmering border dispute resulted in deadly clashes between Indian and Chinese troops. China ha<a target="_blank" href="https://www.businessinsider.com/china-produces-vast-undersea-maps-submarine-warfare-report-says-2024-1">s bolstered its presence in the Indian Ocean</a>, and the two are jostling for influence in countries in the region.China has built stronger ties with Russia in the wake of the Ukraine invasion, hoping a Russian victory<a target="_blank" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7"> will damage US power and enhance its own global</a> might. And it's this friendship Modi's seeking to drive a wedge between."There is a real chance of future conflicts, and India would prefer to avoid Russia exporting advanced military hardware to China," said Rossow.Some Indian analysts believe that China poses a greater threat to Russia than NATO in the long term and that India can exploit those differences."The Russia-China 'alliance' may be short-term in nature, and that historical conflicts between the two, such as over their long border and under-developed natural resources in Russia's east, will resurface and trigger renewed tensions," said Morrow.But for the time being, Russia's new "no limits"<a target="_blank" href="https://www.businessinsider.com/russia-economy-china-no-limits-partnership-yuan-bank-loans-sanctions-2024-2"> partnership has got Modi worried</a>, and he'll likely be hoping for a swift end to the Ukraine war. By maintaining good relations with Putin he's hoping he can contain the fallout."The war does not at all benefit its interests. The war also opens the door to legitimizing violations of territorial integrity, and endangers a principle that New Delhi has backed strongly," said Shidore.

Fear of China is behind India's exuberant display of friendship with Vladimir Putin 

<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

South Asia is a treasure trove of diverse landscapes, cultures, and histories. Here, we’ll explore the beautiful countries that share borders with India: <keyword id="12266" type="General" weightage="20" keywordseo="nepal" source="Orion">Nepal</keyword>, <keyword id="6356598" type="General" weightage="20" keywordseo="Bhutan" source="Orion">Bhutan</keyword>, <keyword id="3001" type="General" weightage="20" keywordseo="Pakistan" source="Orion">Pakistan</keyword>, <keyword id="1334" type="General" weightage="20" keywordseo="China" source="Orion">China</keyword>, Bangladesh, and Myanmar, as well as the maritime border with Sri Lanka. Each of these nations offers unique experiences and breathtaking beauty. <cmsannotation type="cmsannotation" annotationid="Nepal: The Himalayan Jewel" comment="subhead" text="Nepal: The Himalayan Jewel">Nepal: The Himalayan Jewel</cmsannotation> <div type="image" title="Nepal" msid="110382276" hostid="261" sizebytes="187574" caption="&amp;lt;p&amp;gt;Majestic peaks of the Himalayas await adventurous souls in Nepal.&amp;lt;/p&amp;gt;"></div>Located in the lap of the majestic Himalayas, Nepal is a paradise for nature lovers and adventurers alike. The towering peaks, including Mount Everest, the highest point on earth, draw trekkers from around the globe. Beyond the mountains, Nepal is rich in cultural heritage with ancient temples, monasteries, and vibrant festivals. Highlights: Trekking in the Annapurna and Everest regions Exploring the historic Kathmandu Valley Visiting the birthplace of Buddha in Lumbini <cmsannotation type="cmsannotation" annotationid="Bhutan: The Land of the Thunder Dragon" comment="subhead" text="Bhutan: The Land of the Thunder Dragon">Bhutan: The Land of the Thunder Dragon</cmsannotation> <div type="image" title="Bhutan" msid="110382305" hostid="261" sizebytes="132570" caption="&amp;lt;p&amp;gt;Bhutan&amp;#39;s spiritual serenity&amp;lt;/p&amp;gt;"></div>Bhutan, known for its serene landscapes and rich cultural heritage, is a country that measures success by Gross National Happiness rather than GDP. The country's lush valleys, towering cliffs, and pristine forests make it a haven for nature enthusiasts. Highlights: Witnessing the breathtaking architecture of Paro Taktsang (Tiger’s Nest Monastery) Experiencing vibrant festivals like Tshechu Exploring the capital city, Thimphu, and its impressive Dzongs <cmsannotation type="cmsannotation" annotationid="Pakistan: The Land of Ancient Civilizations" comment="subhead" text="Pakistan: The Land of Ancient Civilizations">Pakistan: The Land of Ancient Civilizations</cmsannotation> <div type="image" title="Pakistan" msid="110382361" hostid="261" sizebytes="63724" caption="&amp;lt;p&amp;gt;Step back in time amidst the ancient ruins of Mohenjo-Daro and Harappa.&amp;lt;/p&amp;gt;"></div>Pakistan is a country of stunning landscapes, from the peaks of the Karakoram Range to the arid expanses of the Thar Desert. It's also home to ancient archaeological sites, bustling cities, and a rich tapestry of cultures. Highlights: Visiting the ancient ruins of Mohenjo-Daro and Harappa Trekking through the beautiful valleys of Hunza and Swat Exploring the vibrant city of Lahore with its Mughal-era landmarks <cmsannotation type="cmsannotation" annotationid="China: The Middle Kingdom" comment="subhead" text="China: The Middle Kingdom">China: The Middle Kingdom</cmsannotation> <div type="image" title="China" msid="110382391" hostid="261" sizebytes="160816" caption="&amp;lt;p&amp;gt;The Great Wall stands as a testament to China&amp;#39;s enduring history and grandeur.&amp;lt;/p&amp;gt;"></div>China, one of the world's oldest civilisations, shares a long and complex history with India. It offers a vast array of landscapes, from the Great Wall stretching across arid deserts to the serene beauty of its countryside. Highlights: Walking along the Great Wall Exploring the Terracotta Army in Xi’an Experiencing the vibrant culture and modern marvels of Beijing and Shanghai <cmsannotation type="cmsannotation" annotationid="Bangladesh: The Land of Rivers" comment="subhead" text="Bangladesh: The Land of Rivers">Bangladesh: The Land of Rivers</cmsannotation> <div type="image" title="Bangladesh" msid="110382434" hostid="261" sizebytes="77384" caption="&amp;lt;p&amp;gt;The Sundarbans, where the mystical allure of the Bengal tiger awaits.&amp;lt;/p&amp;gt;"></div>Bangladesh is characterised by its lush greenery, numerous rivers, and rich cultural heritage. It’s a country where the simple, rural life offers a stark contrast to its bustling cities. Highlights: Exploring the Sundarbans, home to the Bengal tiger Visiting the ancient city of Paharpur Experiencing the lively capital, Dhaka, with its vibrant markets and historical sites <cmsannotation type="cmsannotation" annotationid="Myanmar: The Golden Land" comment="subhead" text="Myanmar: The Golden Land">Myanmar: The Golden Land</cmsannotation> <div type="image" title="Myanmar" msid="110382468" hostid="261" sizebytes="94416" caption="&amp;lt;p&amp;gt;Bagan&amp;#39;s golden spires paint a mesmerizing skyline across ancient plains.&amp;lt;/p&amp;gt;"></div>Myanmar, with its golden pagodas, rich history, and diverse ethnic cultures, is a country that captivates travellers. From the serene shores of Inle Lake to the bustling streets of Yangon, there's much to discover. Highlights: Marvelling at the thousands of temples in Bagan Cruising on the Irrawaddy River Visiting the Shwedagon Pagoda in Yangon <cmsannotation type="cmsannotation" annotationid="Sri Lanka: The Pearl of the Indian Ocean" comment="subhead" text="Sri Lanka: The Pearl of the Indian Ocean">Sri Lanka: The Pearl of the Indian Ocean</cmsannotation> <div type="image" title="Sri Lanka" msid="110382497" hostid="261" sizebytes="193556" caption="&amp;lt;p&amp;gt;Serene beaches and lush tea plantations define Sri Lanka&amp;#39;s tropical paradise.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>While Sri Lanka doesn’t share a land border with India, it lies close by in the Indian Ocean. This island nation is known for its beautiful beaches, lush tea plantations, and rich cultural heritage. Highlights: Relaxing on the pristine beaches of Bentota and Mirissa Exploring the ancient city of Sigiriya and its rock fortress Taking a scenic train ride through the tea plantations in Nuwara Eliya The countries bordering India each offer unique experiences and landscapes, making South Asia a rich and diverse region to explore. Whether you’re seeking the serenity of the Himalayas, the cultural richness of ancient civilisations, or the natural beauty of lush landscapes, these neighbouring countries have something special to offer every traveller.

India's stunning neighbouring countries that you must visit

<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

India was the fourth largest military spender globally in 2023 with an expenditure of USD 83.6 billion, behind the US, China and Russia, according to a report by an independent international think-tank. The report by Stockholm International Peace Research Institute (SIPRI) shared on its website in April also said the "rise" in global military spending last year can be attributed "primarily to the ongoing war in Ukraine and escalating geopolitical tensions in Asia and Oceania and the Middle East". The military expenditure went up in all five geographical regions, with major spending increases recorded in Europe, Asia and Oceania and the Middle East, it said. The report comes amid ongoing conflicts in various parts of the world such as the ones involving Israel-Hamas, Iran-Israel, Russian-Ukraine besides volatility in the Red Sea region. "World military expenditure increased for the ninth consecutive year in 2023, reaching a total of USD 2443 billion. The 6.8 per cent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded," according to the report. The <keyword id="21404979" type="General" weightage="20" keywordseo="world-military-burden" source="keywords">world military burden</keyword> -- defined as military spending as a percentage of global gross domestic product (GDP) -- increased to 2.3 per cent in 2023. Average military expenditure as a share of government expenditure rose by 0.4 percentage points to 6.9 per cent in 2023 and world military spending per person was the highest since 1990 at USD 306, it added. With military expenditure of USD 83.6 billion in 2023, India was the "fourth largest spender globally". Indian spending was up by 4.2 per cent from 2022 and by 44 per cent from 2014. The increase in India's military spending was "mainly a result of growing personnel and operations costs" which made up almost 80 per cent of the total military budget in 2023, the <keyword id="20911352" type="General" weightage="20" keywordseo="SIPRI-report" source="keywords">SIPRI report</keyword> claimed. "This aligns with the government's priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan. In comparison, capital outlays to fund military procurement remained relatively stable at around 22 per cent of the budget in 2023," it said. A total of 75 per cent of these outlays went towards equipments produced domestically, which was the highest level ever and up from 68 per cent in the previous year. The continued shift towards domestic procurement reflects India's goal of becoming self-reliant in arms development and production, the think-tank said in its repot fact sheet shared on its website. The Indian Army has maintained that deployment of its troops and other elements along the LAC is "extremely robust" and "balanced". The eastern <keyword id="21271073" type="General" weightage="20" keywordseo="Ladakh-border-standoff" source="keywords">Ladakh border standoff</keyword> erupted on May 5, 2020, following a violent clash in the Pangong Lake area. The ties between India and China nose-dived significantly following the clash in the Galwan Valley in June 2020 that marked the most serious military conflict between the two sides in decades. SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, it provides data, analysis and recommendations based on open sources to policymakers, researchers, media and the interested public. The Stockholm-based think-tank monitors developments in military expenditure worldwide and maintains the most comprehensive, consistent and extensive publicly available data source on military expenditure, according to its online portal. The US military spending was USD 916 billion in 2023, which was 2.3 per cent more than in 2022 and 9.9 per cent more than in 2014, the report said. The US remained by far the largest spender in the world, allocating 3.1 times more to the military than the second largest spender China. "The biggest percentage increase among all US military spending categories in 2023 was for 'research, development, test and evaluation (RDT&amp;E)". The Stockholm-based think-tank also said in its report that Ukraine was the "eighth largest spender" in 2023 after a spending surge of 51 per cent to reach USD 64.8 billion. This gave Ukraine "a military burden of 37 per cent and represented 58 per cent of total government spending". "Ukraine's military spending in 2023 was 59 per cent the size of Russia's. However, Ukraine also received at least USD 35 billion in military aid during the year, including USD 25.4 billion from the US. Combined, this aid and Ukraine's own military spending were equivalent to about 91 per cent of Russian spending," the report claimed. According to the report, Russia's military spending increased by 24 per cent to an estimated USD 109 billion in 2023. "China, the world's second largest military spender, allocated an estimated USD 296 billion to the military in 2023, an increase of 6 per cent from 2022. This was the 29th consecutive year-on-year rise in China's military expenditure. China accounted for half of total military spending across the Asia and Oceania region. Several of China's neighbours have linked their own spending increases to China's rising military expenditure," the Stockholm-based think-tank claimed in its report. In 2023, the 31 <keyword id="20763732" type="General" weightage="20" keywordseo="NATO-members" source="keywords">NATO members</keyword> accounted for USD 1,341 billion, equal to 55 per cent of the world's military expenditure, the report said. 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India fourth largest military spender globally in 2023: SIPRI report

<ul class="summary-list"><li>"We will not stop at that (three carriers)," India's defense minister recently said.</li><li>Five or six aircraft carriers would give India a force equal to that of China.</li></ul>India may build a fleet of five to six new aircraft carriers, according to a comment from the country's defense minister that's been widely debated about whether that's a good strategy or if the offhand remark was even serious.The Indian Navy operates two small aircraft carriers. Four more would give India a carrier force on par with China's growing one. And it would not be much smaller — at least in number of vessels — than the US Navy's 11 supercarriers.But whether this ambitious shipbuilding project will happen is another matter. Many Indian experts are convinced it's a bad idea.Exactly what the Indian government is thinking isn't clear. During an <a target="_blank" href="https://www.tribuneindia.com/news/india/work-on-third-aircraft-carrier-to-start-soon-more-to-follow-says-rajnath-621319">interview</a> with an Indian newspaper regarding plans to construct a third aircraft carrier, Defense Minister Rajnath Singh said India would build yet more. "We will not stop at that (three carriers)," he said. "We will make five, six more."Some Indian experts aren't sure the government is even serious about this. The defense minister "seemingly made an off-the-cuff remark that was picked up by the media," Abhijit Singh, a former Indian naval officer and now an analyst at the Observer Research Foundation think tank in New Delhi, told Business Insider. "He was only trying to dispel suggestions that the government is resistant to a proposal for a third aircraft carrier."Nonetheless, there are compelling reasons why India might want a large carrier fleet. India's rival China now has three carriers, including the newly launched 80,000-ton <a target="_blank" href="https://www.businessinsider.com/chinas-newest-aircraft-carrier-seen-with-aircraft-mock-ups-images-2024-4">Fujian</a>, and may aim for a fleet of six carriers by 2035. China — which <a target="_blank" href="https://www.businessinsider.com/chinese-troops-beat-indian-soldiers-batons-wrapped-in-barbed-wire-2020-6">fought</a> border clashes with India in the <a target="_blank" href="https://www.businessinsider.com/after-himalayan-clash-india-prepares-navy-to-take-on-china-2021-6">Himalayas</a> in 2020 — is beginning to project its power into the <a target="_blank" href="https://warontherocks.com/2024/05/its-still-the-indian-ocean-parsing-sino-indian-naval-competition-where-it-counts/">Indian Ocean</a>, which is India's maritime backyard."It is expected that the Chinese will permanently station one of its CBGs [carrier battle groups] in the Indian Ocean, supported by its various bases in Djibouti (on the western edge of the Indian Ocean), <a target="_blank" href="https://www.businessinsider.com/rapid-construction-at-cambodia-base-amid-concern-about-china-presence-2021-6">Ream in Cambodia</a> (on the eastern edge of the Indian Ocean), and Gwadar in Pakistan, Hambantota in Sri Lanka, and Kyaukpyu in Myanmar," warned India's <a target="_blank" href="https://swarajyamag.com/defence/countering-chinas-expansion-india-to-build-five-to-six-more-aircraft-carriers-in-future-defence-minister-rajnath-singh">Swarajya</a> magazine.Interestingly, Swarajya magazine also suggested that carriers could project Indian power into the South China Sea, which is China's maritime backyard. Indian warships have periodically sailed in those waters.<div type="image" title="A view from the sloped bow of the INS Vikrant that carries MiG-29K fighter jets." height="1333" width="2000" msid="110619274" hostid="261" sizebytes="239670"></div>India has two carriers of around 45,000 tons each: the Vikramaditya (a refurbished former Soviet vessel) and the Vikrant, India's first home-built carrier. Both are <a target="_blank" href="https://interestingengineering.com/lists/ski-jumps-catapults-aircraft-carrier">ski-jump</a> designs that launch the troubled Soviet-era MiG-29K under its own power because it lacks catapults. Despite early speculation that the proposed third carrier would be a 65,000-ton ski-jump design similar to Britain's <a target="_blank" href="https://www.businessinsider.com/uks-flagship-carrier-embarrassing-setback-pulls-out-big-nato-exercise-2024-2">Queen Elizabeth-class</a>, the Indian government appears to be opting for a <a target="_blank" href="https://www.newsweek.com/india-third-aircraft-carrier-china-indian-pacific-ocean-region-1847935">45,000-ton vessel</a> similar to the Vikrant, and carrying French-made <a target="_blank" href="https://www.businessinsider.com/frances-rafale-fighter-jet-popular-dassault-cant-keep-up-2024-3">Rafale fighters</a>.This means that Indian carriers would continue to be less than half the size of the 100,000-ton, nuclear-powered US Nimitz- and Ford-class behemoths, which are equipped with steam or electromagnetic catapults that can launch heavier planes, especially airborne early warning aircraft; China's Fujian also uses an advanced electromagnetic catapult. They would also be less expensive, with the third Indian carrier estimated at around $5 billion, compared to $13 billion for a Ford-class carrier.In fact, some Indian naval experts would prefer a larger carrier equipped with catapults. "Small aircraft carriers, like those India possesses, are increasingly vulnerable and unlikely to play a significant role in future conflicts," Singh, the defense analyst, said. "Unfortunately, the country lacks the funding for a large carrier and can only afford another small flattop. This presents a predicament with no easy solutions."On the other hand, there is a reason why America builds enormously expensive aircraft carriers. Its global interests arguably require the ability to dispatch and maintain floating airfields around the world, often in distant places where airbases aren't available. For India and China, which have a more regional focus, smaller vessels may suffice.For India, carriers are more than floating airfields. They are symbols of national power. Thus regardless of their military utility against a powerful adversary like China, carriers would enable India support other operations, such as humanitarian, peacekeeping and anti-piracy missions."The consensus among India's maritime observers is that the aircraft carrier remains central to maritime strategy, not just for its ability to dominate the littoral but also for its crucial peacetime role," said Abhijit Singh. "In less-than-war situations, the flattop can shift the psychological balance in ways no other naval platform can. Despite its drawbacks, the aircraft carrier's aura and impact in peacetime operations are unmatched."Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

A bizarre comment stirred speculation India may try to match China's carrier fleet 

Surat, To compete with China on the economic front, India should focus on manufacturing, a key sector which was ignored by governments before Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> came to power in 2014, External Affairs Minister <keyword id="19922782" type="General" weightage="20" keywordseo="s-jaishankar" source="keywords">S Jaishankar</keyword> has said. Noting that tension at the border with China has caused "abnormality" in New Delhi-Beijing relations, he said India's thinking is absolutely clear that unless there is peace and stability in the border areas, the ties between the two Asian powers will not improve. "If we have to compete with China, which we should, then its solution is that we should focus on manufacturing here. Our approach towards manufacturing has changed after Modiji came to power. Before that, people did not give much emphasis on manufacturing," <keyword id="19920247" type="General" weightage="20" keywordseo="jaishankar" source="keywords">Jaishankar</keyword> said during his interaction with industry leaders at a programme in Surat on Monday. There is no other way to counter China on the economic front, insisted the career diplomat-turned-politician while replying to questions from audience members on how he saw India's relationship with the world's second largest economy as it moves towards becoming a USD 5 trillion economy. Jaishankar was speaking at a corporate summit on "Bharat's Economic Rising," organised by the Southern Gujarat Chamber of Commerce and Industry (SGCCI). "If we talk of rising Bharat, it will rise through technology. You cannot build strong technology on weak manufacturing. At any cost, we should put special emphasis on manufacturing, because that is the only economic response," the Union minister maintained. Jaishankar, a former ambassador to China, emphasised that tension at the border has affected Sino-Indian ties. "As you know, there is tension at the border (with China). And this has caused abnormality in our relations. For that our thinking is very clear that unless there is peace and stability at the border, the relations will remain in the same deteriorated condition," he said. Asked about relationship with Pakistan which remains strained and New Delhi's fight against terrorism sponsored from across the border, Jaishankar asserted India should never compromise on terrorism. "For us to tolerate, justify (terrorism) -- are all wrong. The only response to terrorism is counter-terrorism. And they should understand this to make it a deterrent," he added. Asked about the future of the <keyword id="20139090" type="General" weightage="20" keywordseo="world-trade-organisation" source="keywords">World Trade Organisation</keyword> amid China dumping goods in India through dubious methods and advanced countries using the WTO to their own convenience, the minister said while it has its own set of challenges, New Delhi should never leave the global forum. "It (WTO) is a formal and accepted forum for talks. Here we would put forward our point, work with allies to save our interest. We recently held a meeting on fishing. We should also explore arrangements at bilateral and group levels," he noted. In his speech at the corporate summit, Jaishankar emphasised that reforms carried out by the government and policies framed to counter COVID-19 have helped India emerge from the pandemic and strengthen its economic position to such an extent that today "we are the fastest growing large economy". "This is one reason why global perception about India has changed," he said. Given India's leadership role, vision, stability, confidence and foreign investment figures, the world wants to collaborate with "us in our journey", the external affairs minister said. "This is a very auspicious occasion for us to engage with the world in different ways in different spheres. This is the India of Chandrayaan and UPI, 5G stack and Covaxin which is respected by the world, and where the Modi government will ensure the safety of its people in any corner of the world. We have done this during the COVID-19 pandemic, in Ukraine, Sudan, and Israel," he noted. There is no doubt that India is rising, and now it is up to "us to see how we connect ourselves with the world and use opportunities and challenges thrown by it," Jaishankar said. "I want to assure you that the world's idea about India has changed a lot," the former IFS officer added. In the last 10 years, the United Arab Emirates' (UAE) thinking about India has changed. The UAE has entered into a free trade agreement with India and trade volume between the two countries has now reached the USD 80 billion-mark, Jaishankar pointed out. The scenario changed after PM Modi's UAE visit in 2015, which was the first trip to the Gulf country by an Indian prime minister after <keyword id="19913949" type="General" weightage="20" keywordseo="indira-gandhi" source="keywords">Indira Gandhi</keyword> went there in 1981, he said. When the US thinks of technology, it establishes a connection with India, he said and cited a roundtable on the issue organised at the White House during PM Modi's visit to buttress his point. An agreement for an economic corridor between India and Europe through Saudi Arabia and the UAE reached during G-20 meet last year and collaboration with the western world on emerging technologies such as semiconductors and drones have put the country in a unique position, he said. These countries think "that India is a unique, non-replaceable partner and (hence they) want to work with India at any cost," Jaishankar added. "Many countries want to enter into an FTA with India. Many of our negotiations are underway, but we believe we will only enter into such FTAs when benefits for us are clear and we are not hurt by opening doors for dumping," the minister said. Indian doctors and engineers are in great demand across the world, and the country wants to protect the interest of its people going abroad and ensure they are given equal treatment, he said. "For this, we enter into a mobility agreement with different countries. In the last two years, we have entered into mobility agreements with Germany, Austria, Italy, France and Australia. For us opportunities exist even outside the country, and they can come in different forms," Jaishankar said.

India must focus on manufacturing to compete with China on economic front: Jaishankar

In a recent campaign fundraising event, <keyword id="19905656" type="General" weightage="100" keywordseo="US-President-Joe-Biden" source="keywords">US President Joe Biden</keyword> sparked controversy by labelling US allies <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and <keyword id="19904740" type="General" weightage="20" keywordseo="Japan" source="keywords">Japan</keyword> as "xenophobic" nations alongside adversaries China and Russia, citing their reluctance to embrace immigrants. The remarks, made against the backdrop of an upcoming election and the celebration of Asian American and Pacific Islander Heritage Month, have ignited discussions about the differing immigration policies and economic landscapes among these countries. India has always been proud of its multi-ethnic identity, living with the motto ‘unity in diversity’. However, in recent times, our burgeoning population and youthful demographic also present a contrasting picture. The country has been grappling with the complexities of immigration, highlighted by the recent enactment of a controversial Citizenship (Amendment) Act. The move has drawn widespread criticism from the Western countries, questioning the country’s commitment to inclusive and secular values. Biden's comments come at a time when immigration policies are under intense scrutiny globally, particularly in the <keyword id="19900781" type="General" weightage="20" keywordseo="United-States" source="keywords">United States</keyword>, where the issue has been a focal point of political debates. “"This election is about freedom, America and democracy. That's why I badly need you. You know, one of the reasons why our economy is growing is because of you and many others. Why? Because we welcome immigrants," Biden told his supporters on Wednesday evening. "We look to - the reason - look, think about it. Why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they're xenophobic. They don't want immigrants," Biden, the presumptive candidate of the Democratic Party, said. Japan also faces demographic challenges due to a declining birth rate and an ageing population, Prime Minister Fumio Kishida's government has been exploring ways to attract foreign workers to address labour shortages. Despite historically strict immigration policies, Japan has been gradually opening its doors to skilled workers from abroad in recent years. Many commentators, however, pointed out that ‘<keyword id="20354349" type="General" weightage="20" keywordseo="xenophobia" source="keywords">Xenophobia</keyword>’ is rather a strong word to describe India or Japan as it implies a strong fear or prejudice against people from other ethnic backgrounds. Moreover, India and Japan are close allies of the US and members of QUAD — a four-member strategic security dialogue that also includes Australia. Immigration is among the most polarising issues in US politics, especially in the last three election cycles. The topic is expected to play a central role in this year’s presidential election as well. Estimates suggest that illegal border crossings have contributed to an average of 2 million influx into the United States per year since 2021 — the highest level ever. Polls so far show a broad public disapproval of how President Biden has handled the surge. Biden, however, praised the United States' stance on immigration, saying that the country thrives on diversity and welcomes immigrants as contributors to its strength and prosperity. Despite facing immigration challenges for decades, the U.S. has long prided itself on being a melting pot of cultures and a land of opportunity for immigrants seeking better lives. Earlier this week, a <a target="_blank" class="c-link" href="https://www.uscirf.gov/news-room/releases-statements/uscirf-releases-2024-annual-report-new-recommendations-us-policy">report</a> by the US Commission on International Religious Freedom flagged India as one of the ‘countries of particular concern’, along with countries like North Korea, Pakistan, Russia, Afghanistan, Azerbaijan and Saudi Arabia. India’s external affairs ministry said that the panel is a “biased organisation with a political agenda”. An <a target="_blank" class="c-link" href="https://au.news.yahoo.com/countries-most-racist-survey-says-175953523.html">analysis</a> last year based on the data from the World Values Survey (WVS) ranked Iran, Russia, Japan, China, and Greece as the five most racist countries in the world. India was not part of this analysis. However, in the past, international <a target="_blank" class="c-link" href="https://www.indiatoday.in/world/asia/story/india-among-world-most-racist-countries-britian-tolerant-survey-163396-2013-05-16">surveys</a> have ranked India among the most racist countries. The White House jumped into a firefighting mode after the President’s comments and sais that they were part of a broader discussion on the economic implications of immigration policies and the role of immigrants in driving growth and innovation. White House national security spokesman John Kirby said, “Our allies and partners know well in tangible ways how Prez Biden values them, their friendship, their cooperation and the capabilities that they bring across the spectrum on a range of issues, not just security related”. White House press secretary, Karine Jean Pierre, said, “The broader case that he was trying to make, which most leaders and allies across the globe understand that when it comes to who we are as a nation, we are a nation of immigrants. That is in our DNA. You have heard the prez say it, it makes us better, and we are stronger for it and that is a very important point to know.” As the world grapples with the complexities of immigration, Biden's remarks serve as a reminder of the ongoing dialogues over polarising topics at the intersection of immigration, economic prosperity, and national identity, across the globe. While opinions may vary on the best approach to immigration policy, the need for constructive and diplomatic dialogue and collaboration among nations remains paramount to navigate the current geo-political challenges. (With inputs from agencies)

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