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<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

<ul class="summary-list"><li>Russia's Navy Day saw participation from India and China, bolstering Putin's anti-Western ties.</li><li>There was a notable absence of Russia's Black Sea Fleet at the parade, after losses to Ukraine.</li></ul>Russia's Navy Day saw warships from India and China join the celebrations as President Vladimir Putin sought to project the strength of his anti-Western alliance.China sent the Jiaozuo, a Type 052D destroyer, and India sent the Tabar, a stealth frigate, to the naval parade in St Petersburg on Sunday, <a target="_blank" class="" href="https://t.me/MID_Russia/43624">according to Russia's foreign ministry</a>.Algeria also sent La Soummam, a training ship, the ministry said.<div type="image" title="Chinese navy destroyer Jiaozuo in St Petersburg, Russia to participate in the Navy parade in July 2024." height="667" width="1000" msid="112115940" hostid="261" sizebytes="68584"></div>According to <a target="_blank" class="" href="https://understandingwar.org/backgrounder/russian-offensive-campaign-assessment-july-28-2024">the Washington DC-based Institute for the Study of War</a>, the gathering was meant "to showcase Russia's relations with a number of non-Western states as part of efforts to create a supposed Russian-led group of states to rally against the West."In total, representatives of 31 countries — including Cuba, Vietnam, Egypt, and Brazil — attended, <a target="_blank" class="" href="https://aif.ru/politics/russia/ne-odna-na-prostorah-okeana-v-parade-vmf-prinyali-uchastie-druzya-rossii">according to Russian state-owned outlet Argumenty i Fakty</a>.The parade came amid ongoing efforts by the Kremlin to deepen ties with countries like India and China, which have sent warships to the Navy Day celebrations in previous years.<div type="image" title="Four children wave flags saying 'welcome back' in front of India's Tabar stealth frigate in Bombay, on 31 July 2004" height="500" width="1000" msid="112115942" hostid="261" sizebytes="51970"></div>Despite claiming not to support Russia's war in Ukraine, China has emerged as a major supplier of <a target="_blank" class="" href="https://www.forbes.com/sites/brianbushard/2024/04/12/china-sending-russia-missile-and-drone-parts-for-ukraine-war-us-reportedly-warns/">dual-use parts</a> crucial to its war effort — the sort of support that the US government has <a target="_blank" class="" href="https://www.businessinsider.com/us-says-china-giving-russia-support-behind-scenes-ukraine-war-2024-5">repeatedly called it out for</a>.The two countries have also long participated in joint military exercises and <a target="_blank" class="" href="https://media.defense.gov/2024/Jul/22/2003507411/-1/-1/0/DOD-ARCTIC-STRATEGY-2024.PDF">the Pentagon recently said</a> they are showing increasing willingness to collaborate in the Arctic.Even so, China and Russia's ties appear to be <a target="_blank" class="" href="https://www.businessinsider.com/china-and-russia-are-in-a-bad-marriage-that-the-west-shouldnt-try-to-break-up-2024-6">uneasy</a> and <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">opportunistic</a>, built more on a common desire to tamp down Western influence.Meanwhile, India's Prime Minister Narendra Modi's <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">recent trip</a> to Russia to meet with Putin also appeared to signal an indifference to US disapproval from India.President Joe Biden has attempted to persuade Modi to take a harder line on Russia, but this has <a target="_blank" href="https://apnews.com/article/russia-ukraine-united-nations-general-assembly-biden-narendra-modi-india-82c9273cf3143cf16e9da23c3dd48170">largely failed</a>.<h3 id="ce577fa9-a485-44dd-a9e2-a3d031d664c7">A conspicuous absence</h3>While Russia's Navy Day celebrations typically involve all its main military port cities, this year's didn't include Sevastopol, the naval base in occupied Crimea that hosts Russia's Black Sea Fleet.Prior to the 2022 invasion of Ukraine, Sevastopol regularly featured in the parade despite <a target="_blank" class="" href="https://www.rbc.ru/rbcfreenews/5f1fce329a79479d6ddfc9ad">the objections</a> of Ukraine's government.But now it is an active hot-war zone under continual pressure from Ukrainian forces, and Russia has largely relocated the remains of the fleet to the safer port of Novorossiysk, on its own shores.Commentators were quick to point out Sevastopol's absence, with European Council on Foreign Relations chief Carl Bildt posting the following graphic to X, making plain the extent of the fleet's losses: Meanwhile, Putin devoted part of his speech on the day to warning the US that Russia would retaliate if it pressed ahead with recently announced plans to locate long-range missile systems in Germany by 2026.Putin said his forces will take "mirror measures" in response.

India and China joined Russia's Navy Day celebrations as Putin tries to project anti-Western group

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

<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

<ul><li>“Our armed forces are always ready to stop any attempt of transgression at our borders,” <keyword id="6355121" type="General" weightage="20" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> told the Lok Sabha. </li><li>Indian and <keyword id="151196" type="General" weightage="20" keywordseo="chinese-troops" source="Orion">Chinese troops</keyword> clashed along the Line of Actual Control (LAC) in <keyword id="12277618" type="General" weightage="20" keywordseo="tawang-sector" source="Orion">Tawang sector</keyword> of Arunachal Pradesh on December 9. </li><li>The face-off resulted in "minor injuries to a few personnel from both sides", the Indian Army said on Monday. </li></ul>Defence Minister Rajnath Singh on Tuesday said that timely intervention by Indian Army stopped the Chinese PLA troops from encroaching on the country's territory during the December 9 face-off at Arunachal Pradesh's Tawang sector. Speaking in the Lok Sabha today, the Defence Minister said that Indian Army bravely stopped the Chinese People Liberation Army (PLA) PLA troops from encroaching on Indian territory, and forced them to withdraw to their posts. "On December 9, 2022 in the Yangtse area of Tawang sector PLA troops encroached upon and attempted to change status quo. This attempt was tackled by our troops in a determined manner. There was fist fight in during this face-off as well. Our troops bravely stopped PLA from encroaching upon our territory and forced them to go back to their post," Defence Minister Rajnath Singh said in the Lok Sabha. The minister said that the issue had been taken up with China through diplomatic channels. "After this incident, on December 11, the local commander of the area held a flag meeting with his Chinese counterpart under the established system and discussed this incident. The Chinese side was refused all such actions and told to maintain peace at the border," Singh told the Lok Sabha. The Defence Minister said that no <keyword id="1052484" type="General" weightage="20" keywordseo="indian-troops" source="Orion">Indian troops</keyword> were killed or seriously injured in the incident. Singh said, "In this face-off, a few soldiers on both sides suffered injuries. I'd like to tell this House that none of our soldiers died or suffered any serious injury. Due to the timely intervention of Indian military commanders, PLA soldiers have retreated to their own locations." "This matter has also been taken up with China through diplomatic channels. I want to assure the House that our forces are committed to guard our borders and ready to thwart any attempt that will be made to challenge it," Rajnath Singh said. "I am confident this House will respect the capability, valour and commitment of our armed forces, Singh said. On Monday the Indian Army in a statement said: "On December 9, PLA troops contacted the LAC in Tawang Sector which was contested by own (Indian) troops in a firm and resolute manner. This face-off led to minor injuries to a few personnel from both sides." "Both sides immediately disengaged from the area. As a follow up of the incident, own (Indian) commander in the area held a flag meeting with his counterpart to discuss the issue in accordance with structured mechanisms to restore peace and tranquillity," it said. Opposition members earlier today created a ruckus in Parliament over the clash between troops of India and China. Soon after Rajnath Singh's statement, Opposition leaders staged a walkout from Lok Sabha.

No loss of life or serious injury to our soldiers: Defence Minister Rajnath Singh on Tawang clash

<ul class="summary-list"><li>Russia has diverted most of its oil exports from Europe to India and China, a top official said.</li><li>The EU was the largest buyer of Russian crude oil and oil products, accounting for nearly half of the exports.</li></ul>Russia has overcome<a target="_blank" href="https://www.businessinsider.com/russias-economy-putin-ukraine-war-moscow-western-sanctions-eu-2023-8"> Western sanctions</a> against its oil exports by diverting all the shipments east, a top Russian official said on Wednesday.The European Union was the <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">single largest buyer</a> of Russian crude oil and oil products before the invasion of Ukraine, accounting for nearly half of such exports, according to a <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">Reuters</a> compilation of data.However, the trade bloc <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/011123-eu-ban-on-russian-oil-product-exports-will-reconfigure-markets-change-trade-flows-iea">started banning</a> Russian crude oil and oil product imports from December 5 last year, aiming to target Moscow's war chest and divert resources from its invasion of Ukraine.This year, Europe's share of Russian oil and petroleum exports tanked to just 4% to 5%, Alexander Novak, Russia's deputy prime minister, said in an interview with Rossiya-24 television, as translated by <a target="_blank" href="https://tass.com/economy/1726891">TASS state news agency.</a>But Russia has managed to get around the sanctions by trading with other major markets such as <a target="_blank" href="https://tass.com/economy/1726967">India and China,</a> Novak said.In particular, India has become a major new export destination for Russian oil."There were virtually no exports to India before. Over the past two years, the total share of exports to India increased to about 40%," Novak said.By comparison, China's share of Russian oil and oil products accounted for up to 50% of such exports last year, he added.Novak said many other countries, including those in Latin America and Africa, are interested in buying Russian energy.Russia expects its <a target="_blank" href="https://tass.com/economy/1727175">oil and gas revenues</a> to reach 9 trillion rubles, or roughly $100 billion this year — down from 11.6 trillion rubles in 2022. Benchmark oil futures have fallen about 7% so far this year.The Russian official also hit back at <a target="_blank" href="https://tass.com/economy/1727133">Western sanctions,</a> calling them "illegal," per the state-run media service TASS.Novak said Russia's experience in navigating sanctions in the last years proves that it can overcome such trade restrictions.Russia's diversion of its energy trade is contributing to its war chest as its invasion of Ukraine enters its 22nd month.Russia's economy has appeared to be resilient so far with the country reporting 5.5% GDP growth in the third quarter of this year. However, its official economic statistics are nearly impossible to verify and reports suggest that much of the country's growth is due to <a target="_blank" rel="" href="https://www.businessinsider.com/russia-war-economy-government-boom-crash-sanctions-ukraine-invasion-2023-8">massive military and government spending</a>.

Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official  

<ul class="summary-list"><li>Three years after a deadly clash, India and China's disputed border in the Himalayas remains tense.</li><li>Both sides are beefing up their presence there, basing more troops and building more infrastructure.</li></ul>Three years after the first deadly clash on India's and China's disputed Himalayan border in decades, the region <a href="https://www.usip.org/publications/2023/05/why-we-should-all-worry-about-china-india-border-dispute" target="_blank" rel="noopener">remains tense</a>.Repeated rounds of talks over disengagement <a href="https://thewire.in/diplomacy/no-progress-on-resolving-chinese-border-ingress-in-ladakh-in-18th-round-of-military-talks" target="_blank" rel="noopener">have failed</a>, and Chinese and Indian soldiers were wounded in another <a href="https://www.reuters.com/world/india/india-china-border-scuffle-injured-troops-both-sides-indian-defence-minister-2022-12-13/" target="_blank" rel="noopener">brawl</a> in December. Both countries continue <a href="https://www.thehindu.com/news/national/both-china-india-ramp-up-infrastructure-on-north-bank-of-pangong-tso/article67034490.ece" target="_blank" rel="noopener">to build up</a> military forces and infrastructure around hotspots on the border.An important part of that buildup has been China's deployment of light tanks, which can maneuver well on mountainous terrain and deploy quickly in large numbers. Their presence has exposed shortcomings in the Indian military's armored inventory, which relies heavily on main battle tanks that struggle in high altitudes.Consequently, India is planning to developing its own light tank to level the playing field.<h2>Light tanks</h2><div type="image" title="Army M24 Chaffee light tank Bologna Italy" height="1367" width="1823" msid="101441088" hostid="261" sizebytes="201378"></div>Light tanks are intended to provide direct support to infantry against enemy positions and light armored vehicles rather than square off against enemy tanks on their own. Their design puts an emphasis on speed and maneuverability at the cost of armor and firepower.Interest in light tanks is growing and <a href="https://www.businessinsider.com/amid-armor-battles-in-ukraine-militaries-building-new-light-tanks-2023-3" target="_top">isn't limited to India and China</a> — the US and Japan are also reinvesting in the concept — but China's and India's need is especially pronounced, as the terrain separating them is particularly difficult for main battle tanks.This was <a href="https://www.businessinsider.com/china-india-tanks-armor-could-make-future-war-much-deadlier-2021-5" target="_top">proved</a> in 2020 and 2021, when, as a result of a deadly border clash in Ladakh that killed 20 Indian soldiers and at least four Chinese soldiers, both countries deployed armored units to parts of the Himalayas with altitudes of 11,000 feet and higher.The low air pressure at those altitudes hindered the performance of tank engines, and freezing temperatures forced soldiers to turn their armored vehicles on for up to 30 minutes every two or three hours to prevent engine components from freezing. Heavier vehicles also had trouble with the terrain.Despite the difficulties for armored vehicles, neither side is willing to deploy troops to the area without them, largely because of the important role tanks still play on the battlefield.<h2>The Type 15</h2><div type="image" title="China Type 15 tank" height="1336" width="2000" msid="101441091" hostid="261" sizebytes="107876"></div>China has coped with these issues by deploying its <a href="https://www.armyrecognition.com/china_chinese_heavy_armoured_vehicle_tank_uk/vt5_light_weight_main_battle_tank_technical_data_sheet_specifications_pictures_video_11711164.html" target="_blank" rel="noopener">Type 15</a> light tank, one of the few modern light tanks produced in the 21st century.Unveiled <a href="https://www.chinadaily.com.cn/china/2016-11/03/content_27259981.htm" target="_blank" rel="noopener">in 2016</a>, the Type 15 — also known as the ZTQ-15 — is billed as a lighter, cheaper alternative to heavier, more complex tanks produced by Russia or Western countries. Weighing in at 33 tons to 36 tons, depending on its load, the Type 15 is considerably lighter than China's 41-ton <a href="https://www.militarytoday.com/tanks/type_96.htm" target="_blank" rel="noopener">Type 96</a> tank and 55-ton <a href="https://www.armyrecognition.com/china_chinese_heavy_armoured_vehicle_tank_uk/ztz99_type_99_wz123_main_battle_tank_technical_data_sheet_information_description_intelligence_uk.html" target="_blank" rel="noopener">Type 99</a> tank and less than half as heavy as recent versions of the US-made M1 Abrams.The Type 15 reportedly entered service in 2018, though it first appeared publicly as an <a href="https://www.armyrecognition.com/september_2019_global_defense_security_army_news_industry/new_light_tank_type_15_at_rehearsal_of_chinese_military_parade.html" target="_blank" rel="noopener">in-service</a> tank in 2020 during the military parade for the 70th anniversary of the founding of the People's Republic of China. China's military is believed to have about 500 in service.<div type="image" title="China Type 15 tank" height="1333" width="2000" msid="101441093" hostid="261" sizebytes="194556"></div>Its 105 mm rifled gun is equipped with an autoloader and it has an ammo capacity of 38 rounds. Its secondary armament comprises a remotely operated 12.7 mm heavy machine gun and 40 mm automatic grenade launcher. It has a top speed of 43 mph on paved roads and 25 mph off-road.The tank is made of standard steel but is fitted with explosive reactive armor blocks on its turret and sides. It can also <a href="https://thediplomat.com/2019/08/chinas-vt5-lightweight-tank-to-be-fitted-with-active-protection-system/" target="_blank" rel="noopener">be equipped</a> with a Chinese-made active protection system.The Type 15 is equipped with a suite of modern electronics, including a laser range finder, nighttime and thermal optics, a warning sensor system, satellite communications, and inertial and satellite navigation systems.In addition to its weight, the Type 15 has other features that make it suitable for mountainous operations. Its hydro-pneumatic suspension allows it to aim its gun higher or lower than standard tanks, which is useful for targets at high elevations. It also has oxygen generators, which help the engine run at high altitudes.<h2>Project Zorawar</h2><div type="image" title="India Arjuna main battle tank" height="1333" width="1777" msid="101441094" hostid="261" sizebytes="382618"></div>India's army hasn't had a light tank in service since its Soviet-designed PT-76 was retired in 1989.Instead, it relies almost exclusively on its heavily armored <a href="https://nationalinterest.org/blog/buzz/meet-indias-t-90m-bhishma-tank-russian-tech-indian-made-136987" target="_blank" rel="noopener">T-90</a> and <a href="https://www.globalsecurity.org/military/world/india/t-72.htm" target="_blank" rel="noopener">T-72</a> tanks, which weigh 43 tons and 46 tons, respectively, and its <a href="https://www.army-technology.com/projects/arjun-mbt/" target="_blank" rel="noopener">Arjun series</a> main battle tanks, which weigh between 58 tons and 68 tons. Those tanks were acquired with Pakistan in mind, and they are better suited for open plains and deserts.India has tried on and off since 1983 to develop a new light tank but has never settled on a model. The Ladakh clash in 2020 — followed by a Chinese military buildup in which the Type 15 operated with comparative ease — prompted new action to acquire a light tank. (One retired Indian general even <a href="https://raksha-anirveda.com/light-tanks-the-himalayan-game-changer/" target="_blank" rel="noopener">argued</a> that a lack of light tanks hindered India's ability to deter Chinese aggression in the first place.)In 2021, the Indian Ministry of Defense <a href="https://www.ddpmod.gov.in/sites/default/files/RFI-Lt%20Tk%2016%20Apr%20%2021%20%28Final%29%20%281%29_0.pdf" target="_blank" rel="noopener">requested information</a> from industry about the production of 350 light tanks, each weighing no more than 25 tons and crewed by two to three people. Additional requirements included an autoloader, a remote-controlled machine-gun, the ability to fire "smart munitions" and anti-tank guided missiles, and the ability to add explosive-reactive-armor blocks.<div type="image" title="India army convoy Kashmir Ladakh" height="1710" width="2500" msid="101441098" hostid="261" sizebytes="699856"></div>Initially, there was speculation that India might buy the <a href="https://www.armyrecognition.com/russia_russian_army_light_armoured_vehicle_uk/2s25_sprut-sd_self-propelled_anti-tank_gun_technical_data_sheet_specifications_description_uk.html" target="_blank" rel="noopener">2S25 Sprut-SD</a> from Russia, which has <a href="https://www.financialexpress.com/business/defence-light-tank-tender-russians-ready-to-respond-to-indian-army-tender-2987880/" target="_blank" rel="noopener">repeatedly offered</a> to transfer the technology needed to build it. But the Indian government has indicated that it wants a domestic design, in line with Prime Minister Narendra Modi's "Make in India" policy.Late last year, India's Ministry of Defense approved the purchase of 315 tanks, which will compose seven regiments. Indian media has <a href="https://www.firstpost.com/india/indian-army-concerned-over-chinese-moves-at-lac-may-induct-700-zorawar-light-tanks-12431122.html" target="_blank" rel="noopener">reported</a> that India's army may increase the order to nearly 700 tanks.Indian multinational firm Larsen &amp; Toubro <a href="https://www.janes.com/defence-news/news-detail/indias-zorawar-programme-inches-forward" target="_blank" rel="noopener">was announced</a> as the government's development partner in September, and the company was <a href="https://www.ajaishukla.com/2023/04/l-gets-order-to-build-prototype-of.html" target="_blank" rel="noopener">awarded</a> the contract for the first prototype in April. It will feature an 800-horsepower engine made by a German subsidiary of Rolls Royce and a 105 mm gun turret made by a Belgian firm.Indian officials have <a href="https://economictimes.indiatimes.com/news/defence/drdo-light-tank-zorawar-to-be-ready-for-trials-by-year-end-along-china-border/articleshow/100356991.cms?from=mdr" target="_blank" rel="noopener">said</a> that the first tanks will be ready for trial testing by the end of this year and that the initial order will number 59 units.In what may be a reflection of the opponent the Indian army has in mind for its new light tank, the effort has been called "Project Zorawar," in reference to Zorawar Singh, a general who conquered Ladakh from Chinese rulers in the early 19th century.

India and China are buying new tanks designed to fight on one of the world's highest battlefields

New Delhi, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> held 16 hours-long marathon military dialogue to resolve an ongoing border dispute and thinning of <keyword id="6463614" type="UNKNOWN" weightage="20" keywordseo="Forces">forces</keyword> along the <keyword id="49399" type="COMPANY" weightage="20" keywordseo="Line-of-Actual-Control">Line of Actual Control</keyword> in Eastern Ladakh, government official said on Monday. The details of the meeting is yet to known. The ninth Corps Commander level talks between both the countries took place at the Moldo Meeting point almost two months of last dialogue. It started at 10.30 am on Sunday and ended at 2.30 a.m. on Monday. Lieutenant General P.G.K. Menon, the Corps Commander of Leh-based HQ 14 Corps, led the Indian delegation. India has sought complete disengagement and withdrawing of forces from the disputed areas. The <keyword id="2560336" type="PERSON" weightage="20" keywordseo="military-commanders">military commanders</keyword> to convey the details of the meeting to Prime Minister Office. The <keyword id="6374106" type="COMPANY" weightage="20" keywordseo="ministry-of-external-affairs">Ministry of External Affairs</keyword> representative was also part of dialogue. The eight Corps Commander level talks had taken place happened on November 6. Though the talks had ended in a deadlock, both countries had agreed to maintain dialogue and communication through military and diplomatic channels, and take forward the discussions, push for the settlement of other outstanding issues, so as to jointly maintain peace and tranquillity in the border areas. <keyword id="6354416" type="COMPANY" weightage="20" keywordseo="Indian-Army">Indian Army</keyword> chief General Manoj Mukund Naravane earlier this month said the forces are ready for a long haul along the Line of Actual Control but hoped for an amicable solution in its nine month long conflict with the Chinese People's Liberation Army. "We are prepared to hold our ground where we are for as long as it takes to achieve our national goals and interest," General Naravane had said. Since no thinning of troops happened the soldiers of both the countries are poised to remain exposed to minus 20 degrees Celsius. On August 30, India had occupied critical mountain heights on the southern bank of the Pangong Lake like Rechin La, Rezang La, Mukpari, and Tabletop that were unmanned till now. India also made some deployments near the Blacktop. The movement was carried out after the Chinese tried to make a provocative military move. Now, dominance at these 13 peaks allows India to dominate Spangur Gap under Chinese control and also the Moldo garrison on the Chinese side. At the height of the standoff, in a violence face-ff last year between the two sides at Galwan Valley, India had lost 20 of her soldiers, while the Chinese side an unknown number. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

India and China held a 16-hour long talk to resolve ongoing border dispute

Warning Beijing against advancing its untenable unilateral interpretation, India on Tuesday said that it has never accepted the 1959 definition of the <keyword id="49399" type="PERSON" weightage="20" keywordseo="Line-of-Actual-Control">Line of Actual Control</keyword> (LAC) with China. In response to queries on a recent media report quoting a Chinese Foreign Ministry statement regarding China's position on the LAC, the official spokesperson of the Ministry of External Affairs, Anurag Srivastava, said, "India has never accepted the so-called unilaterally defined 1959 Line of Actual Control (LAC). This position has been consistent and well known, including to the Chinese side." Under various bilateral agreements, including the 1993 Agreement on Maintenance of Peace and Tranquility along the LAC, the 1996 Agreement on Confidence Building Measures (CBMs) in the military field, the 2005 Protocol on Implementation of CBMs, the 2005 Agreement on Political Parameters and Guiding Principles for Settlement of the India-China Boundary Question, both India and China have committed to clarification and confirmation of the LAC to reach a common understanding of the alignment of the LAC. In fact, the two sides had engaged in an exercise to clarify and confirm the LAC up to 2003, but this process could not proceed further as the Chinese side did not show willingness to pursue it, Srivastava said. "Therefore, the insistence now of the Chinese side that there is only one LAC is contrary to the solemn commitments made by China in these agreements," he said. The Indian side, Srivastava said, has always respected and abided by the LAC. As Defence Minister Rajnath Singh stated in the Parliament recently, "It is the Chinese side, which by its attempts to transgress the LAC in various parts of the Western Sector, has tried to unilaterally alter the status quo." The spokesperson said that in the last few months, the Chinese side has repeatedly affirmed that the current situation in the border areas should be resolved in accordance with the agreements signed between the two countries. In the agreement reached between the External Affairs Minister and his Chinese counterpart on September 10, the Chinese side had reiterated its commitment to abide by all the existing agreements. Srivastava said that India expects "the Chinese side will sincerely and faithfully abide by all the agreements and understandings in their entirety and refrain from advancing an untenable unilateral interpretation of the LAC." SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-10-richest-tech-billionaires-in-india-in-hurrun-richest-list/slidelist/78380931.cms">India’s richest tech billionaires in 2020</a> <a href="https://www.businessinsider.in/india/news/new-names-added-to-richest-indians-list-hurun/slidelist/78384070.cms">The newest entrants on Hurun Rich List 2020 — Over 70% of the new faces are self-made billionaires</a> <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a>

India warns China that it has never accepted 1959 definition of LAC

<ul><li>Speaking in the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> today, the Defence Minister said that Indian Army bravely stopped the Chinese People Liberation Army (PLA) PLA troops from encroaching on Indian territory, and forced them to withdraw to their posts.</li><li>The minister said that the issue had been taken up with <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> through diplomatic channels. </li><li>He further said that no Indian troops were killed or seriously injured in the incident.</li></ul>Defence Minister <keyword id="6355121" type="General" weightage="80" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> on Tuesday said that timely intervention by Indian Army stopped the Chinese PLA troops from encroaching on the country's territory during the December 9 face-off at Arunachal Pradesh's <keyword id="61282" type="General" weightage="50" keywordseo="tawang" source="Orion">Tawang</keyword> sector. Speaking in the Lok Sabha today, the Defence Minister said that Indian Army bravely stopped the Chinese People Liberation Army (PLA) PLA troops from encroaching on Indian territory, and forced them to withdraw to their posts. "On December 9, 2022 in the Yangtse area of Tawang sector PLA troops encroached upon and attempted to change status quo. This attempt was tackled by our troops in a determined manner. There was fist fight in during this face-off as well. Our troops bravely stopped PLA from encroaching upon our territory and forced them to go back to their post," Defence Minister Rajnath Singh said in the Lok Sabha. The minister said that the issue had been taken up with China through diplomatic channels. "After this incident, on December 11, the local commander of the area held a flag meeting with his Chinese counterpart under the established system and discussed this incident. The Chinese side was refused all such actions and told to maintain peace at the border," Singh told the Lok Sabha. The Defence Minister said that no Indian troops were killed or seriously injured in the incident. Singh said, "In this face-off, a few soldiers on both sides suffered injuries. I'd like to tell this House that none of our soldiers died or suffered any serious injury. Due to the timely intervention of Indian military commanders, PLA soldiers have retreated to their own locations." "This matter has also been taken up with China through diplomatic channels. I want to assure the House that our forces are committed to guard our borders and ready to thwart any attempt that will be made to challenge it," Rajnath Singh said. "I am confident this House will respect the capability, valour and commitment of our armed forces, Singh said. On Monday the Indian Army in a statement said: "On December 9, PLA troops contacted the LAC in Tawang Sector which was contested by own (Indian) troops in a firm and resolute manner. This face-off led to minor injuries to a few personnel from both sides." "Both sides immediately disengaged from the area. As a follow up of the incident, own (Indian) commander in the area held a flag meeting with his counterpart to discuss the issue in accordance with structured mechanisms to restore peace and tranquillity," it said. Opposition members earlier today created a ruckus in <keyword id="6354721" type="General" weightage="100" keywordseo="parliament" source="Orion">Parliament</keyword> over the clash between troops of India and China. Soon after Rajnath Singh's statement, Opposition leaders staged a walkout from Lok Sabha. (ANI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-declines-20-paise-to-82-71-against-us-dollar-in-early-trade/articleshow/96188516.cms">Rupee declines 20 paise to 82.71 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-higher-as-retail-inflation-eases-paytm-icici-bank-dalmia-bharat-among-stocks-to-watch-out-for/articleshow/96188313.cms">Indian markets open higher as retail inflation eases — Paytm, ICICI Bank, Dalmia Bharat among stocks to watch out for</a>

You Searched For "india vs china" and got 10 results

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

Tom Porter

India and China joined Russia's Navy Day celebrations as Putin tries to project anti-Western group

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India fourth largest military spender globally in 2023: SIPRI report

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

ANI

No loss of life or serious injury to our soldiers: Defence Minister Rajnath Singh on Tawang clash

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Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official

Huileng Tan

India and China are buying new tanks designed to fight on one of the world's highest battlefields

Benjamin Brimelow

India and China held a 16-hour long talk to resolve ongoing border dispute

IANS

India warns China that it has never accepted 1959 definition of LAC

IANS

Defence Minister Rajnath Singh to make statement in Parliament on India-China troops clash in Tawang

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