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<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>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>"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 

<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

<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

<ul class="summary-list"><li>A Norwegian fisherman caught a US submarine in his nets this week.</li><li>The USS Virginia's propellers got tangled in the nets, reports said, dragging them out to sea.</li></ul>A Norwegian fisherman made a surprising catch on Monday in the form of a US submarine.Harald Engen was delivering a catch of halibut to the village of Malangen, on Norway's west coast, when he got an unusual message, <a target="_blank" class="" href="https://www.nrk.no/tromsogfinnmark/harald-fra-sommaroya-fikk-atomubat-i-kveitegarnene-1.17123634">Norwegian broadcaster NRK News reported</a>.He was told that the propellers of a submarine had become tangled in his nets and had dragged them two nautical miles — about 2.3 miles — out to sea, NRK reported.The 377-foot, nuclear-powered USS Virginia had been on its way from the port of Tromsø, the outlet reported, adding that a Norwegian Coast Guard vessel escorting it had to help cut it loose from the nets."I know about other vessels that have sailed over fishing nets, but no one out here have ever heard about a submarine doing so," Engen said, per <a target="_blank" class="" href="https://www.thebarentsobserver.com/security/norwegian-fishermen-snagged-us-nuclearpowered-submarine/420357">the Barents Observer</a>.He told the outlet that he wasn't angry, and that the coast guard had been in touch about possible replacements.Lt. Pierson Hawkins, a spokesperson for the US 6th Fleet, confirmed basic details of the incident to BI but declined to confirm the name of the vessel.Nobody was hurt in the incident, he said, adding: "The investigation into the cause of the incident is still ongoing."Speaking on the matter of compensation, Hawkins said: "In general, when the US is responsible for damage to civilian equipment, there is a claims process to reimburse the expense."Norway's Armed Forces did not immediately respond to a request for comment.Hawkins didn't outline what the submarine was doing off the coast of Norway, beyond the fact that it was leaving Tromsø."The US is an Arctic nation and has enduring security interest in the region," he said, adding that the 6th Fleet appreciates Norway's support to US submarine deployments "to deter and defend the increasingly complex security environment of the High North."There have been multiple US naval deployments in the waters in recent months amid increased cooperation between Norway and the US.In June, the Ohio-class ballistic missile submarine USS Tennessee and the cruiser USS Normandy were deployed to the Norwegian Sea in response to Russian maneuvers, <a target="_blank" class="" href="https://armyrecognition.com/news/navy-news/2024/us-navy-strategic-deployment-in-norwegian-sea-counters-russian-military-maneuvers">defense news site Army Recognition reported</a>.More recently, in October, Norway's armed forces <a target="_blank" class="" href="https://www.forsvaret.no/en/news/articles/truman-nor-forces">announced</a> joint naval exercises running through to November with the Harry S. Truman Carrier Strike Group.The British aircraft carrier HMS Prince of Wales was also set to join, the announcement said.Two guided-missile destroyers from the group, the USS Jason Dunham and USS Stout, were sent on "routine maritime operations" to international waters in the Barents Sea, US Naval Forces Europe and Africa <a target="_blank" class="" href="https://www.c6f.navy.mil/Press-Room/News/News-Display/Article/3943702/truman-strike-group-destroyers-conduct-barents-sea-operations/">announced.</a>The Barents Sea, which is bordered by northern Norway and Russia, is considered <a target="_blank" class="" href="https://rusi.org/explore-our-research/publications/commentary/hot-water-arctic-fisheries-proxy-geopolitical-tensions#:~:text=The%20Arctic%20today%20is%20playing,security%20relations%20in%20the%20Arctic.">a sensitive zone</a> for Russia.In September, US lawmakers expressed concerns about <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-submarines-17-billion-over-budget-in-crisis-lawmaker-2024-9">delays and soaring costs</a> in building new vessels, including Virginia-class submarines, particularly in light of <a target="_blank" class="" href="https://www.businessinsider.com/us-senators-express-concern-over-low-attack-submarine-procurement-plan-2024-3">China's recent naval expansions</a>.The US Navy's Virginia-class submarine program is projected to run $17 billion over budget through 2030, Rep. Ken Calvert, chairman of the House defense appropriations subcommittee, said.

A Norwegian fisherman accidentally caught a US submarine in his nets

<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. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

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