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'Dragon and Elephant' should help each other: China calls for stronger India ties amid US strains
Amid strained India-US relations, China on Thursday expressed optimism about the future of India-China ties, saying a cooperative pas de deux of the dragon and the elephant as partners helping each other succeed is the right choice for both the countries.
'China and India are both major developing countries and important members of the Global South. A cooperative pas de deux of the dragon and the elephant as partners helping each other succeed is the right choice for both sides,' said Chinese Foreign Ministry spokesperson Lin Jian.
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Addressing speculation over a possible visit by Chinese Foreign Minister Wang Yi to Delhi on August 18 for talks with National Security Adviser Ajit Doval, Lin confirmed that both sides are maintaining communication at various levels.
'We stand ready to work with India to act on the important common understandings reached between the leaders of our two countries, maintain the momentum of high-level exchanges, cement political mutual trust, enhance practical cooperation, properly handle differences, and promote the sustained, sound, and steady development of China–India ties,' said Lin, noting that regarding the specific visit, relevant information will be released in due course.
There has been a gradual thaw in India-China ties, as both sides continue steps to ease tensions.
China and India are set to resume direct flights next month and Beijing has relaxed some curbs on fertilizer exports to India.
Indian airlines have reportedly been instructed to prepare for services to China, with an official announcement expected during the Shanghai Cooperation Organisation (SCO) Summit later this month.
When asked to confirm these reports, Chinese Foreign Ministry spokesperson Lin Jian said 'Beijing had taken note of them' but did not provide a specific timeline for the resumption.
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Prime Minister Narendra Modi is expected to visit China later this month for the Shanghai Cooperation Organisation summit — his first trip there in seven years — with a bilateral meeting with President Xi Jinping likely on the sidelines.
The warming of ties comes as New Delhi's relations with Washington strain, following a steep 50% tariff imposed by US President Donald Trump on Indian exports.
With inputs from agencies
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NDTV
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- NDTV
Indian Flag Hoisted On Seattle's Iconic Space Needle For First Time
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The Print
24 minutes ago
- The Print
Like a gambler, govts squandered India's legacy through mindless socialism: Nani Palkhivala
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This essay is part of a series from the Indian Liberals archive, a project of the Centre for Civil Society. It is an excerpt from a monograph titled 'Forty-three years of Independence' published by the Forum of Free Enterprise in 1991. The original version can be accessed here.
The Hindu
24 minutes ago
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Carbon pricing is not a policy experiment — it's a new operating reality. The CCTS, enabled by the Energy Conservation (Amendment) Act 2022, will soon introduce emissions accountability for high-consumption sectors, including real estate. The scheme operates on a rate-based Emissions Trading System (ETS), meaning that entities will be assigned intensity benchmarks — like kilograms of CO₂ per square metre — and must meet or beat them or purchase credits to bridge the gap. Unlike the earlier PAT Scheme, which focused on industrial energy efficiency, CCTS will monetise carbon, creating market-driven consequences for poor energy performance. The Bureau of Energy Efficiency has already notified energy-use intensity norms for large buildings, and the upcoming National Carbon Registry will link energy audit outcomes to carbon credit eligibility. Pricing trajectory The pricing trajectory is already being tested. Internal calculations at BEE suggest that carbon credits may trade in the ₹800–₹2,000/tonne range during the pilot phase. For a five-lakh commercial asset emitting 3,000 tonnes annually, this could mean a ₹24 lakh–₹60 lakh recurring liability if corrective measures aren't taken. If the asset overperforms, it could generate surplus credits of equivalent financial value. This dual-edge market mechanism makes carbon performance an active profit-and-loss consideration for developers and asset owners. India's real estate is entering the regulatory lens traditionally reserved for industries like cement, steel, or thermal power. The reason is simple: real estate is responsible for 38% of global energy-related emissions, and in India, commercial buildings alone consume over 180-220 kWh/sq.m./year. When scaled nationally, this amount is more than the total power usage of Bangladesh or Sri Lanka. As CCTS evolves, so will the scrutiny around operational performance. Asset valuations will shift accordingly. A JLL India study from 2024 indicated that Grade-A office assets with IGBC or LEED Gold certifications command 8%–11% higher rental yields than their non-compliant peers. Additionally, buildings with smart meters, rooftop solar, or BMS systems enjoy average energy cost savings of 25%–30%, improving long-term NOI. Institutional capital is already adapting. Blackstone, Canada Pension Plan Investment Board (CPPIB), and GIC have begun stress-testing Indian real estate assets for ESG compliance. Green premiums are no longer abstract—they show up in deal valuations, especially in REITs. Embassy REIT, for instance, cited its portfolio's 87% green-certified area as a strategic differentiator in its FY24 investor presentation. Conscious occupiers Carbon pricing will not only shape asset ownership economics — it will reshape tenant behaviour. 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Landlords who can validate energy consumption in real time and participate in decarbonisation efforts are enjoying higher renewal rates and longer lease tenures. A 2024 survey by Colliers India revealed that 72% of tenants would pay more for spaces aligned with sustainability goals. In the era of carbon pricing, building performance is no longer just an engineering parameter — it's a leasing currency. Carbon performance is rapidly becoming a differentiator in capital access. Financial institutions in India and globally are integrating climate risk into their underwriting criteria. The Reserve Bank of India (RBI), in its latest discussion paper, encouraged banks to link risk weights to energy-efficiency performance. For developers, this means that greener buildings will receive more favourable financing terms—and potentially more patient capital. Indian commercial real estate has already seen green bonds grow from ₹3,500 crore in 2020 to over ₹11,000 crore in 2024. These bonds are increasingly used to fund green-certified projects with demonstrable carbon reductions. Axis Bank, SBI, and HDFC Ltd. now offer green home loan variants with 10-25 bps rate discounts for IGBC/ GRIHA properties. Moreover, the CCTS introduces the prospect of performance-linked lending. In the EU, banks offer carbon-linked loans where interest rates drop based on verified emissions cuts. This is likely to arrive in India within the next three years. Insurance is also adapting. No longer theoretical Delay will prove expensive as carbon costs are no longer theoretical — they're operational. The smartest developers are now stress-testing their entire pipeline for carbon risk. From conceptual stage to post-occupancy, every decision—from facade material to HVAC selection — impacts emissions exposure. At present, retrofitting a 5-lakh commercial building with solar, VFD pumps, and BMS can cost ₹4 crore–₹6 crore. But with energy savings of 25%-35% and potential carbon credits of 1,500–2,000 tonnes/year, the payback period often falls below five years. In contrast, inaction will soon invite penalties and carbon liabilities exceeding ₹50 lakhs/year for large assets. Some developers are already adapting. RMZ Corp has integrated whole-life carbon analysis into its project planning. Godrej Properties now includes ESG scoring in site selection and capital allocation. These are no longer niche practices — they are rapidly becoming industry standards. The Bureau of Energy Efficiency has proposed mandatory energy-use disclosures in building sanction processes by 2026. Urban local bodies may soon embed carbon offsets in Floor Area Ratio (FAR) approvals, much like London's boroughs. In an economy poised to grow and urbanise rapidly, real estate is uniquely positioned to decouple growth from emissions. Those who embrace this transition will access cheaper capital, retain premium tenants, and build portfolios that are future-ready. The carbon clock is ticking — and the smartest in the industry are already ahead of it. The writer is CEM, CEA, CMVP, EIT, LEED Green Associate.
