Steady Progress Guided By Respect: PM Modi After Meeting Chinese FM Wang Yi
"Glad to meet Foreign Minister Wang Yi. Since my meeting with President Xi in Kazan last year, India-China relations have made steady progress guided by respect for each other's interests and sensitivities. I look forward to our next meeting in Tianjin on the sidelines of the SCO Summit," said PM Modi on X.
Also Read: Jaishankar-Wang Yi Meeting: China Urges India To End Ties With Taiwan; New Delhi Holds Mirror To Beijing
The Prime Minister further said that stable India-China ties will help in global peace and prosperity. "Stable, predictable, constructive ties between India and China will contribute significantly to regional as well as global peace and prosperity," said PM Modi on X.
Glad to meet Foreign Minister Wang Yi. Since my meeting with President Xi in Kazan last year, India-China relations have made steady progress guided by respect for each other's interests and sensitivities. I look forward to our next meeting in Tianjin on the sidelines of the SCO… pic.twitter.com/FyQI6GqYKC — Narendra Modi (@narendramodi) August 19, 2025
Chinese Foreign Minister Wang Yi arrived in India on Monday for a two-day visit. Earlier he met External Affairs Minister Dr S Jaishankar and NSA Ajit Doval.
Earlier, Chinese Foreign Minister Wang Yi expressed optimism in the India-China ties and said that it gives great importance to the Prime Minister's visit to China to attend the SCO Summit. He said that the bilateral relationship is facing an important opportunity of improvement and growth, saying that a healthy and stable India-China relationship serves the fundamental and long-term interests of both of our countries.
Wang Yi made the initial remarks during his special representatives meeting with National Security Advisor Ajit Doval. "The Chinese side attaches great importance to the Prime Minister's visit to China to attend the SCO summit at our invitation. We believe that the Indian side will also make your contribution to a successful summit in Tianjin", Wang Yi said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fibre2Fashion
14 minutes ago
- Fibre2Fashion
Extent of Chinese consumption recovery's durability unclear: Fitch
Pic: Shutterstock Insights After stating at the beginning of 2025 that expanding consumption and domestic demand are top work priorities, Chinese policymakers have succeeded in boosting near-term consumption, according to Fitch Ratings. However, it believes the extent of the consumption recovery's durability is unclear without an improvement in consumer confidence. It expects consumption to slow in H2 2025. After stating at the beginning of this year that expanding consumption and domestic demand are top work priorities, Chinese policymakers have succeeded in boosting near-term consumption, according to Fitch Ratings. However, it believes the extent of the consumption recovery's durability is unclear without an improvement in consumer confidence. It expects consumption to slow in the second half (H2) this year, as indicated by July's moderating retail sales. After stating at the beginning of 2025 that expanding consumption and domestic demand are top work priorities, Chinese policymakers have succeeded in boosting near-term consumption, according to Fitch Ratings. However, it believes the extent of the consumption recovery's durability is unclear without an improvement in consumer confidence. It expects consumption to slow in H2 2025. Consumer spending growth picked up in H1 2025 on the stimulus from a consumer goods trade-in programme. This, along with broader fiscal stimulus and robust exports, is likely to keep 2025 gross domestic product (GDP) growth in China at 4.5-5 per cent, above Fitch's 4.2-per cent June forecast. Since the pandemic, subdued household confidence has led to cyclical weakness in consumption, which Fitch Ratings believes is likely to persist. Low confidence reflects uncertainty over income growth, employment prospects and negative wealth effects from the property correction. The organisation does not expect significant additional fiscal stimulus in H2 2025. Fiscal settings are expansionary in 2025 and strong H1 GDP growth has brought the government closer to achieving its growth objective. Therefore, it is sticking with its 8.4 per cent of GDP deficit forecast. Enhancing social safety nets will require additional fiscal spending, potentially adding to medium-term fiscal pressures amid already elevated deficits and declining fiscal revenue. However, there is headroom at the current 'A'/Stable rating, after its downgrade from 'A+'/Negative in April 2025, to manage the medium-term path of gradual consolidation and still rising debt, Fitch added. Fibre2Fashion News Desk (DS)
Deccan Herald
17 minutes ago
- Deccan Herald
The rhetoric and real costs of trade wars
India misread the tariffs brought on by the United States and, at a broader level, the Trump administration. We were one of the first to approach the US on this matter, and we continued to believe that we would have a favourable deal till recently, given what we felt was a great rapport between Modi and Trump. Mainstream electronic media houses were complicit in driving this narrative. To understand why India got it wrong, it would be useful to connect two disparate data dots. Top that with India's misreading of Trump's desire to be seen as a look at the first irritant and its impact. India exports roughly $90 billion, paying approximately 2 per cent tariffs currently, and imports roughly $45 billion at 12 per cent tariffs. The trade deficit of $45 billion carries a tariff differential of $5 billion per year in India's favour after adjusting for exempted products. We should have seen this imbalance in America's trade deficit and tariffs long ago and proactively addressed this. Modi is now overhauling the tax rates in a bid to boost the economy. This is expected to cost $20 billion, four times the tariff differential India was enjoying. .The other irritant is oil imports. In 2021/22, India imported roughly 2.5 million barrels of oil every day. Under the tacit approval of the West, India's imports from Russia grew from 2 per cent then to 40 per cent today. India buys 45 per cent of the exported oil from Russia, a growth of 1900 per cent from pre-war levels. China buys the same percentage, a growth of 50 per cent from pre-war levels. So why did India need this extra oil suddenly? It was because we processed this extra oil and sold it for a profit overseas. Therefore, the rhetoric is misplaced, as we are profiting and fuelling the Russian war machine. Predicting the flow of events, we should have scaled down our offtake back to the 2022 levels and with that, justify our need to fuel the Indian economy and keep inflationary tendencies in check. We have now started to do this, drawing a balance between the US and predict that the impact of tariffs at 25 per cent is likely to be in the region of $11-12 billion per annum on tariffed goods and about 0.25 per cent on GDP. In the earliest days of cranking up our imports of oil, the difference was around $30 a barrel, leading to a gain of $16 billion. That has now come down to around $5 a barrel after accounting for logistics, etc. The benefit we get is estimated today to be only $3.5 billion, a delta of $8.5 billion from what we lose out on with the long commentators have suggested many responses, ranging from the knee-jerk to keeping the long-term in mind. The real issue is what we do now. There is no pattern in the madness. Why have the four treatments of the BRIC countries been different? Because there is a different playbook with each one. With Brazil, the US has a trade surplus. Why then, do they have tariffs of 50 per cent, which is higher than China and equal to India? Bolsonaro? With China, 150 per cent was brought down to 30 per cent; here, it is about the rare earths. For the quantities required, the ecosystem is expensive, and the returns don't work out for a commercial operation. The CCP subsidised this for leverage and their long-term plans to pursue electric mobility and clean energy. This leverage on supplies was used to resolve the $650 billion of trade at stake between the US and China. .India made public its hypocritical treatment at the hands of the US, as it bought palladium, uranium, etc. from Russia. However, the reality is that US imports from Russia were at best $3 billion, down some 45 per cent from the previous year. India's imports from Russia stood at $70 billion, almost twice what it imports from the must now not get caught in the whirlpool of its rhetoric. And it certainly must not seek to appease China and Russia in a hurry and on the rebound. One can expect that this is short-term. There are many moving parts – Russia and Ukraine could arrive at a truce as early as next month. India has already started to demonstrate it is willing to reduce its import of Russian oil while not displeasing Russia. The midterms in the US could go against Trump, and the US courts could reverse Trump's executive decisions. Importantly, Trump does not define the long-standing US relationship with India. Trump himself may not have a long-term view on this the US, it seems clear. The average tariff on its imports has seen inflows of $28 billion, three times post these levies were collected in June. This aggregates to $350 billion. Add to this DOGE cuts and some others, and we have $500 billion being saved or added to the US treasury. This pays half its annual interest cost of $1 trillion, which, if left alone, is not sustainable. This is good for no one, as it is the world's biggest market by the short term, one sees no harm in subtly managing the relationships and dynamics at play and being practical. In the long term, anyway, as economist John Maynard Keynes said, we are all dead..(The writer is the former managing director of a Tata Company and now runs a Bengaluru-headquartered corporate finance practice)
NDTV
31 minutes ago
- NDTV
Want To Live In Portugal? Indians Can Apply For A Golden Visa But There's A Catch
Known for its beautiful coastline and rich history, Portugal has emerged as one of Europe's most attractive destinations for Indians seeking permanent residency (PR). With its unique culture and high quality of life, Portugal offers a Golden Visa that allows you to stay and live there. What Is Portugal's Golden Visa? The Portugal Golden Visa is a residency by investment program that allows you to live, work, and study in the country. It also gives visa-free access to the Schengen Area. It also opens up an oppotunity for Indian citizens a chance to secure residency in Portugal and eventually EU citizenship through qualifying investments. Who Is Eligible? You can apply for a Portugal Golden Visa if you meet the following requirements: Should be 18 years or older. Open to all non-EU/EEA/Swiss nationals, including Indians. A clean criminal record from Indian or any other country where they have lived recently. Someone who can either purchase a property, transfer capital, or invest in businesses or funds. Applicant must stay in the country for 7-14 days per year to maintain residency. The catch? You need to invest a hefty amount of funds to obtain Portugal's Golden Visa. There are different types of investments that you can do, including: A fund subscription, which basically includes a minimum of €500,000 subscription in a qualifying Portuguese fund, such as Venture Capital funds and Private Equity. Start a new business wherein you create 10 new full-time jobs in Portugal. Invest a minimum of €500,000 in an existing Portuguese business and create five full-time jobs for at least 3 years. Make a donation of €500,000 for a research and development activity in Portugal. You can also invest €250,000 in preserving national heritage in Portugal. Note: As per the latest update, the real estate investment is no longer an option after October 2023 for new applicants. Documents Required Completed the Golden Visa application form A valid passport issued within the last 10 years and with a validity of 3 months Passport-sized photographs Police clearance certificate Proof of investments Portuguese bank statement confirming the investment transfer A statement stating investment for 5 years A valid health insurance covering at least €30,000 in the Schengen states Tax and social security clearance from Portugal, issued within 45 days Proof of fee payment for the application and processing How To Apply Step 1: Get a Portugese Tax Number and a bank account for completing an investment. Step 2: Make the investment by transferring funds from outside Portugal and complete the qualifying investment. The investment must be maintained for at least 5 years. Step 3: All documents must be notarized, apostilled, and translated into Portuguese if necessary. Step 4: Submit the application online, which is filed through Potugal's official immigration portal (AIMA or Agencia para a Integracao, Migracoes e Asilo). Step 5: Once the application is approved, you must travel to Portugal to provide fingerprints and photos. Step 6: The initial residence permit is valid for 2 years, renewable for another 3 years, leading to permanent residency and citizenship after 5 years. As per the latest update, the Portuguese government proposed some changes to the nationality law that may change Golden Visa rules. However, the proposal is currently under review. It is recommended to keep following the official website for the latest updates.
