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Africa News Live Updates: Raila Odinga's support for Kenyan government raises questions about his 2027 election plans
China and Canada's investment push in Bangladesh mirrors global competition for influence in Africa
China and Canada are both seeking to strengthen economic ties with Bangladesh through renewed collaboration in trade and investment, a move that highlights a larger global trend with significant implications for Africa, according to a report in Daily Sun. This development is part of China's ongoing Belt and Road Initiative and Canada's Indo-Pacific Strategy, showcasing how major global powers are competing for influence and economic partnerships in emerging economies. For African nations, this dynamic serves as a case study, presenting both opportunities to attract similar investment and the challenge of competing for global capital, while underscoring the importance of strategic negotiation and sustainable debt management in such partnerships.
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Hindustan Times
4 hours ago
- Hindustan Times
Reform the economy to defeat tariff threat
The world is in flux, and India is being tested. But every challenge is also an opportunity. Tariffs and global headwinds should not weaken our resolve; they must galvanise us. India must act boldly to seize this moment. This is our once-in-a-generation opportunity to lead. We must not let it slip. A decade ago, a significant push to improve ease of doing business yielded notable results. Now is the time to take it a step further and make India the easiest place to do business in. (Bloomberg) From August 27, India faces a 50% tariff, among the highest of President Donald Trump's 'reciprocal' tariffs. The US accuses India of financing Russia by buying Russian oil. However, Türkiye, the largest importer of Russian oil products, faces 15% tariffs, the same as the European Union, which has paid 297 billion euros for Russian gas since January 2022. The White House also remains unaware of US imports of palladium or fertilisers from Russia. Prime Minister Narendra Modi has heavily invested in the Indo-US economic, trade, and political relationship. However, the US's antagonistic stance will impact future cooperation. Our strong institutional memory emphasises our strategic autonomy. Let us be clear, our energy security and strategic autonomy cannot be compromised. Let us also be clear that this is not about Russia. India is rightfully refusing to bend, as we have so many times in our history. Global pressure should not intimidate us. It should galvanise us into pushing through the once-in-a-generation reforms India urgently needs. The Goods and Services Tax (GST) was India's most significant tax reform. Seven years on, collections are rising, and GST has enabled formalisation of the economy. Now is the time to move forward with strong political will for GST reform. We need to move to a two-rate GST structure and overhaul the GST business processes. New companies and startups being registered must receive their GST numbers along with their PAN/TAN. Technology must be leveraged to minimise the need for physical visits for GST registration. Income tax reforms must also be brought in. A decade ago, a significant push to improve ease of doing business yielded notable results. Now is the time to take it a step further and make India the easiest place to do business in. Pending items, such as notifying the rules of the labour codes, should be completed as soon as possible. States must go beyond incremental reforms and truly embrace single-window clearances. Many of the most cumbersome processes have not been made part of the National Single Window System (NSWS). The cost of capital for private enterprise must be brought down. The statutory liquidity ratio (SLR) mandates that commercial banks hold 18% of their assets in government securities. This reduces the pool of loanable funds in the economy and raises the cost of capital for private enterprise. The SLR must be brought down to zero. This will unlock lakhs of crores of additional lending, bringing down the cost of capital. We must recognise that a liberal trade regime is crucial in building up our manufacturing ecosystem. In recent years, there has been a massive proliferation of quality control orders (QCOs). These QCOs raise the cost of crucial imports and make our manufactured goods uncompetitive in global markets. These QCOs must be scrapped. Further, our tariffs on intermediate goods are too high and must be brought down as well. We need to diversify our export markets by fast-tracking negotiations on trade deals. Tourism faces no tariffs. India, with its natural beauty, history, heritage, culture, and diversity, receives only a 1.5% share in international tourist arrivals. If the visits of non-resident Indians are excluded, this falls further. There has been no concerted branding or marketing campaign for Indian tourism in the past decade. When countries are stepping up their efforts to attract tourists, we are lagging. We need the biggest global branding and marketing campaign to unleash India's potential. Otherwise, the 1,800 planes that Indian airlines are buying will just be ferrying Indians flying abroad for holidays. We must attract global tourists. Our cities are the first impression visitors get when landing. For too long, city governance has been stuck in limbo, relying on state governments for financing, planning, and human resources. Despite the constitutional amendments that devolved powers to cities, it has not been implemented in practice. Our cities must be made autonomous and financially independent. In the Union Budget of 2021-22, a new public sector enterprise (PSE) policy was announced. The policy intended to minimise the presence of PSEs operating across the gamut of the Indian economy. This needs to be taken up in mission mode. In the last financial year, disinvestment receipts stood at ₹10,000 crore. From minority stake sales, we must move to strategic disinvestment. In the most recent budget speech, a second asset monetisation plan worth ₹10 lakh crore was announced. This needs to be operationalised at the earliest. India is far from being a 'dead economy'. We are, in fact, the world's fastest-growing large economy, driven by a decade of structural reforms, digital innovation, and investment in infrastructure. Over 250 million people have exited multidimensional poverty, and the extreme poverty rate has fallen below 3%, reflecting real improvements in quality of life. Women are increasingly participating in this transformation. 80% of Stand-Up India loans and 68% of Mudra loans have gone to women entrepreneurs. India's Digital Public Infrastructure (DPI) has revolutionised financial inclusion, while public capex on infrastructure has more than doubled, laying the foundation for long-term productivity. India has also met its 2030 green energy target five years early, and is investing heavily in AI, quantum computing, and deep tech. Challenges remain, but the direction is clear: This is an economy on the move, powered by ambition, resilience, and reform. Amitabh Kant is India's former G20 Sherpa, and former CEO of NITI Aayog. The views expressed are personal.
Economic Times
5 hours ago
- Economic Times
Modi heads to China — a delicate step in the dragon-elephant tango
Synopsis Amidst fragile relations and border tensions, Prime Minister Modi's upcoming visit to China signals a calculated step in geopolitics. Facilitated by a pact at the BRICS summit, the visit, tied to the SCO summit, aims to foster regional stability and address trade imbalances. India navigates complex relationships, balancing engagement with China and continued collaboration with the US. Just a year ago, the idea of Prime Minister Narendra Modi visiting China would have seemed far-fetched. Relations between the two nations were fragile. The border in eastern Ladakh was quiet but tense, with troop disengagement at key friction points still incomplete. Fast forward to 2025, and Modi's upcoming trip to Tianjin feels less like a gamble and more like a calculated step in a complex geopolitical dance. The foundation for this cautious reset was laid last October, when Modi and President Xi Jinping agreed at the BRICS summit that 'disputes and differences would not be allowed to disturb border peace.' That pact has held firm, setting the stage for Modi's visit, official confirmation aside. Meanwhile, Chinese Foreign Minister Wang Yi is scheduled to visit India next week to meet NSA Ajit Doval and External Affairs Minister S. visit is officially tied to the Shanghai Cooperation Organisation (SCO) summit, a 10-member Eurasian security grouping led by China and Russia, often seen as a counterweight to NATO. Modi's last trip to China, in 2018, was also SCO-related. India's position in the SCO is unique, it refrains from endorsing projects like the Belt and Road Initiative and keeps its distance from China-centric economic roadmaps. Yet the SCO serves India's interests, from counterterrorism in Afghanistan to promoting connectivity that respects sovereignty and strengthening ties with Central Asia. Modi has used the SCO Heads of State Council meetings to spotlight cross-border terrorism, without directly naming Pakistan. The forum has also become a neutral space for India and China to engage after tensions spiked in 2020's Galwan clash. The so-called 'Moscow Consensus,' reached months after Galwan during an SCO foreign ministers' meeting, is a clear example. President Xi's participation in the 2023 SCO summit Modi hosted virtually further cemented the platform's hasn't attended every SCO summit. He skipped the Kazakhstan meeting last year. This trip signals recognition of the Tianjin summit's importance to China and the global stage. It's not just about bilateral ties, it's about maintaining a steady hand in regional geopolitics and securing support for India's upcoming BRICS policy has occasionally complicated India's external engagements, but the India-China thaw started long before trade tensions hit. Agreements to end the military standoff in eastern Ladakh were reached before the US elections. Modi's China visit conveys a clear message: India is ready for a functional relationship with Beijing, as long as border stability is preserved.'When NSA Doval visited China last December, both sides agreed to maintain peace on the ground so that 'issues on the border do not hold back the normal development of bilateral relations,'' the reports note. India has maintained this balance despite China's military ties with Pakistan or tensions in the South China Modi-Xi meeting could include announcements like resuming direct flights and rebuilding trust in trade, investment, and technology. India hopes China will ease trade restrictions and increase imports to reduce the $100 billion trade deficit. China, for its part, seeks a transparent, non-discriminatory environment for its companies.'The dragon-elephant tango may have just started, but in these circumstances, it will remain accident-prone,' analysts say, recalling highs and lows, from the early Modi years to Doklam, informal summits, and Galwan. Modi's recent remark, endorsed by Beijing, that 'competition should not be allowed to turn into conflict,' signals the cautious approach both sides are aiming visit doesn't mean India is abandoning the US. Modi has met Xi at previous SCO summits without affecting India's strategic autonomy. Today, attention is heightened because of US-India trade tensions, including tariffs on Indian oil imports from Russia. Yet India continues to pursue defence, technology, and energy collaboration with the China visit asserts India's position against unilateralism while keeping the door open with America. A potential resolution in Ukraine could also ease some tariff will closely monitor three issues: The US's continued commitment to the Indo-Pacific amid potential trade concessions with China, particularly as India hosts the upcoming Quad summit in November. Counterterrorism cooperation, which may be affected by the US recalibrating its Pakistan policy. The proposed H-1B visa overhaul, which could impact Indian professionals in IT and healthcare, potentially straining people-to-people and economic ties. These challenges will test India's diplomatic finesse and its ability to balance competing global priorities. With inputs from TOI
India.com
7 hours ago
- India.com
10 Worlds Poorest Countries: Bangladesh, Pakistan Absent From The List; India's Ally Ranks... Among The Poorest Nations
photoDetails english 2945991 Updated:Aug 14, 2025, 05:21 PM IST 10 Poorest Countries In The World 1 / 11 A report in Forbes India published a list of the world's ten poorest countries, with eight of them located in Africa. The report in Forbes India mentions that the list includes poorest countries in the world in 2025 by GDP per capita PPP as estimated by International Monetary Fund (IMF) as of January 16, 2025. The ranking highlights nations struggling with severe poverty, placing Madagascar, an island nation with strong ties to India, in the 10th position. Notably, despite their economic struggles, Pakistan and Bangladesh do not appear on the list. South Sudan 2 / 11 As per Forbes, the world's youngest country also bears the unfortunate title of having the lowest GDP per capita. This small East African nation, which gained independence in 2011, has a total GDP of $29.99 billion, supporting a population of 11.1 million (1.1 crore) people. Burundi 3 / 11 Burundi, a small landlocked country in East Africa, is ranked as the world's second poorest nation, with a total GDP of $2.15 billion and a population of 13,459,236. Experts cite the country's fast-growing population and reliance on agriculture as major contributors to its economic struggles. Central African Republic (CAR) 4 / 11 The Central African Republic, with a total GDP of $3.03 billion and a population of 5,849,358, ranks as the third poorest country in the world. Despite its abundant reserves of gold, oil, uranium, and diamonds, ongoing political instability and armed conflict have left it in a state of crisis, with 80 percent of its population living below the poverty line. Malawi 5 / 11 Malawi, a southeastern African nation renowned for its stunning landscapes, ranks as the world's fourth poorest country. With a GDP of $10.78 billion and a population of 21,390,465, its heavy dependence on rain-fed agriculture makes it highly susceptible to climate change and market fluctuations, contributing significantly to its poverty. Mozambique 6 / 11 Mozambique, a sparsely populated nation in East Africa, ranks as the world's fifth poorest country. Despite its wealth of natural resources, the country has been severely impacted by terrorism, gang violence, natural disasters, disease, rapid population growth, low agricultural productivity, and economic inequality. A former Portuguese colony, Mozambique has a GDP of $24.55 billion and a population of 34,497,736. Somalia 7 / 11 Somalia, one of Africa's most violence-stricken nations and infamous for piracy, ranks as the world's sixth poorest country. With a GDP of $13.89 billion and a population of 19,009,151, Somalia has been severely affected by a prolonged civil war, resulting in state collapse, economic downfall, and immense human suffering. Democratic Republic of the Congo (DRC) 8 / 11 The Democratic Republic of the Congo, the largest nation in Sub-Saharan Africa, ranks as the world's seventh poorest country. With a total GDP of $79.24 billion and a population of 104,354,615, the country, despite its abundant cobalt and copper resources, faces a severe economic crisis. Nearly 62 percent of its population survives on less than ₹180 per day, significantly below the global poverty threshold. Liberia 9 / 11 Liberia, a West African nation with a population of 5,492,486, ranks as the world's eighth poorest country, with a total GDP of just $5.05 billion. Experts attribute its persistent poverty to violent conflicts, including a brutal civil war, as well as outbreaks like Ebola. Yemen 10 / 11 Yemen, a close ally of Iran, ranks as the world's ninth poorest country, with a GDP of $16.22 billion and a population of approximately 34.4 million. Years of civil war and political instability have crippled its economy, causing widespread devastation. The conflict has displaced millions internally, destroyed infrastructure, and severely disrupted agriculture, leading to shortages of essential resources like food, water, and medicine. As a result, millions depend on humanitarian aid from organizations such as the United Nations for survival. Madagascar 11 / 11 According to TOI, Madagascar, an island nation and a key ally of India in the strategic Indian Ocean region, ranks as the world's 10th poorest country. With a GDP of $18.1 billion and a population of 30.3 million, its economy, largely reliant on tourism and mining, struggles despite its rich natural resources. A former French colony, Madagascar gained independence in 1960.
