Sunday, August 7, 2022

India stopped supporting West’s $600bn infrastructure to counter China. India News – Nation World News

New Delhi: While India was in a hurry to join the US-led economic grouping Indo-Pacific Economic Framework (IPEF), it stopped supporting another initiative by the US and other Western countries, the $600 billion Partnership for Global Infrastructure and Investment (PGII), aimed at developing China’s Belt and Road Initiative in low- and middle-income countries. (BRI) to fight. ,
The US has already announced a $30 million investment under the PGII for a fund to promote food security in India that, according to the White House, will be “game-changing” to bridge the infrastructure gap in the developing world. Will deliver projects.
Although announced last year, the PGII was formally launched by the G7 countries in Germany this week, with the US pledging to raise $200 billion over the next five years. Foreign Secretary Vinay Kwatra said that India will have to look at the details of the initiative to be able to speak specifically on this.
He clarified that there were only two outcome documents relating to the G7 and outreach countries (India, Argentina, Senegal, South Africa and Indonesia).
“One was on Resilient Democracy (statement) and the other was essentially the summary of the Chair on the Just Energy Transition Partnership. I think that initiative (PGII) … if my understanding is correct, is a separate G7 initiative and my To recall, unless you know that there is some other input, I think this is not a G7 outreach initiative,” Kwatra said while answering a question on the PGII initiative.
According to a White House fact sheet released earlier this week, the US International Development Finance Corporation (DFC) will invest up to $30 million in Omnivore Agritech and Climate Sustainability Fund 3, an impact venture capital fund that aims to grow food. Invests in companies looking for Security and “improving the profitability and agricultural productivity of small-holding farms while promoting both climate resilience and climate adaptation in India”.
In response to a query related to PGII, the Chinese Foreign Ministry on Monday said that China always welcomes initiatives promoting global infrastructure, and such initiatives need not cancel each other, “What we oppose are steps to advance geopolitical. Count and smear the BRI in the name of promoting infrastructure development.” The Pakistan Economic Corridor passes through the disputed Gilgit-Baltistan region, which, according to India, remains under illegal occupation of Pakistan.
Asked about discussions on Ukraine and energy security, Kwatra said, “India will continue to do what it thinks best in the interest of its energy security in terms of global oil trade. had expressed during the G7. The summit was well understood.
US talking to India on Russia oil price limit
The US has begun talks with India on how to cap Russian oil prices, National Security Adviser Jake Sullivan said on Tuesday as he described New Delhi as one of the major consuming countries of Russian oil. US President Joe Biden and Prime Minister Narendra Modi met on the sidelines of the G-7 summit in Germany on Monday. Asked about the discussions between the two leaders about India’s purchase of Russian oil, Sullivan said, “One aspect of this is deep engagement with major consumer countries. India is one of those countries. Have started talks on how the price cap will work and what will be the implications”. (ANI)
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Nation World News Desk
Nation World News Desk
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