India Gave 28$ Billion Loan To 63 Country | Burning Issues | PDF Download

CHINA’S MASSIVE BELT AND ROAD INITIATIVE

• Morgan Stanley has predicted China’s overall expenses over the life of the BRI could reach $1.2–1.3 trillion by 2027, though estimates on total investments vary.
• 1 Trillion = 1000 Billions (10 Kharab)
• In Rupees – 6800000 Crore

INDIA’S RESPONSE

• There are currently 279 LOCs, worth $28 billion, extended to these countries located in Asia, Africa, Latin America, Caribbean and Oceania, the government informed Parliament last week in response to a question on what India was doing to counter BRI’s economic and foreign policy issue.

THE DETAILS

• “Of this, 254 projects aggregating nearly $4.70 billion have been completed, while 194 projects worth nearly $19 billion are under implementation. These include 94 connectivity projects in five countries in India’s immediate neighbourhood being taken up with LOC worth nearly $6.6 billion,” junior minister V Muraleedharan said in response to a question.

$28 BILLION

• 1,90,400 Crore Rupees

• Interestingly, there was no mention of any Indo-Japan bilateral project in the Indo-Pacific region or the proposed trilateral cooperation involving IndiaJapan-USA or any proposed Quadrilateral (India-Japan-USAAustralia) aimed at rebalancing the BRI.
• Referring to the Indian Government’s position on China’s ‘One Belt One Road’ (OBOR) or Belt and Road Initiative, the Minister emphasised that this has been clear and consistent.
• “The inclusion of the so-called ‘China-Pakistan Economic Corridor’ (CPEC), which passes through parts of the Indian state of Jammu and Kashmir under illegal occupation of Pakistan, as a flagship project of ‘OBOR/BRI’, reflects lack of appreciation of India’s concerns on the issue of sovereignty and territorial integrity,” he said.

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