India stops short of endorsing West’s $600bn infra push to counter China | India News

NEW DELHI: While India quickly joins US-led economic group Indo-Pacific Economic Framework (IPEF), they stopped supporting another initiative by the US and other Western countries, the $600 Billion Partnership for Global Infrastructure and Investment (PGII), against the Initiative. China’s Belt and Road (BRI) in low- and middle-income countries. .
The United States has announced a $30 million investment in a fund promoting food security in India under PGII, according to The White Housewill deliver “game-changing” projects to bridge the infrastructure gap in developing countries.
Although announced last year, PGII was officially launched by the G7 countries in Germany this week with the US pledging to raise $200 billion over the next five years. Foreign Minister Vinay Kwatra said India would have to see the details of the initiative to be able to talk specifically about it.
He made it clear that there were only two outcome documents involving the G7 and the reach countries (India, Argentina, Senegal, South Africa and Indonesia) together.
“One is about resilient democracy (the statement) and the second is basically the chair’s summary of the Just-Just Energy Transition Partnership. I think the (PGII) initiative… if my understanding is correct, is a separate initiative of the G7 and my recollection, unless you know there is some other input I think it is not a G7 approach initiative’ , Kwatra said while answering a question about the PGII initiative.
According to a White House fact sheet released earlier this week, the United States International Development Finance Corporation (DFC) will invest up to $30 million in Omnivore Agritech and the Climate Sustainability Fund 3, a venture capital investment in companies looking to increase food security and promote “both climate resilience and climate adaptation in India, as well as improve agricultural profitability and productivity” industry of small-scale farms”.
In response to a question regarding the PGII, China’s Foreign Ministry said on Monday that although China has always welcomed initiatives to promote global infrastructure and that such initiatives do not need to cancel each other out, “what we oppose are moves to promote computational geopolitics and smear the BRI in the name of promoting infrastructure development.
When asked about discussions on Ukraine and energy security, Kwatra said, “India will continue to do what it considers best in our own energy security interests when it comes to oil trade. I think our position that the Prime Minister made clear during the G7 summit is well understood.
US talks to India about Russia’s oil price cap
National Security Adviser Jake Sullivan said the US had begun negotiations with India on how to limit Russian oil prices on Tuesday as he described New Delhi as one of the world’s biggest oil consumers. important to Russia. Our President Joe Biden and Prime Minister Narendra Modi met in Germany on Monday on the sidelines of the G7 summit. Asked about the discussions between the two leaders about India’s purchase of Russian oil, Mr. Sullivan said, “One aspect of that is the extensive engagement with major consuming countries. India is a major consumer. one of those countries. We have started negotiations with India on how much of a price cap. work and what the implications will be.” (ANI)

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