📰The Chinese-US-India “Love” Triangle | Daily India Briefing

China is accusing the U.S. of trying to sabotage warming India-China relations. Today, we explain what this means for India’s economy and U.S.-India relations.

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Macro

• Silver prices jumped about 9% to a record high around $78.5/oz, driven by a market deficit and rising industrial demand, while other precious metals like gold and platinum also hit new peaks.

Equities

• India’s worsening water scarcity in Rajasthan is creating operational and reputational risks for global beverage companies like Heineken, Carlsberg and Diageo, which must maintain local production due to Indian liquor transport laws while managing strained water supplies and local tensions.

Alts

• India’s IT services firm Coforge, a global digital and cloud solutions provider, will buy U.S. AI-driven engineering and software firm Encora for $2.35 billion to boost its AI, cloud and data engineering capabilities and expand its U.S./Latin America presence.

• India’s Bharti Enterprises (a conglomerate with telecom and consumer interests) and U.S. private equity firm Warburg Pincus will jointly buy 49% of Haier India, the local home-appliances maker (fridges, ACs, TVs, washing machines), giving them a major foothold in the fast-growing Indian consumer electronics market while China’s Haier retains the rest.

Policy

• India’s civil aviation ministry has given initial approval (no-objection certificates) to two new carriers, Al Hind Air and FlyExpress, to begin operations to boost competition after recent disruptions by dominant airline IndiGo.

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The Chinese-US-India “Love” Triangle

China accused the US of trying to undermine its improving relationship with India, pushing back against a Pentagon report that Beijing said mischaracterized its intentions and exaggerated risks to advance Washington’s own strategic aims.

The report distorted China’s defense policy and sought to sow discord between Beijing and other countries, Foreign Ministry spokesman Lin Jian said at a regular briefing in Beijing on Thursday. The assessment was aimed at creating a pretext for the US to maintain military dominance, he added, calling the approach irresponsible.

Lin was responding to questions about a Pentagon report that suggested China could use a thaw in ties with India to obstruct closer relations between New Delhi and Washington. Beijing, he said, wants to develop relations with India along a “sound and steady” path, adding that conditions along the Himalayan border are generally stable.

China and India have moved over the past year to ease years of tension, particularly after a prolonged military standoff along their Himalayan frontier. The two sides have taken steps to stabilize relations, including disengagement at flashpoints along the border. In August, Modi made his first visit to China in seven years, signaling a political reset after a long freeze in high-level contact. Direct flights between the two countries resumed in October after being suspended for more than five years.

The warming comes at a time when both countries have been hit by tariffs. The shared economic shock has created incentives for Beijing and New Delhi to manage frictions and prevent further disruptions to trade and investment. The Pentagon report also said China is in the midst of a historic military buildup that is increasing risks to the US homeland, a claim Beijing has previously rejected. Chinese officials argue that Washington is overstating the threat to justify higher defense spending and a stronger military footprint in Asia.

See you tomorrow.

Written by Yash Tibrewal. Edited by Shreyas Sinha.

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