Santosh Pai
This program studies contemporary developments in India’s political economy, with a view towards understanding and informing India’s developmental choices. Scholars in the program analyze economic and regulatory policies, design and working of public institutions, interfaces between politics and the economy, and performance of key sectors of the economy such as finance and land.Learn More
This publication is part of Carnegie India's Practitioner Paper Series, which highlights the experiences of professionals from the world of politics, public administration, and business.
This paper examines the evolution of India-China economic ties from 2005 to 2025. It explores the impact of global events, bilateral political ties, and domestic policies on distinct spheres of the economic relationship. The analysis is structured around four individual components: trade; investments, both foreign direct investments (FDI) and foreign portfolio investments (FPI); public procurement, including engineering, procurement, and construction (EPC) projects and goods; and the digital economy, covering venture capital investments and internet applications. Given the paradoxical nature of India-China ties, this paper analyzes the effectiveness of retaliatory measures taken by India in response to Chinese incursions in the Galwan Valley during May 2020. Lastly, it suggests potential opportunities to develop a more calibrated range of policy options to de-risk and rebalance India’s economic relationship with China.
Laying the Foundation
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