By Subir Bhaumik
When Prime Minister Narendra Modi refused to endorse China's Belt and Road Initiative at the recently concluded Shanghai Cooperation Organisation summit, India appeared isolated. This is because all the others in the eight nation grouping - Russia, Pakistan and four Central Asian republics - endorsed the sweeping vision to put China at the centre of the global economy through new infrastructure, trade deals and other connectivity projects. In May last year, China had organized a global conference in Beijing, and most of India's neighbours, except Bhutan, signed to join the BRI, expecting huge Chinese funding for large infrastructure projects. The Chinese army's deep incursion at Doklam was seen as an expression of its ire at India and Bhutan boycotting the BRI conference. India has been severely critical of the BRI, as the $50 billion China-Pakistan Economic Corridor, which is part of the BRI, passes through Pakistan-occupied Kashmir. India says it cannot accept a project that ignores its core concern on sovereignty.
...
The BRI's impact on debt is also causing alarm. The Center for Global Development suggests these risks are highest in eight countries: Pakistan, Djibouti, the Maldives, Laos, Mongolia, Montenegro, Tajikistan and Kyrgyzstan.
Read the full article here.