Business
Can India Trust Chairman XI? How China Is Still A Long Term Systematic Threat Despite Recent Thaw In Relationship
New Delhi: Prime Minister Narendra Modi’s presence at the recent Shanghai Cooperation Organisation (SCO) summit signaled a subtle recalibration in New Delhi’s approach towards Beijing. His participation — and the brief exchange with Chinese President Xi Jinping on the sidelines — underscored attempts by both sides to stabilise relations after years of border tensions and trade friction. While no major breakthroughs were announced, the optics of Modi’s visit have been read as an opening for a cautious thaw, setting the stage for renewed diplomatic and economic engagement between the two Asian giants.
Yet, for Indian policymakers, history casts a long shadow over such gestures. Since the 1950s, India has experienced several episodes where agreements or friendly overtures with China were followed by sharp reversals or conflict. The most striking example remains the 1962 Sino-Indian war, which erupted just a few years after the “Hindi-Chini Bhai Bhai” phase and the signing of the Panchsheel Agreement. Subsequent decades have witnessed repeated flare-ups despite ongoing talks and confidence-building measures — from the Sumdorong Chu standoff in 1987, to the Doklam crisis in 2017, and the deadly Galwan clashes in 2020. Each time, India’s expectations of a stable border were shaken by Chinese military maneuvers, reinforcing a pattern of mistrust.
This legacy of caution influences not just border diplomacy but also how India views its massive trade relationship with China. As geopolitical tensions ease tentatively, economic realities remain stark. China’s manufacturing overcapacity poses a serious threat to the Indian economy by undermining local industries, widening trade deficits, and destabilizing market conditions in several sectors. Despite India’s rapid industrial growth and emerging status as a manufacturing hub, the flood of cheap, subsidized Chinese goods disrupts domestic markets and jeopardies the viability of homegrown businesses.
China produces about 30 percent of the world’s manufactured goods but consumes only around 18 percent domestically. This mismatch fuels an export push, often at low prices backed by state subsidies. India has borne the brunt: a trade deficit of about USD 99.2 billion in the 2024-25 fiscal year, and intense pressure on sectors such as steel, solar panels and electric vehicles. Cheaper Chinese imports erode market share, squeeze profit margins, and slow domestic industrial growth — directly threatening the government’s “Make in India” ambitions.
At the same time, global supply chains are diversifying. Many multinational firms are adopting a “China-plus-one” strategy that includes India, recognizing its large workforce, improving digital infrastructure and strategic location. To convert this window into a long-term advantage, India must couple its diplomatic outreach with robust trade policy actions, targeted industrial reforms and stronger WTO-aligned measures to counter dumping and subsidies.
The current establishment has consistently approached trade with China with caution, fully aware of the risks posed by overreliance on a complex and often unpredictable partner. This cautious stance has allowed India to benefit from engagement while minimizing vulnerabilities. Moving forward, this approach must remain steadfast: any thaw in geopolitical tensions should be matched by strategic vigilance in economic dealings. Strengthening domestic industries, diversifying supply chains, and learning from past breaches of trust will ensure that India’s engagement with China continues to serve national interests, rather than exposing the country to avoidable risks. Only by balancing opportunity with prudence can India maintain leverage and safeguard its long-term economic and strategic goals.
Gem O’ReillyLondon and
Harry CraigLondon
BBC / Gem O’ReillyLike many of the more than half a million students studying in London, Thomas Murch finds coping with finances an ongoing struggle.
“The cost of living has increased a lot, so doing the things I would normally do requires more money, and it’s very hard for me to balance the wants with the needs.
“There’s so much I want to do, but there’s so much I have to take care of first.”
Thomas is a student at the University of East London (UEL), and works with the Student Money Advice and Rights Team (SMART) to teach students how to budget.
This includes help in signing up for bursaries or other programmes to obtain full funding entitlements, and supporting career development.
Thomas said the SMART team helped him to stay in control of his finances, including how to “make sure my needs are met before I deal with my wants”.
As students return to universities and the new academic year, the 2025 National Student Money Survey found an average student in London spends £1,269 a month, covering basics like rent, bills and food.
Undergraduate tuition fees also rose from £9,250 to £9,535 in September 2025, the first increase since 2017.
BBC / Gem O’ReillyKayode, a final year masters student at UEL, said he worried about his finances “a lot of the time”.
“You have to pay rent, go grocery shopping for food, and find your way to work and classes.”
Research by Visa, which surveyed 275 London students and 2,000 undergraduates nationally, suggested he is not alone.
The vast majority – 84% – of students surveyed in the capital said they felt “overwhelmed” by managing their money.
Another financial burden for students in London is the cost of transport.
The capital’s Tube network is the most expensive of any major global city, with a single journey costing between £2.50 and £3.80.
UEL undergraduate student Viga Lukita raised travel costs as a concern, but said she uses the Student Oyster Card and travelled during off-peak hours to save money.
The start of the new academic year comes as social mobility charity The Sutton Trust warned pupils from private schools “are maintaining a vice-like grip on the most important roles in society“.
Data from the trust indicated the UK’s most powerful and influential people are five times as likely to have attended private school than the general population.
Getty ImagesUEL is ranked the UK’s most accessible university for low-income groups, and 77% of its UK students come from the most deprived homes.
Prof Amanda Broderick, vice-chancellor and president of UEL, said: “Talent is evenly spread across society, but opportunity isn’t.”
She said the university provides more than £7m in bursaries and hardship funds each year, as well as running financial literacy courses and setting up a student essentials larder.
Prof Broderick also said the university supports its students to work part-time alongside their studies.
Research by the Higher Education Policy Institute suggests more than two-thirds of full-time students now work during term time – an increase on 2023.
One of these is UEL masters student Anand Sasi Kumar, who struggled to manage his money when he started his studies but getting a job helped him survive.
“Once I got into work, I could budget everything much better and easily.
“If you’re lucky enough to find a part-time job and you earn good money, it’s easier for you.
“When I started earning, I could start to go out more and see more places.”
BBC / Gem O’ReillyEmily Crook, a student at the BPP Law School in central London, shared some of the tricks she uses to save money.
They include looking for reduced items in supermarkets that can be frozen and kept for later, using online platforms to resell or buy clothes, and using apps to accumulate money-saving points, like Nectar card and Clubcard.
Anand recommended options such as getting council tax discounts and using railcards for rail travel.
Advice from Money Saving Expert said students should research the best bank account for them, use websites like Unidays for discounts, and ensure tenancy deposits are protected.
A sign is seen outside of the “Jimmy Kimmel Live!” show outside the El Capitan Entertainment Centre on Hollywood Boulevard, from where the show is broadcast in Hollywood, California on Sept. 18, 2025.
Frederic J. Brown | AFP | Getty Images
Disney’s decision this week to pull “Jimmy Kimmel Live!” from its broadcast network ABC is shining a light on a part of the media business over which the federal government has control.
On Thursday, President Donald Trump suggested his administration should revoke the licenses of broadcast TV stations that he said are “against” him. Federal Communications Commission Chair Brendan Carr has made similar threats, including during a CNBC interview, also on Thursday.
It’s not the first time Trump or Carr has invoked the government’s power to pull a broadcast station license — putting an in-the-weeds part of the media business front and center for consumers, and flexing the government’s power over a major part of the industry.
What’s a broadcast license?
Let’s start with the basics: Networks such as Disney’s ABC, Paramount Skydance’s CBS, Comcast Corp.’s NBC and Fox Corp.’s Fox are part of a system that requires them to obtain over-the-air spectrum licenses from the federal government in order to broadcast these household-name stations.
That means free, over-the-air service to anyone with an antenna on their TV.
Pay-TV networks such as CNN, MTV or FX, for example, are considered “over-the-top” and available for subscription fees. They’re often bundled together and distributed by companies such as Comcast, Charter Communications or DirecTV.
Broadcasters such as ABC are known for programming that includes local news, live sports, prime-time sitcoms and dramas, as well as late-night shows such as “Jimmy Kimmel Live!”
Although the way consumers watch these programs has significantly changed from the days of using an antenna for free viewership — now they’re often viewed via pay-TV bundles, plus the content is frequently found on streaming platforms — the model has remained largely the same.
Companies that own local broadcast TV stations, such as Nexstar Media Group and Sinclair, license spectrum — or the public airwaves — from the government, with the FCC in control.
Through this public spectrum for radio and TV stations, the federal agency has the right to regulate broadcasting and requires each network “by law to operate its station in the ‘public interest, convenience and necessity.’ Generally, this means it must air programming that is responsive to the needs and problems of its local community of license,” according to the FCC website.
Can Trump and the FCC revoke licenses?
That definition of serving the “public interest” is what the FCC’s Carr has zeroed in on with conversations around revoking licenses.
On Thursday, Carr told CNBC’s “Squawk on the Street” that comments by Kimmel, linking the suspect in the killing of conservative activist Charlie Kirk to Trump’s MAGA movement, were “not a joke,” and instead, he said, were “appearing to directly mislead the American public about … probably one of the most significant political events we’ve had in a long time.”
When Trump has noted the government’s right to take away licenses — both this week and in the past — he has pointed to what he said is bias against him as president.
“I have read someplace that the networks were 97% against me, again, 97% negative,” Trump said Thursday, referring to his 2024 election victory.
“They give me only bad publicity, press. I mean, they’re getting a license,” Trump said. “I would think maybe their license should be taken away.”
People protest at the El Capitan Entertainment Centre, where “Jimmy Kimmel Live!” was recorded for broadcast, following his suspension for remarks he made regarding Charlie Kirk’s assassination, on Hollywood Boulevard in Los Angeles, California, U.S. Sept. 18, 2025.
David Swanson | Reuters
In August, Trump accused networks ABC and NBC of being “two of the worst and most biased networks in history” and suggested revoking their broadcast licenses.
Carr earlier this year, freshly in his post as FCC chairman, reawakened complaints directed at ABC, NBC and CBS from the conservative organization the Center for American Rights.
And in February, during a conversation at Semafor’s “Innovating to Restore Trust in News” summit in Washington, D.C., he suggested the agency would be looking closely at licenses.
“If you’re going to have a license to be a broadcaster, it comes with something called ‘you have to serve the public interest.’ If you don’t want to do that, that’s OK,” Carr said during the summit. “I will give you the address of the FCC … you’re free to turn your license in and you can go podcast and you go over-the-top.”
What happens if ABC or NBC loses its license?
If the federal government deems a broadcast TV network isn’t acting in the public interest, it can revoke the license from the station’s owner, and the local station would effectively go dark in its market.
The local networks can preempt the programming, meaning air something other than what the broader network is offering up. That would theoretically keep the stations in compliance if the FCC were to find the broadcast content unlawful. But it’s unclear where that line would fall.
The process of revoking a license isn’t so simple, according to Roy Gutterman, a professor and expert on communications law and the First Amendment at Syracuse University’s Newhouse School.
“There’s a whole process before you can yank someone’s license,” Gutterman said, adding that the matter would be subject to an investigation and procedure — and would likely garner legal challenges.
Typically, the discussion of whether a station violated the FCC’s guidelines centers around children’s programming, a cut to news content, or obscenity — such as Janet Jackson’s wardrobe malfunction during the Super Bowl in 2004.
Trump and his administration’s threats take a different tack.
“This is such an unprecedented issue,” Gutterman said. “Responsible use of the airwaves doesn’t mean having the political language [the government] doesn’t want on there … Responsible use isn’t a political issue.”
Pressure mounting
There’s another factor at play here: The government’s role in local TV consolidation.
On Wednesday, before ABC sidelined Kimmel, Nexstar announced its stations affiliated with ABC wouldn’t air the late night show and instead would preempt it “for the foreseeable future” due to the host’s statements.
While Disney owns a portion of its ABC-affiliated networks, Nexstar, as well as Sinclair — which similarly said it would preempt the show — own the vast majority. Nexstar owns about 30 ABC-affiliated networks across the U.S., or 10% of the more than 200 stations Nexstar owns in total.
Nexstar is currently seeking government approval of a $6.2 billion deal to merge with fellow broadcast TV station owner Tegna, which would upend longstanding regulations for broadcast station owners.
Sinclair has also said it’s looking to merge its broadcast TV station business with another competitor, although a deal has yet to be announced.
While Nexstar and its peers have bulked up over the years through acquisitions, they’ve been subject to longstanding federal limits on the number of stations that these parent companies can own.
On Tuesday, May 13, 2025 at North Javits in New York City, an incredible roster of all-star talent will tout their connections to storytelling, Disney, and each other while showcasing their latest projects for the upcoming year.
Michael Le Brecht | Disney General Entertainment Content | Getty Images
Following Trump’s election in November, leaders of the station owners — as well as other media businesses — saw an opening for further consolidation and deals.
The FCC’s Carr has also publicly said in recent months that he would support getting rid of broadcast station ownership rules and caps, paving the way for such deals, which could help salvage a business model that’s being disrupted.
With the rise of streaming, the pay-TV ecosystem has bled consumers, and broadcast TV networks and local affiliates have also felt the effects.
While the stations are free to air, distributors such as Charter pay the broadcasters so-called retransmission fees, on a per-subscriber basis, for the right to carry the stations. These lucrative fees heavily buoy the profits of companies such as Nexstar, which means dwindling pay-TV customers cuts into broadcast profits.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC under a planned spinoff.
NEW DELHI: Japanese credit rating agency Rating and Investment Information (R&I) on Friday upgraded India’s long-term sovereign credit rating to ‘BBB+’ from ‘BBB’ and retained the “stable” outlook, citing growth prospects, progress on fiscal consolidation, and reforms undertaken by govt. This is the third upgrade by a sovereign credit rating agency this year, following S&P’s upgrade to ‘BBB’ (from BBB-) in Aug and Morningstar DBRS’ upgrade to ‘BBB’ (from BBB (low)) in May 2025.R&I said the impact of the tariffs imposed by US on India’s economy will be limited. “The US has raised its tariff rate on India to 50%. While this may pose a risk factor for economic outlook, India’s economy is mainly driven by domestic factors and its dependence on exports to the US is not high,” the ratings agency said in a statement, adding that GST rate reduction, which will kick in from Sept 22, would help minimise the impact.The agency said the economy will maintain the growth rate in mid-6% range from FY26 onwards, backed by population growth, the catch-up effect of income and govt’s public investment and economic policy, among other factors. The govt welcomed the decision by the ratings agency. “Three credit rating upgrades for India in five months reflect increasing global recognition for India’s robust and resilient macroeconomic fundamentals and prudent fiscal management and underscore global confidence in India’s medium-term growth prospects amid prevailing global uncertainties,” said an official statement.The rating agency said govt is striving to reduce the fiscal deficit, which narrowed to 4.8% of GDP in FY24. “While govt has been increasing capital expenditures, it managed to reduce the fiscal deficit, thanks to the tax revenue increase backed by strong domestic demand as well as the cut of subsidies,” said R&I.
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