Even though talks at the level of commanders are taking place on the Indo-Chinese border, China is multiplying the talk of its land claims. The People’s Liberation Army (PLA) said today that the June 15 clash in the Galwan Valley “occurred entirely on the Chinese side of the current line of control” (LAC). They accused Indian troops of crossing the line, saying that “the responsibility lies entirely with India” for the incident. The Defense Ministry in Beijing reiterated “China’s sovereignty over the Galwan Valley”.
This is the most detailed comment to date of any branch of the Chinese establishment on the unprecedented clash in the valley that claimed the lives of 20 Indian soldiers. China has not released the number of casualties.
“What is surprising is that on the afternoon of June 15, border troops from India openly violated the consensus reached by both parties [June 6], crossed the line to one side at the other, crossed the LAC again and deliberately provoked China, “said PLA chief colonel and defense ministry spokesman Wu Qian.”
“During negotiations on the ground, Chinese officers and soldiers were suddenly brutally attacked by the Indian side. This sparked intense physical clashes between officers and soldiers on both sides, resulting in casualties”Wu Qian
India, however, stressed that it was the Chinese side which had attacked its troops “premeditatedly”, following a dispute over a tent set up by China on the Indian side of the LAC region.
Co-operative banks to be brought under RBI supervision
On Wednesday, the Union Cabinet decided to send all cooperative banks to the RBI by order. This was announced by the Minister of Information and Broadcasting, Prakash Javadekar, in a virtual press meeting. Javadekar spoke to the media about the cabinet’s decisions from his residence, saying that “this is the new standard” and that “the depositor will be sure that his money is safe.”
“Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now under the control of the Reserve Bank of India (RBI),”Javadekar said today.
These banks will be placed under the supervision of the RBI from the date of approval of the order by the President. Following the crisis in the Punjab and Maharashtra Cooperative Banks (PMC), the Union Cabinet approved amendments to the Banking Regulation Act in February to subject 1,540 cooperative banks to RBI regulation.
4.5% contraction of Indian economy projected by IMF
The International Monetary Fund (IMF) has predicted that the Indian economy will shrink to 4.5% in 2020. They attributed this “record level” to the unprecedented coronavirus pandemic that negatively affected economic activity. However, the country is expected to recover in 2021 with a solid growth rate of 6%.
The IMF forecasts global growth for 2020 of –4.9%, 1.9 percentage points lower than the forecasts of the World Economic Outlook (WEO) for April 2020.
“We expect a sharp contraction in 2020 of – 4.5%. Given the unprecedented nature of this crisis, as is the case in almost all countries, this projected contraction is a historic low,“Gita Gopinath, chief economist at the IMF, told PTI updating the global economic outlook.
- The number of coronavirus cases in the country was 4 70,439, with a death toll of 14,862. India today recorded a jump of nearly 16,000 new cases. About 2.69,000 people have recovered.
- The Cabinet of the Union today gave the final green light to private participation in the space sector. A new team, the Indian National Center for the Promotion and Authorization of Space (IN-SPACe) “will provide fair conditions for private companies to use the Indian space infrastructure”. IN-SPACe will also encourage and guide private industry in space activities through a friendly regulatory environment.
- Defense Minister Rajnath Singh said he was extremely proud that a contingent of 75 members of the Indian armed forces participated in the 75th anniversary of the Victory Day parade on the iconic Moscow Red Square on June 24. Singh arrived in Moscow for a three-day visit on June 23 to attend the celebrations.