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Xi-Modi breakthrough followed months of pressure by India CEOs [Fortune]

BYD CO LTD UNSP/ADR (BYDDY)

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Now there's a recognition in New Delhi that he may have gone too far. Modi met Chinese President Xi Jinping on Wednesday at the BRICS summit in Russia, where the two leaders pledged to stabilize relations. Xi said both sides should strengthen cooperation and manage “differences and disagreements.” India said that special representatives from both sides would meet to plan next steps. The 2020 border clashes, which also left an unknown number of Chinese dead, prompted India to impose strict rules on Chinese businesses seeking to invest in the country, ban hundreds of Chinese apps and slow visa approvals . The stringent measures led to the collapse of several investments proposals, including BYD Co.'s $1 billion plan to build electric vehicles in India. Indian businesses have increased pressure this year on Modi's government to relax the restrictions on China, according to officials familiar with the matter who asked not to be identified. It became clear, they said, that the tough Show less Read more

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Xi-Modi breakthrough followed months of pressure by India CEOs [Fortune]

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