India’s Mukesh Ambani is now wealthier than Warren Buffett
According to the data compiled by Bloomberg Billionaire Index, India's richest man and Chairman of Reliance Industries is now worth $68.3 billion, surpassing Buffett's $67.9 billion as of Thursday. Shares of Ambani's Indian conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc. and Silver Lake
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India's $48 billion trade deficit with China
A border clash with China in the Himalayas left 20 Indian soldiers dead, with many in India, calling for a boycott of Chinese products. Government data showed India imported more than $65 billion worth of goods from China between April 2019 and March this year and exported only around $16.6 billion worth of products. That left New Delhi with a more than $48 billion trade deficit with Beijing
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CNBC
Indian start-ups unable to access Chinese funding after political tensions
The Indian food delivery start-up Zomato with a valuation of $3 billion has been unable to access its biggest Chinese investment in the first major example of how Delhi’s new foreign investment laws have hit funding. In January, Zomato announced it had secured $150m in fresh funding from Ant Financial, the Chinese digital payments giant. But it has been unable to access $100m of that total
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FT
Xiaomi is safe from anti-China sentiment in India
Growing anti-China sentiment in India has not had any material impact on Chinese smartphone maker, Xiaomi, the company’s India boss Manu Kumar said on Thursday. “Till now, we are not seeing any major impact on our business, with respect to sales or demand,” he added. Xiaomi is India’s top smartphone maker and owns about 30% of the market currently, according to data from Counterpoint Research
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CNBC
70% of India’s drug intermediary needs are fulfilled by China
Indians are boycotting Chinese products as anti-China sentiment in India is on the rise after the deadly clash at the border but the two nations can’t afford to simply boycott each other. China is India’s second-largest trading partner after the US and it accounts for nearly 12% of India’s imports across sectors, on the other side, at least 70% of India’s drug intermediary needs are fulfilled by China,”
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BBC