Good India-China ties must for global fiscal stability: PM Narendra Modi

Prime Minister Narendra Modi has underlined the importance of stable ties between India and China, saying cooperation was crucial not only for regional peace but also global economic stability.

In an interview to Japanese newspaper Yomiuri Shimbun on the sidelines of his Tokyo visit, PM Modi said, “Stable, predictable and amicable relations between India and China, as neighbours and one of the largest nations, can have a positive impact on regional and global peace and prosperity.”

After Japan, the PM will be visiting Tianjin to attend the SCO summit at the invitation of Chinese President Xi Jinping.

Modi said Indian and China, as major economies, must work together to “bring stability to the world economic order” amid global volatility. India, he stressed, was ready to advance bilateral ties “from a strategic and long-term perspective on the basis of mutual respect, mutual interest and mutual sensitivity” while enhancing strategic communication to tackle shared developmental challenges.

The PM also addressed questions on India’s role in the Russia-Ukraine conflict, pointing to New Delhi’s “principled and humanitarian stance” that had found appreciation from both Presidents Vladimir Putin and Volodymyr Zelenskyy.

“I reiterated India’s principled and consistent stand and encouraged dialogue and diplomacy to resolve the conflict,” he said, adding India was prepared to support “meaningful efforts” for an early and lasting peace.

Asked about India’s role in the Global South, Modi said developing nations must be given priority if the world was to achieve the sustainable development goals by 2030. “In a highly interconnected world, we have seen the debilitating impact of the pandemic, conflicts and supply chain disruptions in the Global South,” Modi noted. “The countries continue to face myriad challenges involving global governance, climate change, food and energy security, debt and financial stress, all having significant impact on their development priorities.”

Highlighting India’s initiatives--from the International Solar Alliance to the Global Biofuels Alliance--Modi said New Delhi had worked to bring Global South concerns to the centre of the global agenda. “Our G20 presidency saw the inclusion of the African Union and gave voice to the aspirations of the Global South,” he said.

The PM underlined India’s dual engagement--both through BRICS and the Quad--as part of this effort, while calling for urgent reform of multilateral institutions to reflect present-day realities.

“India’s motto is Vasudhaiva Kutumbakam--the world is one family. We believe in building bridges of cooperation and friendship among nations,” he said. Responding to a question on the Quad, Modi described the grouping as a “force of global good” that had delivered concrete outcomes over the last two decades.

“Quad’s practical agenda ranges from maritime security, humanitarian assistance and disaster relief, cyber security, critical and emerging technologies and connectivity to education, health and even space cooperation,” Modi said. He added that the role of the Quad in delivering public goods was becoming increasingly significant.