The growing Chinese influence in the south-east Asian region has been irking India for years. China has been aggressively promoting its projects in the Indian Ocean region to show off its financial and diplomatic influence.
In a recent setback for the Chinese government, it got kicked out of the Sri Lankan wind energy project that is to be constructed in the narrow strait between India and Sri Lanka called Palk Strait. The project was met with heavy objections from the Indian side citing concern over Chinese activity so close to the Indian region, and it kept getting stalled.
Upon the exit of China from the project, India stepped up to help Sri Lanka which is going through its worst economic crisis since its independence in 1948. India will be setting up hybrid renewable energy projects in three small islands between India and Sri Lanka. India will pay upto $11 million or the tendered cost of the project, of which 75% will be grant assistance and 25% will be credit-based finance.
This is a good move for sustainable growth and also for regional power balance between India and China, apart from this India also recently has invested $700 million in a port in Sri Lanka which is the largest ever investment in the country by a foreign country. Although China already has a Sri Lankan port on lease for 99 years.
A CSR Initiative of
Designed and Executed by
Implemented by
Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
