November 26, 2025, Issue No. 1111
Duty Editor: Jia Lihao Cao Yincang
Review: Rao Jinshan Ye Weijie
Executive Editor: Chen Zhuo
Modi delivers a speech at the flag-raising ceremony of the Ram Temple. Source: Hindustan Times
Hindustan Times reported on November 25 that Indian Prime Minister Modi stated that a broader national roadmap has been formulated to achieve the goal of "a developed India by 2047." On November 25, the Ram Temple in Ayodhya, Uttar Pradesh (a Hindu temple, formerly the site of the Babri Mosque), was officially completed, and Modi attended the flag-raising ceremony and delivered a major speech. The speech focused on three aspects. Culturally, Modi said the completion of the Ram Temple symbolizes the cultural revival of the nation, and India's centuries-old wounds are healing. It is necessary to awaken the "Rama spirit deep in the hearts of Indians" and "free from servile thinking," taking pride in its own cultural identity. Economically, Modi said that India has risen from the 11th largest economy to the fifth largest economy over the past decade and a half, and it is expected to become the third largest economy soon. Politically, Modi cited a millennium-old inscription from Tamil Nadu documenting local democratic practices, stating that "India is the mother of democracy," and its democratic system is not "borrowed from the state."
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Source of the image: WeChat Official Account "Dreaming Back to Confusion"
South China Morning Post reported on November 23 that Air Chief Marshal AP Singh of the Indian Air Force confirmed on November 13 that the Mudh-Nyoma Air Force Station, located near the India-China border, has been officially activated and a C-130J transport plane has already landed there. The base is only 35 km away from the Line of Actual Control, cost 2 billion rupees to build, and was previously known as the Nyoma Forward Airfield. Indian officials stated that the Mudh-Nyoma Air Force Base strengthens the Indian Air Force's aviation infrastructure in the Ladakh region and can effectively enhance the operational capabilities of the Indian Air Force on the northern border. Defense Minister Rajnath had mentioned that this airport would have a "disruptive impact" on the Indian armed forces. However, analysts pointed out that although the airport has significant strategic importance, China is more likely to view it as an Indian effort to improve its border infrastructure rather than a direct confrontation signal. China's infrastructure level in the border area is still significantly ahead of India.
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Urban-rural consumption model. Source: The Print
The Print reported on November 25 that the Prime Minister-Economic Assessment Committee (PM-EAC) of India released a report stating that the urban-rural consumption gap is rapidly narrowing. In terms of vehicle ownership rates, both urban and rural households currently have more than half owning vehicles (two-wheelers or cars). Data shows that the vehicle ownership rate in rural areas has increased rapidly, from 19% in 2011-12 to 59% in 2023-24, while the vehicle ownership rate in urban households increased from 40.1% to 68.2% during the same period. Notably, the vehicle ownership rates in most states are converging, with rural households in Haryana, Telangana, and Punjab surpassing urban households. According to analysis, improved market access, road infrastructure, and vehicle financing channels are the main drivers of the increase in vehicle ownership rates in urban and rural areas. In terms of television/mobile phone ownership rates, the television ownership rate in urban areas decreased from 80.4% in 2021-22 to 78.5% in 2023-24, while mobile phone ownership increased from 92.2% to 97.7%. Meanwhile, the television ownership rate in rural areas increased from 49.6% to 61.1%, and mobile phone ownership increased from 77.6% to 96.5%. In terms of consumption structure, there has been a significant shift in the spending patterns of urban and rural families. For the first time, the proportion of food in the per capita monthly consumption expenditure of urban and rural households has dropped below 50%, while the share of expenditures on consumer goods such as fuel, lighting, medical care, education, and durable goods has increased. The report pointed out that the transformation of urban-rural consumption models and the growing diversification of consumption structures indicate that India is transitioning toward a middle-income country.
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Source: Reuters
Reuters and Indian Economic Times reported on November 24 that the Indian government stated on November 23 that India and Canada agreed to restart long-stalled new trade agreement negotiations. The two countries had suspended trade discussions due to diplomatic disputes. On November 23, Indian Prime Minister Modi held a bilateral meeting with Canadian Prime Minister Mark Carney at the G20 summit in Johannesburg, South Africa. Both sides agreed to launch negotiations for the Comprehensive Economic Partnership Agreement (CEPA) and set a target of doubling bilateral trade to USD 50 billion by 2030. Analysts said the resumption of negotiations marks a warming of relations between the two countries. Notably, both sides emphasized the long-term civil nuclear cooperation between the two countries. It was revealed that India and Canada are about to reach a USD 2.8 billion export agreement. If finalized, Canada will continue to export uranium to India over the next ten years, with the uranium material provided by Cameco Corp. Carney stated that despite some friction with India, India remains a reliable trade partner for Canada. Carney further noted that the new trade agreement could strengthen the already strong trade relationship between India and Canada and provide more security and opportunities for businesses in both countries.
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Source: Prothom Alo
Bangladesh's Business Standard reported on November 25 that the World Bank released a report on November 25 indicating that Bangladesh's poverty reduction process has significantly slowed since 2016, facing new challenges in economic equity. The report pointed out five challenges in Bangladesh's poverty reduction efforts. First, the benefits of economic growth have not reached the poorest groups. Data shows that the poverty rate in Bangladesh decreased by an average of 1.8% annually from 2010 to 2016, but the decline narrowed to 1.3% from 2016 to 2022. At the same time, each 1% increase in GDP resulted in only a 0.9% decrease in the poverty rate, far below the South Asian average of 1.5%. Second, job losses combined with high inflation have significantly increased the risk of relapse into poverty. In the fiscal year 2023-24, Bangladesh lost nearly 2 million jobs, and it is expected to lose another 800,000 jobs in the fiscal year 2024-25, with women and youth being the most severely affected. Additionally, Bangladesh's inflation rate has exceeded the wage growth of the poorest groups. Currently, more than one-third of the population in Bangladesh faces the risk of falling back into poverty. Third, the development gap between urban and rural areas and regions still exists. In terms of urban and rural areas, the poverty rate in rural Bangladesh has declined significantly from 2016 to 2022, but the loss of industrial jobs in cities and the acceleration of urbanization have led to prominent urban poverty issues. In terms of regional areas, the gap in poverty rates between the east and west of Bangladesh has narrowed, but there are still significant differences between different administrative regions. Fourth, the social security system has not accurately targeted poverty alleviation goals. Fifth, the quality of public services such as electricity, education, and transportation is low. To address these challenges, the World Bank recommended several measures, including improving urban and rural transportation logistics, creating more high-productivity urban jobs in manufacturing and services, revitalizing agriculture through strengthening value chains that benefit small farmers, and building a more robust social security system.
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Source: Reuters
Economic Times reported on November 25 that the Directorate General of Foreign Trade (DGFT), under the Department of Commerce and Industry, is comprehensively reviewing the mandatory and voluntary non-tariff measures (NTMs) faced by Indian exporters and is working to establish a central database to provide trade guidance to exporters. NTMs are regulatory conditions imposed by countries to regulate imports, including safety standards, quotas, import licenses, procurement restrictions, etc., which may constitute substantial trade barriers. It is known that Indian exporters have long faced such challenges, bearing higher risks in inventory management, product quality assurance during transportation, and fulfilling delivery commitments, thus increasing time and financial costs. To reduce trade friction caused by differences in international standards, DGFT has requested exporters, industry associations, export promotion councils, and commodity committees to submit relevant NTM information within a week, including certification requirements, testing procedures, inspection, audit, and labeling regulations implemented by the target countries, so as to establish a central database and provide exporters with clearer trade guidance. Analysts pointed out that this database can help identify areas requiring technical support or policy intervention. Indian officials also warned that if some NTMs are not included in the database due to incomplete information, it may weaken the government's support for related industries.
NEWS
Indian overseas student distribution in 2025. Source: Y-Axis
The Economist published an editorial on November 24 titled "Visa Restrictions Are Bad for Indians, But Not Necessarily for India." The article's author, D.K. Singh, is a senior editor at The Print.
Current governments in developed countries are simultaneously tightening immigration policies. According to data from the Organization for Economic Cooperation and Development (OECD), the number of immigrants working in developed countries for a long time decreased by one-fifth in 2024 compared to 2023, and the number of students decreased by 13%, with India being the most affected. Indians account for 70% of H-1B visa applicants in the United States, 25% of international students in the UK, and 40% in Canada, with a total of approximately 1.8 million people studying abroad. However, according to data from the Indian government, the number of Indian students in the four English-speaking countries - the US, UK, Canada, and Australia - decreased by about a quarter in 2025 compared to the previous year.
Visa restrictions in developed countries have multiple impacts on India. First, they cause remittance losses. Remittances account for 3% of India's GDP, compensating for about 40% of India's trade deficit. However, the reduction in the number of Indian students studying abroad also means that educational expenses flowing overseas will be reduced. Second, it promotes the diversification of Indian study destinations. Currently, Indian students are turning to new study destinations such as Germany, Russia, and France. In the past two years, the number of Indian students in Germany has increased by 68%, in Russia by 59%, and in France by more than a third. Diversifying study destinations can help India establish new connections with more countries and even bring new export opportunities. Third, it pushes Western companies to transfer more jobs to India to ensure a talent supply. Currently, Wall Street banks have increased their hiring efforts in global capability centers (GCCs), and Australian Deakin University and Wollongong University have established branch campuses in India, with British institutions also planning to open branch campuses in Mumbai.
For India, the biggest challenge is how to attract top scientists to return. Although the Indian government has proposed several plans to attract Indian diaspora researchers to return, these plans are still in the early stages. Moreover, in the context where China, Singapore, Europe, and the Gulf countries are actively attracting tech talent, Indian diaspora talents in the US still have choices. Compared to India, the salaries offered are lower, the universities are more politicized, and the quality of life in cities is worse.
Editor: Li Ran
Review: Jiang Yi Chen Zhuoke
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