China's Belt and Road Initiative and it's relevance for India

 BRI (Belt and Road Initiative) which is also known as One Belt One Road Initiative is one of the biggest projects across globe which was started by China's president Xi Jinping in 2013 with the purpose of restoring the ancient Silk Route which connected Asia and Europe, the project's scope has been expanded over the years to include new territories and development initiatives. The project includes building a big network of roadways, railways, maritime ports, power grids, oil and gas pipelines, and linked infrastructure projects. The project covers two parts- Land-based Silk Road Economic Belt (SREB) and Sea based Maritime Silk Road (MSR).

Main objectives of Belt and Road Initiative (BRI)

1. Markets for excess capacity: BRI will help China access new markets for its excess capacity in the manufacturing and construction industries particularly steel, cement and machinery that will be utilised in the development of BRI infrastructures like ports, railways, pipelines, and highways.
2. Internationalization of Renminbi: The massive overseas investment in the BRI will speed-up the internationalization of the Renminbi (China’s currency) just like the US Dollars.
3. Boost trade: BRI will help China boost trade with the rich European markets by means of transportation links.
4. Increase influence: BRI can strengthen China’s influence over countries in both western and eastern hemispheres, reinforce its ambitions to become a maritime superpower and develop financial institutions competing with the Bretton Woods System (WB and IMF). 

Relevance of the BRI for India

India is a country who believe that connectivity between the countries must be based on universal recognized international laws, good governance, rule of law, open the transparency and equality and must be pursued in a manner that respect sovereignty and territorial integrity. In the case of BRI, India suspects the initiative is totally opposite to what China claims it to be. It disapproves of the BRI for a number of reasons. 

• China-Pakistan Economic Corridor (CPEC): CPEC is the flagship project of BRI which links Kashgar in China to Gwadar in Pakistan. It is the main reason for India’s opposition to BRI. India’s primary concern is with the corridor’s path through the Gilgit-Baltistan in PoK (Pakistan Occupied Kashmir), which India considers it as its territory. Construction of CPEC would further reinforce Pakistan’s claim over the region. Further, it also has a fear that the newly developed roadways near the Indian border in PoK region will raise the infiltration of anti-India elements from Pakistan to India.
• Debt trap: Experts have pointed out how China is pushing countries in its debt trap by providing loans to countries for unviable projects and increasing leverage. Pakistan has already fallen victim to the Chinese debt trap as it has taken USD 50 billion dollars which are going to balloon to USD 80 billion over a 30 year period. Likewise, countries such as Cambodia and Sri Lanka have fallen into the debt trap of China.
• Transparency issues: India has mentioned the importance of openness and transparency when it comes to mutual agreements on infrastructure projects and makes debt repayments easier for recipient Nations. There are several instances of nations like Nepal who are abandoning the deal with China due to the closed tender process and strict deal conditions. 
• The string of Pearls Theory: Under Maritime Silk Route (MSR), China is building ports in Sri Lanka, Pakistan and Bangladesh so as to enlarge its military presence in the Bay of Bengal and the Arabia Sea through its economic might. Hence, MSR is nothing more than an economic disguise to the “String of Pearls” Theory, which is a network of ports that China is building from its eastern coast to the West Asia which India believes to be aiming at encircling and containing India. 

Thus, While nearly every country across different continents have joined BRI, India is wary of China’s presence in the Indian Ocean, worrying that this will gradually weaken its regional control and strengthen the dependence of South Asian countries on China. Also, the success of BRI is mainly dependent on how China manages its debt as many countries that have joined BRI are in debt crisis and China need to address the issues of transparency and employment issues as well. Moreover, the political stability and regional cooperation in countries along BRI is also significant for the constant success of BRI.