New era of Sino-India cooperation to begin with 'Chennai connect': PM Modi
Mamallapuram: A new era of cooperation will start between India and China on Saturday with the "Chennai connect", Prime Minister Narendra Modi said after around five-and-half hours of one-on-one talks with Chinese President Xi Jinping spread over two days in this ancient coastal town as part of the second informal summit.
Xi said their "candid", "heart-to-heart" discussions on bilateral relations were "in-depth" and "good", noting that maintaining and expanding the Sino-India relations is a firm policy of his government.
The opening remarks by the two leaders at the delegation-level talks are seen as a clear reflection of attempts to recalibrate ties that were strained following India's decision to withdraw special status of Jammu and Kashmir.
"The Wuhan spirit gave a new momentum and trust to our relations. Today, our Chennai Connect will lead to the start of a new era of cooperation between the two countries," Modi said, referring to the outcome of the first informal summit between the two leaders at Chinese city of Wuhan in April last year.
Modi said the Wuhan summit led to increased stability and fresh momentum in Sino-India relations as strategic communication increased between the two sides.
We had decided that we will prudently manage our differences, and not allow them to become disputes, we will remain sensitive about each other's concerns and that our relations will lead to peace and stability across the world.
"These are our big achievements and these will inspire us to do more in future, Modi said. The PM also said India and China were global economic powers during most of the last 2000 years and were returning to stage gradually.
For most of the last 2,000 years, India and China were among the world's leading economic powers. Now in this century, we are together getting back to that status
On his part, Xi said the first informal summit continues to produce visible progress.
We have deeper strategic communication, more effective practical cooperation, more diverse people-to-people and cultural exchanges and we have closer cooperation on multilateral occasions.
"What has happened has proved that we made the right decision to have this kind of informal summit and we can well continue with this form of meeting, the Chinese leader said.
Xi said: Yesterday and early today, Mr Prime Minister, as you said, you and I have engaged in candid discussions as friends. In this heart-to-heart discussions on bilateral relations, we've had really in-depth engagements and good discussions.
After the talks, Modi tweeted that he had productive deliberations on further improving India-China relations.
Before the delegation level talks, Xi and Modi held a one-on-one discussion lasting about an hour at the Fisherman's Cove resort, sending a clear signal of an intent to refashion ties for greater bilateral cooperation.
The two leaders also took a stroll along the beach front and were seen having an engaging discussion. Earlier, Modi and Xi came together to the venue in a golf cart.
Xi left Mamallapuram at around 12:45 pm for Chennai airport, wrapping up the nearly 24-hour trip. The Chinese President arrived here in this bustling port city on Friday amid strain in bilateral ties between the two countries after India withdrew Jammu and Kashmir's special status and bifurcated the state into two union territories.
On Friday, Modi and Xi held a two-and-half-hour open and cordial one-on-one discussion over dinner, vowing to jointly combat terrorism and radicalisation, and expand bilateral trade and investment..
The meeting at the magnificent Shore temple complex under a sea-facing colourful tent went beyond the scheduled time as both leader touched upon a range of issues over sumptuous local delicacies.
"This was quality time that the two leaders spent together one-on-one, Foreign Secretary Vijay Gokhale had said after the meeting, adding the leaders agreed to work together so that radicalisation and terrorism do not affect the multi-cultural, multi-ethnic and multi-religious societies of the two nations.
He said the two leaders also deliberated on trade and economic issues with a focus on identifying new areas for investment and enhancing trade volume and value of two-way trade.
The issue of trade deficit and trade imbalance was also discussed, the foreign secretary said.
Earlier on Friday afternoon, Modi, dressed in a Tamil attire of Veshti (Dhoti), white shirt and an angavastram', took Xi for a guided tour of the famous world heritage sites of Arjuna's Penance, Krishna's Butterball, the Pancha Ratha and Shore temple in this ancient temple town, kicking off the second informal summit between the two leaders.
The free flowing nature of the informal summit at the UNESCO world heritage site will continue and deepen contacts at the highest level and guide the future trajectory of India-China relationship, MEA Spokesperson Raveesh Kumar said.
Meanwhile, India has announced a five-year tourist e-visa with multiple entry facility for Chinese travellers, coinciding with President Xi's visit.
"It is anticipated that this unilateral liberalisation of e-TV for Chinese nationals will further enhance people-to-people exchanges between the two countries and encourage more Chinese tourists to choose India as a destination for tourism purposes," the Indian embassy in Beijing said in a press release.
China's state run Xinhua news agency reported that Xi and Modi agreed to promote exchanges and mutual learning among civilizations to achieve joint development and prosperity during their meeting on Friday.
Noting that China-India cultural and people-to-people exchanges bear great potential, the Chinese president urged both countries to take the 70th anniversary of their diplomatic relations next year as an opportunity to conduct broader and deeper cultural and people-to-people exchanges.
As he toured the monuments at Mamallapuram with Modi, Xi said Tamil Nadu, a maritime transit hub for cargoes in the ancient Silk Road, has a long history of exchanges with China and close connections with China on maritime trade since ancient times.
Both as ancient civilizations with several thousand years of history, China and India have carried on their exchanges and mutual learning till this day, Xinhua quoted Xi as saying.
The two countries' ancestors have overcome various obstacles to carry out extensive exchanges and promote the development of literature, art, philosophy and religion, which have greatly benefited both sides, Xi said.
Modi told Xi that the Group of Monuments at Mamallapuram is an outstanding example of India's cultural heritage and architecture, and witnessed India and China's civilization exchanges and historical connections for more than a dozen centuries.
After their development for several thousand years, India and China have both become important emerging economies, Modi said, stressing that enhancing exchanges and cooperation bears great significance to the two countries and will promote global progress and prosperity.
The wisdom from the two countries' ancient and profound civilizations can provide inspiration for solving various challenges facing the world today, Xinhua quoted him as saying.
In the Shore Temple on the coast of the Indian Ocean, Xi and Modi talked about the domestic development of China and India and exchanged experience in state governance, it said.
The two leaders agreed that China and India should respect and learn from each other so as to jointly achieve common development and prosperity, as well as the great rejuvenation of the two civilizations, it said.
Xi's visit to India came two days after he held talks with Pakistan Prime Minister Imran Khan in Beijing. After the talks, a joint statement said China is paying close attention" to the situation in Kashmir and that the issue should be properly and peacefully resolved based on the UN Charter. The comments evoked sharp reaction from New Delhi.
Officials on both sides said the focus of the Modi-Xi summit has been to move forward and chart a new pathway of development notwithstanding sharp differences between the two countries over several contentious issues.
Sources said the two leaders are expected to issue some directions at the end of the summit on Saturday as they did after the first edition of new format of engagement in Chinese city of Wuhan last year.
Both sides know that a lot is riding on the relationship and this is reflected in the summit being held on schedule despite speculations of its postponement in recent weeks, said a senior official on condition of anonymity.
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India has enough oil stock to weather West Asia crisis; coverage in place for 6-8 weeks
New Delhi (PTI): India holds sufficient crude and fuel inventories to meet domestic demand for petrol, diesel, and other fuels for six to eight weeks, top government sources said, cushioning the country against any short-term supply disruption amid escalating military conflict in West Asia.
About half of India's crude and LPG imports transit the Strait of Hormuz - the key energy chokepoint that has seen disruptions following US and Israeli attacks on Iranian government, military and nuclear facilities. Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements.
A top oil ministry official, who wished not to be named, said the government is monitoring the situation "on a daily and hourly basis" and is confident of navigating through the crisis that by some estimates may last a week or ten days.
While the country has crude oil stocks to last 25 days and fuel to last a similar duration, contingency plans - including using stockpile in strategic petroleum reserves, commercial stocks, and diversified sourcing from the US, Russia, West Africa, and Latin America - will ensure continuity even if the crisis lasts longer.
While immediate shortages are unlikely, rising crude prices and higher freight and insurance costs could impact India's import bill and inflation.
Separately, the ministry in a statement said Oil Minister Hardeep Singh Puri "briefed the media on the country's preparedness in the current circumstances" and it was informed that "the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East."
It, however, did not give details of the stocks.
"The Ministry has established a 24×7 control room to continuously monitor the supply and stock position of petroleum products across the country," it said.
"At present, the government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation."
India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally.
"It was further apprised that in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources. Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz.
"Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz," the statement said.
The official said that while this year crude sourced from the countries that use the Strait of Hormuz is above 50 per cent due to a drop in Russian cargoes, the average over the past couple of years has been 40 per cent. The remaining 60 per cent is not shipped from the Strait.
Crude oil -- the raw material that is turned into fuels like petrol and diesel in refineries -- in storage tanks, pipelines and on ships in transit is enough to meet the country's requirement for 25 days. Besides, there are stock of fuel in refineries, deposits, pipelines and other storage facilities that could meet demand for a similar duration, he said.
On top of this, there is crude oil stored in underground strategic reserves.
The country's commercial crude oil stocks, including strategic petroleum reserves at Mangalore, Padur, and Visakhapatnam, total around 100 million barrels. This, along with additional refined product inventories, provides a substantial buffer against short-term disruptions.
"We are in a reasonably comfortable situation," the official said.
The official said India was looking to import LPG even before the Iran crisis broke out last weekend. An issue with the pipeline in Saudi Arabia, the principal supplier of LPG to India, had created a deficit of 120,000 tonnes.
"There are a large number of producers, and we are tapping them," the official said.
With imports via the Strait of Hormuz averaging roughly 2.5 million barrels per day -- about half of India's just over 5 million bpd total crude imports -- these combined reserves could theoretically cover around 40-45 days of imports in a crude disruption scenario, he said.
Additional refined product inventories would extend effective coverage further.
However, the immediate impact will be on prices. Brent, the global benchmark, crossed USD 80 per barrel, roughly 10 per cent more since the Iran crisis. For India, higher prices means higher import bill.
India spent USD 137 billion on crude oil imports in the fiscal year ended March 31, 2025. During April 2025 to January 2026 - the first ten months of the current fiscal year - it spent USD 100.4 billion on imports of 206.3 million tonnes of crude oil.
The United States and Israel launched military strikes on targets in Iran over the weekend. Tehran retaliated with missiles and drones aimed at Israel and countries hosting US forces, including the United Arab Emirates, Qatar, Kuwait, Bahrain, Iraq, Jordan and Saudi Arabia.
Media reports suggest the conflict has effectively closed the Strait of Hormuz, a key conduit for global energy flows. Roughly one-third of the world's seaborne crude oil exports and about 20 per cent of liquefied natural gas shipments transit the narrow waterway.
India, the world's third-largest oil importer, imports roughly half of its crude needs through the narrow Strait. Its mainstay liquefied natural gas (LNG) supplier in Qatar also uses the strait to ship the fuel to India.
In case of closure, India can tap suppliers in West Africa, Latin Amercia and the US to make up for the shortfall from the Middle-East. India could also tap Russian oil to make up for the deficit.
India had agreed to wind down purchases of Russian oil as part of a trade deal with the US - a deal which now sits in limbo after the US Supreme Court struck down US President Donald Trump's country-based tariffs.
