China has made a larger point about the power shift in Indian Ocean region by docking the missile and satellite tracking ship Yuan Wang 5 at Hambantota Port.
New Delhi is concerned about the possibility of the ship’s tracking systems attempting to snoop on Indian installations while being on its way to the Sri Lankan port.
Sri Lankan foreign ministry said the Chinese vessel Yuan Wang 5 was scheduled to dock at Chinese-leased Hambantota port on 11 August for refuelling and leave on 17 August.
With political, economic clout in Sri Lanka, China helping the crisis-hit nation was expected. But lack of financial returns & public outrage for Rajapaksas ensured their absence.
Several proposals to strengthen the economic ties between India and Sri Lanka were discussed during a meeting of officials from various ministries chaired by the Deputy NSA earlier this month.
‘India is the only game in town’ said one expert alluding to India lending Sri Lanka a helping hand, Colombo's strained ties with Beijing and the prevailing economic crisis.
The private lender's shares tumbled to be top Nifty 50 loser after India's central bank barred it from taking on new customers through online and mobile banking channels.
Another addition to military cooperation has been the Strategic Space Dialogue, inaugurated in Paris in 2023. Last month, India participated as an observer to France’s AsterX.
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