Sep 1: Modi-Xi banter at the SCO, India building houses abroad

In a full-circle moment on the infamous stray dogs ruling — rolled out and rolled back faster than dogs chomping on dinner — Justice Vikram Nath is now calling himself world-famous, thanks to … street dogs. The Supreme Court judge who headed the bench that overturned the ruling says he’s flooded with DMs and “blessings”, and not just from humans but apparently also from dogs. Honestly sir, you’re in luck, dog blessings aren’t just unconditional, they’re also a critical source of paw-litical influence.

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 6 mins.

What’s happening? Beijing was in full showman mode this week, rolling out the red carpet for over two dozen world leaders across two highly important, defense-heavy events: the Shanghai Cooperation Organization (SCO) summit in Tianjin and the grand military parade in Beijing to mark the 80th anniversary of the end of WW II.

SCO Summit: The SCO, founded in 2001 by China and Russia, now counts India, Pakistan, Iran, and Belarus among its members, with 16 more nations circling as observers or “dialogue partners.” This year’s summit drew leaders from Russia, India, Iran, Turkey, and Egypt alongside the usual Central Asian bloc. The SCO has often been touted by China and Russia as a counterweight to NATO, and with Trump back in the White House but out of the event is being viewed as vital. Russian President Vladimir Putin arrived with a full entourage of senior officials and business leaders, while Xi Jinping held rapid-fire bilateral meetings with leaders from Kyrgyzstan, Belarus, and Azerbaijan.

Xi–Modi at the SCO: PM Narendra Modi was the real headline guest: his first China visit since 2018, a sign that frost is giving way to something resembling a thaw, nudged together by shared frictions with Washington. Now, in Tianjin, Xi told Modi that “the right choice” for the world’s two most populous nations is friendship. Modi, for his part, pledged commitment “on the basis of mutual trust and respect,” referencing recent easing of tensions along the Himalayan border where the two clashed in 2020. Modi even invited Xi for the BRICS summit next year in India and Xi offered support for India’s upcoming presidency of BRICS. That’s diplomatic code for: things aren’t fixed, but they’re moving in a better direction. The timing is telling. With Trump slapping tariffs on India and openly courting Pakistan’s generals, Modi isn’t exactly rushing to take his calls. Instead, he’s sitting across the table from Xi and Putin - not the picture Washington had in mind.

Summit Room to Parade Ground: Wednesday’s military parade in Beijing is a grand affair and although not everyone from the SCO summit will stay, others like North Korea’s Kim Jong Un, will make the first appearance alongside Xi in six years.

What It All Means: For Xi, the double act of summit plus parade potentially signals United States that China has friends and is not at the mercy of Trump. For Modi, the stage is trickier. India’s SCO presence keeps it relevant in Eurasia, but not signing onto the group’s joint statement (due to what it saw as pro-Pakistan omissions) shows limits to alignment. Still, the SCO summit and the parade are more than diplomatic rituals as it brings together one of the most powerful leaders on a shared stage.

Building On Projects: Commerce and Industry Minister Piyush Goyal announced that India was in talks with Australia to construct 1 million houses worth $500 billion , it illustrates just how India is steadily cementing its reputation as more than just the “world’s IT back office” but as the world’s builder too. The Australia project, if sealed, will be monumental in scale - a million homes across a country facing acute housing shortages that could potentially transform not only urban scene but also bilateral ties. For India, it opens new doors for real estate developers, construction companies, and allied sectors ranging from cement and steel to interior design. For Australia, it means meeting its housing demand at scale and at speed, powered by India’s cost-efficient manpower and expertise.

India’s Broader Overseas Infrastructure Playbook: Over the past two decades, India has steadily built its overseas infrastructure portfolio knitting together strategic relationships across continents. India has extended over 300 LoCs worth US $32 billion to 68 countries - in sectors like rail, power, hospitals, and telecom. In the Maldives, PM Modi recently announced a $565 million LoC, alongside talks on a Free Trade Agreement, an emblem of growing economic trust.

Africa, Asia & Beyond: From tech parks in Mozambique and Ivory Coast, sugar plants in Ethiopia and Malawi, to power, water, and port projects in Sudan, Rwanda, Tanzania, and Gambia - India’s footprint is wide and growing. Indian LoCs have also promoted clean energy: solar farms in DRC and Togo, wind in Cuba, and hydropower across Rwanda, Vietnam, and Cambodia.

Strategic Projects: India also contributes to global science infrastructure—like the FAIR facility in Germany and plans shared energy projects like the Trincomalee energy hub in Sri Lanka, indicating its growing ambition beyond traditional aid. 

Gaming freeze layoffs: Online gaming startup, Mobile Premier League (MPL) is laying off about 60% of its India-based workforce, affecting roughly 300 of its 500 employees. This move follows the government ban on paid online games such as fantasy cricket and poker, which were a significant source of revenue for MPL.

Fertilizer shortage: China is set to re-impose export curbs on speciality fertilizers from October, which will likely increase prices and hit Indian farmers during their peak usage season. India heavily relies on Chinese imports for approximately 95% of its speciality fertiliser supply, importing 80% directly and 20% indirectly.

Delhi-Manila rice play: India is actively pushing to increase rice exports to the Philippines, the world's top rice importer. While the Philippines imported a massive $2.52 billion in rice in 2024, India, despite being the world’s largest rice exporter, sold only $48.91 million worth to the country. To bridge this gap, an Indian delegation is heading to the Philippines in September.

Two major IPOs are on the horizon: Reliance Jio, valued between $121 billion and $154 billion, is planning its IPO for the first half of 2026. A 5% stake sale could raise upto ₹67,500 crore, making it potentially India's biggest listing and provide an exit for early investors like Meta and Google. Separately, Tata Capital's $2 billion (₹17,200 crore) IPO is set for late September, targeting an $11 billion valuation. This will be the second public listing from the Tata Group in recent years.