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New data from the International Monetary Fund data shows that emerging economies have underperformed.
The deal follows several senior official and technical level consultations held among the three nations.
China and India are currently negotiating a new Border Defence Cooperation Agreement.
Life Insurance Corporation accounts for 83 per cent of the Indian insurance market share.
The scheme will cost the Indian government an estimated $22 billion a year.
The Indian defence minister will hold delegation-level talks with his Chinese counterpart Chang Wanquan.
The prime minister described it as an “important milestone in the development of India’s space programme”.
The Indian national security advisor said the two sides are at a moment of strategic opportunity.