And it's not just with China. India is also working on closer ties with other nations. Prime Minister Narendra Modi has been busy travelling across the world. In March, he flew to Brussels for the India-EU Summit, and to Washington for the Nuclear Security Summit. He then spent two days in Saudi Arabia -- India's major oil supplier, and met with officials.

This week, Modi paid a visit to Iran and signed a series of deals -- including a transit agreement with Iran and Afghanistan to jointly develop the Chabahar Port in south Iran. India also pledged to invest US$16 billion in the Chabahar free trade zone. Next month, Modi is set to visit Qatar, India's largest supplier of liquefied natural gas.