Results for: India

The Maldives Foreign Minister, Moosa Zameer, expressed gratitude to the Indian government for extending a $50 million budget support to the island nation. This comes amidst a decline in bilateral relations between the two countries following the pro-China stance adopted by President Mohammed Muizzu. India’s budgetary support is intended to assist the Maldives in meeting its financial obligations and is provided as a rollover of a $50 million Treasury Bill. Foreign Office Spokesperson Zeenath Ali stated that the government is highly appreciative of India’s support, which has helped fund several infrastructure and community development projects. Despite the diplomatic tension caused by Muizzu’s insistence on the withdrawal of Indian military personnel, the Maldives government values the cooperative partnership with India for the mutual benefit of both nations.

India’s strategic procurement of Russian crude and lower international oil prices have resulted in significant savings of over $25 billion in foreign exchange reserves during the financial year 2023-24. This saving is despite importing similar quantities of crude oil as in the previous year, according to government data.

To achieve its aspirations of becoming a middle-income nation, India needs to prioritize education and infrastructure development, according to the Asian Development Bank’s (ADB) chief economist. India must also maintain its open economy and assess import tariffs that could be raising input costs in advantage industries. Focusing on sustainable farming, facilitating global value chain participation, and attracting foreign investment are crucial for India’s economic progress.

India’s hopes for a strong contingent of men’s freestyle wrestlers at the Paris Olympics suffered a setback as Sujeet Kalkal and Jaideep Ahlawat failed to qualify at the World Olympic Qualifier in Istanbul. Despite the disappointment, India managed to secure a lone spot through Aman Sehrawat (57kg) while women wrestlers continued to excel with five competitors qualifying for the Games. The wrestling federation remains optimistic about Ravi Dahiya’s (65kg) chances, with selection trials set for June 10th.

The next round of talks for a free trade agreement (FTA) between India and the 10-nation Association of Southeast Asian Nations (ASEAN) is scheduled for July in Jakarta, Indonesia. The review will focus on the ASEAN Trade in Goods Agreement (ATIGA), aiming to expand trade in goods and services and reduce non-tariff barriers. India’s trade with ASEAN has declined by 5.74% in the current financial year. The review aligns with India’s Look East policy and is expected to strengthen trade and investment ties between the two regions.

The Maldives’ foreign minister, Moosa Zameer, announced that 76 Indian military personnel deployed in Hanimaadhoo, Kadhdhoo, and Gan have been replaced by civilian personnel sent by Hindustan Aeronautics Limited (HAL). The Indian soldiers’ withdrawal began in March and concluded in May, with the civilian crew expected to depart in April 2026, as per the terms of the letter of exchange signed between Maldives and India.

The rare and breathtaking aurora borealis, also known as the Northern and Southern Lights, graced the skies of India’s Ladakh region on May 11, 2023, captured on camera for the first time by the Indian Astronomical Observatory (IAO). Despite being a rare occurrence in India, astronomers witnessed a remarkable red glow in the northwest horizon of the sky, visible from 1 am on Saturday until dawn.

Naotaka Nishiyama, the founder of Tech Japan, has announced his relocation to India, marking a significant new chapter in his life. Nishiyama expressed his commitment to living in India, going beyond business travel to immerse himself in the local culture and build a strong team. He acknowledged the importance of doing business in India and believes that establishing a physical presence will enhance his company’s impact.

US Ambassador Eric Garcetti extolled India’s vibrant democracy, emphasizing the country’s commitment to free and fair elections. While acknowledging India’s democratic strengths, such as strict measures to curb electoral malpractice, Garcetti also pointed out areas where progress could be made, such as expanding voting access in remote areas. Despite these concerns, Garcetti expressed confidence in India’s democratic future and underscored the importance of the US-India relationship.

Fitch Ratings has affirmed the Export-Import Bank of India’s (EXIM Bank’s) Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with a stable outlook. This rating reflects EXIM Bank’s high strategic importance to the country and its role in financing India’s international trade. According to Fitch, EXIM Bank’s IDR is driven by its Government Support Rating (GSR) of ‘bbb-‘, which underscores the strong likelihood of extraordinary support from the Indian government if needed.