India extends financial support to Maldives via rollover of USD 50 million Treasury Bill
The Government of India has extended support to India's maritime neighbour, Maldives by rolling over the USD 50 Million treasury bill, the High Commission of India to Maldives said in a statement on Monday. Foreign Minister of Maldives, Abdulla Khaleel expressed gratitude to the Indian government and hailed the timely assistance which "reflects the close bonds of friendship" between the two countries.
#Operation Sindoor
The damage done at Pak bases as India strikes to avenge Pahalgam
Why Pakistan pleaded to end hostilities
Kashmir's Pahalgam sparks Karachi's nightmare
In the statement shared on X, the High Commision of India to Maldives said, "India extends financial support to the Maldives through the rollover of the USD 50 million Treasury Bill.
According to the statement, after the request by the Government of Maldives, the
State Bank of India
(SBI) to has subscribed, for one more year, a USD 50 million Government Treasury Bill issued by the Ministry of Finance of Maldives.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Direct shopping From Adidas Franchise Store...
Adidas
Buy Now
Undo
It was noted that since March 2019, India has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest-free to the Government of Maldives.
This is a part of the unique government to government arrangement between the two countries that serves as an emergency financial assistance to the maritime neighbour.
Live Events
The statement also mentioned that India has assisted Maldives in times of need and the subscription of this Treasury Bill, along with, the Government of India's decision earlier this year to extend the special quota for export of essential commodities for Maldives, which reflects India's continued support to the Government and the people of the Maldives.
The letter mentioned, "On the request of Government of Maldives, the
State Bank of India
(SBI) has subscribed, for one more year, a USD 50 million Government Treasury Bill issued by the Ministry of Finance of Maldives. Since March 2019, Government of India has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest-free to the Government of Maldives.
This has been done under a unique Government- to-Government arrangement, as emergency financial assistance to Maldives.
Maldives is India's key maritime neighbour and an important partner in India's 'Neighbourhood First' policy and Vision 'MAHASAGAR' i.e. Mutual and Holistic Advancement for Security and Growth Across Regions. India has assisted Maldives in times of need and the subscription of this Treasury Bill, along with, the Government of India's decision earlier this year to extend the special quota for export of essential commodities for Maldives, reflect India's continued support to the Government and the people of the Maldives."
Extending gratitude to the Government of India, the Foreign Minister of Maldives said, "I express my sincere gratitude to EAM @DrSJaishankar and the Government of #India for extending crucial financial support to the #Maldives through the rollover of the USD 50 million Treasury Bill. This timely assistance reflects the close bonds of friendship between #Maldives & #India and will support the Government's ongoing efforts to implement fiscal reforms for economic resilience."
India and Maldives are longstanding partners.
During the visit of Maldives' President Mohamed Muizzu to India last year, Prime Minister Modi had underscored the importance attached by India to its relationship with Maldives under its 'Neighbourhood First' Policy and Vision SAGAR, and reaffirmed India's unwavering commitment to assist Maldives on its developmental journey and priorities. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
23 minutes ago
- India Gazette
Piyush Goyal invites Swiss firms to join India's USD 30 trillion economy push by 2047
Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal addressed Swiss industry leaders and innovators on Tuesday at the prestigious Swissmem Industry Day in Switzerland. Highlighting India's transformative growth story and vast opportunities for collaboration, Goyal extended a warm invitation to the Swiss business community to be active partners in India's journey towards becoming a USD 30-35 trillion economy by 2047, the Ministry of Commerce & Industry said in a release. Speaking at an event, Goyal said, 'I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future. I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland.' In a symbolic gesture of partnership, Goyal proposed the creation of a dedicated Swiss Enclave in India--a zone tailored for Swiss businesses--to provide comfort and a sense of home for Swiss enterprises looking to establish a base in India. As per the release, the Minister highlighted India's remarkable transformation--from a USD 270 billion economy 30 years ago to a USD 4 trillion economy today--and its ambition to grow further to USD 30-35 trillion as the nation approaches 100 years of independence. He noted India's youthful demographic with an average age of 28.4 years and emphasised that the nation will continue to remain young and vibrant for decades to come. Goyal underlined the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination. 'Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner,' he said. Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a 'Trust and Efficiency Partnership'--a relationship built on mutual confidence and complementarity. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation. 'I particularly invite Switzerland's SME sector to witness India's remarkable evolution over the last decade. This will give you the confidence we aspire for,' stated the Minister. He highlighted that in the past 10 years, India has added 80 new airports, including a new one in partnership with Zurich Airport. 'Our port capacity has doubled, and national highways and expressways are now comparable to those in Germany. We've also added 104 new inland waterways and doubled our power generation capacity, with solar energy capacity growing 50 times. The government's annual expenditure of over $125 billion on infrastructure creates a powerful multiplier effect for India's growth story.' India's robust education ecosystem was also highlighted. The Minister pointed out that the country produces the highest number of STEM graduates globally, 43 per cent of whom are women. 'This talent pool, combined with scale and speed, makes India an ideal investment destination,' he said. Quoting World Bank data, Goyal noted that extreme poverty in India has fallen to just 5 per cent, down by 270 million people in the last 11 years, and is expected to be eliminated in the near future. He described India's growth model as a blend of welfare and consumption-led growth, backed by investments in manufacturing and technology. 'India today stands ready and willing to welcome global partners. We are a country on the move, full of opportunities,' he said. Goyal concluded by extending a personal invitation to the Swiss business community to visit India: 'Come discover India. Come experience Incredible India. Come witness the beauty and transformation of a nation that is emerging from the shadows and claiming its rightful place in the comity of nations,' added the release. (ANI)
India Gazette
23 minutes ago
- India Gazette
India-EU free trade agreement
Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal expressed optimism about the India-European Union Free Trade Agreement (FTA) and said the deal may be concluded soon. Addressing a press conference over India-EU FTA negotiations soon after the event of Swissmem Industry Day in Switzerland, Union Minister Goyal said, 'There's a saying which goes so near and yet so far. So I would believe that in the case of the European Union, we are really very near.' Goyal further added that there are only a few issues remaining between the two sides. 'There are just a few issues remaining to be sorted out,' he said, adding that 'we have both agreed to respect each other's sensitivities so that we don't let the irritants, which have in the past held back agreements between two friendly sets of nations or democratic countries.' Goyal highlighted India's successful trade agreements with the European Free Trade Association (EFTA), the United Kingdom, Australia, and the United Arab Emirates as examples of a mutually beneficial, fair and balanced approach. 'In the same spirit in which we finalised EFTA, in the same spirit in which we finalised NFT with the UK or Australia or the United Arab Emirates, in that spirit of mutually beneficial, fair and balanced agreement, which will support the economies of the 27 Nation, EU block and India, keeping in mind the different levels of development that are currently on the table, but respecting that the greatest growth opportunity in the years to come lies in India,' said Goyal. Goyal further added that the agreement between the two sides would take into account the different development stages of India and the EU and unlock immense growth opportunities. 'The greatest growth opportunity in the years to come lies in India. As we grow from a USD 4 trillion to a USD 30-35 trillion economy, this partnership will be transformative,' he said. 'I think we are very close to finalising a very good, robust free trade agreement with the EU faster than most people would imagine,' he added. India and the EU bloc in May reaffirmed their intention to conclude free trade agreement negotiations by the end of 2025. During the talks, India has emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade. (ANI)
India Gazette
23 minutes ago
- India Gazette
Swiss industry leaders express confidence in India's market size, growing business opportunities
Bern [Switzerland], June 11 (ANI): Swiss industry leaders have expressed confidence in India's market size and expanding business opportunities, adding that India-EFTA trade agreement will play a pivotal role in boosting investment and creating jobs. Under the India-EFTA trade agreement, EFTA countries have committed an investment of USD 100 billion in 15 years. There would be lower to zero import duties on several Swiss and other products such as watches, chocolates, and cut and polished diamonds. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland. Hans Christian Schneider, CEO of Amman Group, a sixth-generation privately-held company known for road construction machinery, said that he is very positive. 'I believe this is absolutely doable. We as a mid-sized company have invested in India over the last few years. When I see what has changed in the meantime in the framework conditions in India, and the attractiveness of the Indian market for FDI, for example, I'm very positive,' Schneider said. Schneider welcomed the growing momentum around the India-EFTA Trade and Economic Partnership Agreement (TEPA), noting that many previously hesitant Swiss companies are now engaging more actively with India through trade shows and investment forums. 'I think the Swiss are generally a bit reserved and risk-averse, but this agreement is pushing many to take India seriously,' he said, calling the government's new 'Invest in India' desk a potential game-changer for bilateral trade. He also highlighted some challenges, including the need for stronger IP protection, equal opportunities for all players, and harmonization of industrial standards. 'These technical hurdles need to be jointly addressed to fully leverage the momentum TEPA has generated,' he added. Thierry Kenel, CFO of Swatch Group AG, echoed similar optimism about India's long-term potential. The luxury watchmaker, which entered the Indian market 25 years ago, currently offers 16 brands in the country and is planning to expand its footprint gradually. 'India is a very big market. We are continuously evaluating how to grow each brand step by step,' Kenel said. On his meeting with Union Minister Piyush Goyal, Kenel, said it was a very good meeting. CEO of Ammann Group also described his meeting with the Union Minister as 'very good'. 'We have a large manufacturing facility in Gujarat and our mission is twofold. We want to supply the highest quality equipment for long-lasting high-quality roads in the future in India. Also, machines for the exports to all surrounding it is for the Indian market and for all the possible export markets as well.' Talking about the investments in India, he said, there are many positive things now coming at a national level. 'So, super positive.' (ANI)
