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First Post
25-07-2025
- Business
- First Post
Airports, education, hospital… How India has been a neighbour hero to Maldives
India has always been a good neighbour to the Maldives. It has not only aided the island nation in times of crises such as natural disasters or Covid-19, but also helped develop airports, ports and even a cricket stadium read more After a contentious 2024 when ties between the two countries deteriorated, Prime Minister Narendra Modi has reached Male in the Maldives for a two-day visit during which he will attend the island country's 60th Independence Day celebrations as well as inaugurate several India-assisted development projects. PM Modi's visit, which follows his UK trip where he signed the crucial India-UK Free Trade Agreement (FTA), comes on the invitation of Maldivian President Mohamed Muizzu. STORY CONTINUES BELOW THIS AD The PM's trip to the Maldives is being seen as a crucial step toward resetting ties between the two countries, which had come under serious strain after President Mohamed Muizzu — widely viewed as leaning towards China — took office nearly two years ago. In the past, India and the Maldives have shared a 'close and cordial' relationship — External Affairs Minister S Jaishankar earlier was quoted as saying that the Maldives was a 'very concrete expression' of India's neighbourhood first policy. In fact, India has always been a thoughtful neighbour — it has shown up during natural disasters and Covid-19 pandemic. New Delhi has also assisted the island nation in boosting its infrastructure, connectivity and healthcare, helping Maldivians dream big. Here's a look at how India has been constantly putting its weight behind its neighbour. Airports India has been one of the Maldives' largest source of tourism; until the downturn of relations, over two lakh Indians visited the island nation. But, India has also helped in building tourism-related infrastructure in the Maldives. For instance, it is involved in projects linked to airports: the Hanimaadhoo International Airport Redevelopment Project and the Gan International Airport Redevelopment Project. India has backed the Hanimaadhoo airport plan, the first-ever project outside the Greater Male Region. It is funded under the $800 million concessional Line of Credit (LoC) extended by the Government of India to the Maldives. The project includes the extension of the runway to 2,200 metres to allow A320s, and Boeing 737s to land, and the upgrade of terminals. The expansion of the Gan International Airport is funded by Exim Bank. Image courtesy: @Ganairportco/X The expansion of the Gan International Airport, which involves the construction of the air traffic control tower and a fire station and upgrading and renewing the current terminal, parking facilities, roads, duty-free shops and restaurants, is funded by India's Exim Bank, which gives LoC to countries for undertaking India-funded infrastructure projects. A Chennai-based construction and construction material manufacturing company won a $29 million contract to upgrade the airport and the work is expected to be completed by 2025. STORY CONTINUES BELOW THIS AD Island connectivity project In August 2022, when then-Maldivian president Ibrahim Mohamed Solih was visiting, he and Prime Minister Narendra Modi virtually kick-started the India-funded Greater Male Connectivity Project (GMCP), dubbed the largest infrastructure initiative in the island nation. The ongoing construction work at the Thilamale Bridge project near Male, that aims to link the capital Male with the islands of Villingli, Gulhifalhu and Thilafushi in the Maldives. AFP This plan envisions a 6.74 km long bridge and causeway link to connect the capital city Male with the adjoining islands of Villingli, Gulhifalhu, and Thilafushi. Developing water supply network India is developing the Water Supply and Sewerage network across 34 islands of the Maldives. The project aims to enhance the water supply and sewerage facilities on the designated islands spanning across 16 atolls. The project is expected to directly benefit 35,000 people who will have access to uninterrupted and safe water supply. The other beneficiaries include numerous others in the atolls/surrounding islands who are affected by water shortages during the dry season. These people will receive timely supplies, according to a report in The Economic Times (ET). Port development India is engaged in the development of the Gulhifalhu Port in the Maldives. The outlay of the project is $400 million. The island nation's main port in Male has one berth for cargo and is congested. Its handling capacity is stretched. The upcoming port at the nearby Gulhifalhu Island is expected to address this issue, according to a report in ET. The Male port is congested and hence India is helping in the building of another one near Gulhifalhu Island. Image courtesy: Maldives Ports Limited The port will be able to handle a capacity of 400,000 TEUs or 22-foot equivalent unit containers. It will also have a container terminal, general cargo terminal, port service quay, a warehouse, a domestic quay and an administration area, the report says. The project is scheduled for completion in 2026 and is funded through the LoC facility provided by EXIM Bank. Education and scholarships India has also helped the island nation in the field of education. New Delhi helped set up an institute of technical education in 1996. It has also started a programme to provide training to Maldivian teachers and youth and for vocational training in a $5.3 million project. India has also allotted 10 seats every year to the Maldives under its India Science and Research Fellowship programme. A cancer hospital India is building a 100-bed cancer hospital at Hulhumale, an island in the Maldives. The project includes a robust component of human resource development, the Indian embassy said when the announcement was made in 2020. Until 2018, cancer care in the Maldives was handled by visiting oncologists from India. Even today, the island nation has a handful of cancer specialists. Many of its patients travel to India for advanced treatments under the public referral system called Aasandha, under which the Maldivian government funds treatments of its citizens overseas. STORY CONTINUES BELOW THIS AD 'We have been collaborating with many hospitals in India, especially in the south of the country. A lot of patients travel to these hospitals for their treatment and it has been a good partnership,' Dr Amru Ahmed, consultant oncologist at Male's Indira Gandhi Memorial Hospital told ETHealthworld in June 2023. Cricket stadium and other sports infrastructure Hulhumale is also getting a modern cricket stadium courtesy of India. It will be equipped with the latest technology and will have the capacity to seat 22,000 spectators. It was in March 2019, during then External Affairs Minister Sushma Swaraj's bilateral visit that Maldivian authorities requested Indian assistance for the construction of a cricket stadium. A visualisation of the International Maldives Cricket Stadium, a collaborative effort between India and the Maldives. Image Courtesy: New Delhi is also helping in building a mega sporting infrastructure which will promote basketball, volleyball, table tennis, and netball, according to a report in WION. India has offered $40 million LoC for sports infrastructure. It's left to be seen if ties can be reset between India and the Maldives. But for now, Male has several reasons to be thankful to India. With inputs from agencies
News18
22-07-2025
- Business
- News18
SBI Card and PhonePe launch co-branded credit card
Agency: PTI Last Updated: New Delhi, Jul 22 (PTI) SBI Card, a pure-play credit card issuer, in partnership with PhonePe on Tuesday launched a co-branded credit card with a host of features. The new co-branded credit card aims to provide a rewarding experience on everyday spends, crafted to serve the evolving financial needs of customers across India, a joint statement said. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences, and lifestyle spending needs, it said. Additionally, both variants of this contactless credit card are available on the RuPay and VISA payment networks, giving consumers the choice of network that best suits their needs, it said. ****** Exim Bank transfers Rs 325 crore balance of net profit to GoI * Export-Import Bank of India (Exim Bank) on Tuesday said it transferred Rs 325 crore to government, representing the balance of net profit for the financial year ended March 31, 2025. The bank posted a net profit of Rs 3,243 crore in 2024-25, registering an increase of 29 per cent over the previous year, Exim Bank said in a statement. view comments First Published: July 22, 2025, 21:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
09-07-2025
- Business
- Time of India
Kolhapur among 59 districts in India with huge export potential:Exim study
Kolhapur: Kolhapur is among 59 districts in India with untapped potential for exports, said Deepali Agarwal, deputy managing director, Export-Import (Exim) Bank, citing a study by the bank. She was speaking at a programme organised by Shiroli Manufacturers Association in Kolhapur. Agarwal said that Exim Bank data showed that major exported products from Kolhapur in 2024-25 were textiles, machine gears, auto components, jewelry, refined sugar, rice, and casting. "According to a study undertaken by Exim Bank, less than 2% of the districts in India contribute to around 40% of India's exports, and hence there remains significant scope of tapping the 'missing middle export districts. "The study identified 'missing middle export districts' whose exports are between US$ 1 billion and US$ 5 billion. In fact, there are around 59 districts in India out of 750 plus districts that fall under the bracket of 'missing middle export districts', one of them being Kolhapur," said Agarwal. Kolhapur, one of the agriculturally advanced districts in Maharashtra, is today a front runner in manufacturing engineering products, refined sugar, and textiles. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo In 2021-22, the exports from Kolhapur amounted to Rs 95.1 billion, and in 2022-23, they increased to Rs 93.7 billion. "The exports from Kolhapur saw a decline after the export ban on sugar; however, Kolhapur's exports increased from Rs 58.9 billion in 2023-24 to Rs 61.8 billion in 2024-25. The data showed that exports from Kolhapur witnessed diversification. In 2024-25, the major exported products from Kolhapur were textiles, machine gears, auto components, jewelry, refined sugar, rice, and casting articles. Together, the top 10 products constituted about 42% of Kolhapur's total merchandise exports, amounting to Rs 25.7 billion during 2024-25," said Agarwal. She mentioned that silver jewelry from Hupari in Kolhapur is also in huge demand in India and abroad. The Kolhapuri Saaj is a specialty of Kolhapur and is exported along with other silver ornaments and idols in silver to countries like the US and Australia. The top official of Exim Bank said that the bank has designed a grassroots initiative and development (GRID) programme to harness the export potential of tier-II cities like Kolhapur. She said that under the programme, the bank supports artisans, craftsmen, weavers, clusters, self-help groups, farmers' producer organisations, and micro-enterprises. Exim Bank also provided assistance to SMAK to set up precision 3D scanning solution and casting simulation technology facility at the common facility centre at SMAK, which will tremendously help small-scale manufacturing units.
Time of India
01-07-2025
- Business
- Time of India
Work for India-funded Thilamale Bridge reaches 60%
Work for the Thilamale' Bridge, financed by India, is 60 per cent complete with the conclusion of piling works under the project, Maldives' Infrastructure Minister Abdulla Muthalib revealed on Tuesday. The 6.7 km Thilamale Bridge -- that links capital Male with Vilimale, Thilafushi and Gulhifalhu on its west -- is financed under an Indian grant of USD 100 million and a USD 400 concessional credit line from India's Exim Bank. "The piling work for the Thilamale Bridge has been successfully completed, marking the most challenging phase of the project. A total of 263 piles were installed across 68 onshore and offshore locations," Muthalib said in a post on X. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Iraq: The Price Might Surprise You Belly Fat Removal | Search Ads Get Info Undo "With this milestone achieved, the project has now reached 60.84 per cent completion," he added. The Thilamale' Bridge project is one of the biggest projects initiated by the former president Ibrahim Mohamed Solih 's administration, news portal said. Live Events The bridge will feature the tallest precast segments to be produced in the world at 8.2 meters, it added. The project was awarded to India's Afcons Infrastructure in August 2021. The initial deadline to complete Thilamale' Bridge was set for last year but it has been given revised deadlines on multiple occasions, added.
Hindustan Times
25-06-2025
- Business
- Hindustan Times
FM rebuts US claim of high tariffs on imports
New Delhi : Union finance minister Nirmala Sitharaman on Tuesday refuted United States president Donald Trump's charge that India is the 'tariff king' in imposing high duties on American goods, contending that effective levies in India are far lower than the notified rates. Union finance minister Nirmala Sitharaman, (File photo) (PIB) Continuing reforms to encourage domestic value-addition, India on February 1 announced removing seven tariff rates on industrial goods in the FY26 budget, leaving only eight rates in place that include the zero duty, she said at the Trade Conclave 2025 organised by the Exim Bank in New Delhi. Referring to the Union budget 2025-26, she said it rationalised customs tariff structure for industrial goods and removed seven tariff rates. Without any specific reference to the US president, she said: 'For all of us, or those of us who still believe in the commentary which was made in the US that India may be the tariff King. No, I want two things to be remembered. Given as system of things we seek Parliamentary approval for deciding on the tariff rate. You obtain from the Parliament the permission to go up to a certain level, but effectively, you are at a far lower level.' 'Effective rate is at a far lower level. But what gets published in the gazette would be that level for which you obtain permission from the Parliament. And it is that level which appears everywhere…,' she said, explaining that the levies notified in the gazette are the upper limit while effective duties are often less than the cap. Articulating reforms in customs duty structure in her budget speech on February 1, Sitharaman said: 'As a part of comprehensive review of Customs rate structure announced in July 2024 Budget, I propose to: (i) remove seven tariff rates. This is over and above the seven tariff rates removed in the 2023-24 budget. After this, there will be only eight remaining tariff rates including 'zero' rate.' An official who did not wish to be named said customs duty rationalisation is one of the key reforms of the government. 'Average customs duty in India has come down to 10.66%, which is closer to the rates prevailing in Asian countries. So, the narrative that India's customs duties are very high is wrong. In fact, most of the American goods enter India within the effective customs duty band of 0-10%,' he said. 'President Trump's remark about India is not new. He used the tag of 'tariff king' for India even in his first term. Since then, India undertook several customs reforms and even reduced tariffs on specific items of American interests such as automobiles, pharmaceuticals and Bourbon whisky. Seems, he is fixated in his opinion,' the official mentioned above said. According to a Hindustan Times report from Washington, published on October 2, 2018, Trump made his comments referring to India imposing 100% duty on iconic motorcycle, Harley-Davidson. Since then, import duties on bikes up to 1,600 cc and above 1,600 cc have been slashed to 40% and 30%, respectively. Union finance minister's comments came at a time when India and the US are negotiating an early harvest deal within a comprehensive Bilateral Trade Agreement (BTA) and talks are mainly focused on reducing tariff and non-tariff barriers for mutual benefit.
