Latest news with #pharmacopoeia
Mint
4 days ago
- Business
- Mint
‘Deep as ocean,' PM Modi calls Maldives India's ‘most trusted' friend, announces ₹4,850 cr line of credit
India and the Maldives on Friday exchanged eight key agreements covering a wide range of sectors, including Line of Credit, debt repayment, fisheries, digital transformation, and Unified Payments Interface (UPI), in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu. Modi's visit signals a significant improvement in India-Maldives relations after a period of tension. He also revealed that the two nations are moving forward with negotiations for a bilateral investment treaty and have already begun talks on a free trade agreement. 1. Prime Minister Narendra Modi emphasised that New Delhi is proud to be the "most trusted" friend of the Indian Ocean archipelago. 'For us, it is always friendship first,' Modi said in his media statement, adding the 'roots of our relations are older than history, and as deep as the ocean.' The Maldives holds an important place in India's "Neighbourhood First" policy and MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision, the prime minister said, as reported by PTI. 2. Prime Minister Narendra Modi on Friday announced that India is proud to be the Maldives' most trusted friend, following the announcement of a ₹ 4,850 crore line of credit to support the island nation. The two leaders witnessed the exchange of six MOUs in the fields of fisheries and aquaculture, meteorology, digital public infrastructure, UPI, Indian pharmacopoeia and concessional Line of Credit. 3. The new Line of Credit offers Rupees 4850 crores [ approx USD 550 million] in support of infrastructure development and other activities in Maldives. An Amendatory Agreement for the existing LoCs was also exchanged. It reduces Maldives's annual debt repayment obligations by 40% [from USD 51 million to 29 million]. Both sides also exchanged Terms of Reference of the proposed Free Trade Agreement. 4. The two leaders also virtually inaugurated a roads and drainage system project in Addu city and six High Impact Community Development Projects in other cities. Prime Minister handed over 3,300 social housing units and 72 vehicles for Maldives National Defence Force and the Immigration authorities. 5. Prime Minister also handed over two units of Aarogya Maitri Health Cube [BHISHM] sets to the Government of Maldives. With state-of-the-art medical equipment as part of the cube, it can provide medical aid to 200 casualties with in-built support to sustain a crew of six medical personnel for up to 72 hours. The recent improvement in India-Maldives relations is particularly notable given the initial strain under Maldivian President Mohamed Muizzu, who took office in November 2023 after campaigning on an "India Out" platform and is seen as having close ties to China. Tensions escalated quickly after Muizzu's inauguration, when he called for the withdrawal of Indian military personnel from the Maldives. In response, India replaced its military presence with civilian personnel to ease diplomatic friction. The Maldives remains one of India's key maritime partners in the Indian Ocean Region, and bilateral ties in defence and security had strengthened significantly under previous Maldivian administrations.
Mint
4 days ago
- Business
- Mint
‘Deep as ocean,' PM Modi calls Maldives India's ‘most trusted' friend, announces ₹4,850 cr line of credit
India and the Maldives on Friday exchanged eight key agreements covering a wide range of sectors, including Line of Credit, debt repayment, fisheries, digital transformation, and Unified Payments Interface (UPI), in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu. Modi's visit signals a significant improvement in India-Maldives relations after a period of tension. He also revealed that the two nations are moving forward with negotiations for a bilateral investment treaty and have already begun talks on a free trade agreement. 1. Prime Minister Narendra Modi emphasised that New Delhi is proud to be the "most trusted" friend of the Indian Ocean archipelago. 'For us, it is always friendship first,' Modi said in his media statement, adding the 'roots of our relations are older than history, and as deep as the ocean.' The Maldives holds an important place in India's "Neighbourhood First" policy and MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision, the prime minister said, as reported by PTI. 2. Prime Minister Narendra Modi on Friday announced that India is proud to be the Maldives' most trusted friend, following the announcement of a ₹ 4,850 crore line of credit to support the island nation. The two leaders witnessed the exchange of six MOUs in the fields of fisheries and aquaculture, meteorology, digital public infrastructure, UPI, Indian pharmacopoeia and concessional Line of Credit. 3. The new Line of Credit offers Rupees 4850 crores [ approx USD 550 million] in support of infrastructure development and other activities in Maldives. An Amendatory Agreement for the existing LoCs was also exchanged. It reduces Maldives's annual debt repayment obligations by 40% [from USD 51 million to 29 million]. Both sides also exchanged Terms of Reference of the proposed Free Trade Agreement. 4. The two leaders also virtually inaugurated a roads and drainage system project in Addu city and six High Impact Community Development Projects in other cities. Prime Minister handed over 3,300 social housing units and 72 vehicles for Maldives National Defence Force and the Immigration authorities. 5. Prime Minister also handed over two units of Aarogya Maitri Health Cube [BHISHM] sets to the Government of Maldives. With state-of-the-art medical equipment as part of the cube, it can provide medical aid to 200 casualties with in-built support to sustain a crew of six medical personnel for up to 72 hours. The recent improvement in India-Maldives relations is particularly notable given the initial strain under Maldivian President Mohamed Muizzu, who took office in November 2023 after campaigning on an "India Out" platform and is seen as having close ties to China. Tensions escalated quickly after Muizzu's inauguration, when he called for the withdrawal of Indian military personnel from the Maldives. In response, India replaced its military presence with civilian personnel to ease diplomatic friction. The Maldives remains one of India's key maritime partners in the Indian Ocean Region, and bilateral ties in defence and security had strengthened significantly under previous Maldivian administrations. (With inputs from agencies)
