FM Nirmala Sitharaman pitches for economic integration with Sri Lanka

- Advertisement -

Indian Finance Minister Nirmala Sitharaman urged industry leaders to work towards economic integration with Sri Lanka to reduce the risk of foreign exchange crises and supply chain disruptions. She assured India’s continued support for Sri Lanka’s debt restructuring and economic recovery.

Sitharaman said that both countries could benefit from bilateral arrangements in areas such as logistics costs and essential goods. She also noted the growing global interest in bilateral agreements, given the volatility of the global economic situation.

She highlighted the potential for Sri Lanka to develop its solar and wind energy sectors, given the increasing demand for renewable energy investments. She cited India’s own experience in reducing the cost of solar power from Rs 14-15 per unit to Rs 2.45 per unit over the past 5-6 years.

- Advertisement -

Sitharaman also spoke about the progress made on various connectivity projects between India and Sri Lanka, including the commencement of passenger ferry services, negotiations on an economic and technological cooperation agreement, and the upcoming launch of UPI-based digital payments. She emphasized the importance of these projects in building enduring bridges of experience and opportunities for the people of both countries.

She also highlighted India’s financial assistance of over $4 billion to Sri Lanka, making it the first bilateral creditor to provide financing assurance to the International Monetary Fund. This paved the way for other countries to provide similar assurances, which formalized the IMF programme for Sri Lanka.

Sitharaman also mentioned that India had already handed over 3,700 houses to plantation workers under the India-backed housing project scheme and laid the foundation stone for 10,000 houses under phase four of the programme. She also announced that India would soon send teacher trainers to work with local teachers to enhance their teaching skills and meet the growing needs and aspirations of students from the Malayaha Tamil community.

- Advertisement -

Sitharaman concluded by stating that India would work closely with the Sri Lankan government to realize the vision of economic partnership outlined in the vision document released by the leaders of both countries in July 2023.

- Advertisement -

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Huge rush of customers in SBI, Women stand outside SBI since Night for KYC

Women stand outside SBI from 2 am at Night for KYC

ICICI Bank Manager accepts he conducted Rs 12 crore fraud by forging customer’s signature

ICICI Bank Manager accepts he conducted Rs 12 crore fraud by forging customer's signature

Standard Chartered Bank ordered to pay compensation for not updating CIBIL score of loan borrower

Standard Chartered Bank ordered to pay compensation for not updating CIBIL score of loan borrower

Retired Judges get only Rs.19000 pension, Court asks Govt to increase pension of Judges

Supreme Court asks Government to increase pension of retired Judges

CBI Court sentenced UCO Bank Manager to 5 years Jail

CBI Court sentenced UCO Bank Manager to 5 years Jail

PNB Bank union writes letter to PM Modi to introduce five day banking

PNB Bank union writes letter to PM Modi to introduce five day banking

What happened to Nithin Kamath, CEO of Zerodha?

What happened to Nithin Kamath, CEO of Zerodha?

SBI projects 14-15% loan growth, Read what SBI Chairman Dinesh Khara said

SBI projects 14-15% loan growth, Read what SBI Chairman Dinesh Khara said

Acid attack on Bank of Baroda Female Manager, Case transferred to Allahabad Court

Acid attack on Bank of Baroda Female Manager, Case transferred to Allahabad Court

High Court orders RBI to pay compensation for denying maternity leave of Female Employee

High Court orders RBI to pay compensation for denying maternity leave of Female Employee