1. India extends $1 billion credit line to Sri Lanka till March 2024
Tags: International Relations International News
India on May 30 extended its $1 billion line of credit to Sri Lanka till March 2024 to help purchase essential food, medicine and other essential commodities as Sri Lanka grapples with an unprecedented economic crisis.
An overview of the news
This agreement is an important step towards continuation of financial assistance provided by the Indian side to the Sri Lankan Government for procurement of essential items.
The signing ceremony took place in the presence of Sri Lanka's Minister of State for Finance, Shehan Semasinghe, senior officials from Sri Lanka's Ministry of Finance and representatives of the Indian High Commission in Colombo.
The credit line was extended last year when Sri Lanka was passing through its worst economic crisis.
The facility has been instrumental in prompt procurement of critical supplies such as fuel, medicines, food items and industrial raw materials for the island nation.
This extension of financial assistance further underscores the strong commitment of the Government of India as it continues to assist Sri Lanka with a comprehensive package of approximately USD 4 billion in line with India's 'Neighbourhood First' policy.
About sri lanka
The Democratic Socialist Republic of Sri Lanka is a tropical island nation located off the southeast coast of the Indian subcontinent.
Sri Lanka is separated from the Indian subcontinent by the Gulf of Munnar and the Palk Strait.
Capital: Colombo (Executive and Judicial) and Sri Jayawardenepura (Legislative).
Official languages: Sinhala and Tamil
President – Ranil Wickremesinghe
Prime Minister – Dinesh Gunawardena
Currency: Sri Lankan Rupee
2. India hands over 20 broad gauge locomotives to Bangladesh
Tags: International Relations International News
Taking a significant step towards enhancing bilateral cooperation in the railway sector, India and Bangladesh handed over 20 broad gauge locomotives to Bangladesh on May 23.
An overview of the news
The initiative is aimed at meeting the growing demand for passenger and freight traffic between the two neighboring countries.
The handover ceremony was conducted virtually, which was attended by Indian Railway Minister Ashwini Vaishnav and Bangladesh Railway Minister Nurul Islam Sujan.
During the meeting held in June 2022, fruitful discussions were held on various aspects of railway operations between the two countries.
Minister Nurul Islam Sujan highlighted the importance of strengthening rail connectivity between India and Bangladesh to promote trade and travel.
The newly acquired locomotives will help in meeting the growing demands of passenger and freight traffic on both sides of the border.
Currently, there are nine interchanges between India and Bangladesh, of which five are already operational and two are under construction.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Mohammad Shahabuddin
Currency: Taka
3. India and Australia sign agreements in the field of migration, mobility partnership and green hydrogen
Tags: International Relations International News
The Memorandum of Understanding (MoU) was exchanged after a bilateral meeting between Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese in Sydney.
An Overview of the News
Prime Minister Modi invited Prime Minister Albanese and Australian cricket fans to India for the Cricket World Cup.
Prime Minister Albanese announced the establishment of a new Australian Consulate General in Bengaluru to link Australian businesses to India's digital and innovation ecosystem.
About Australia
It is a sovereign country located in the Southern Hemisphere and is geographically isolated from the rest of the world.
Capital - Canberra
Government - Federal parliamentary constitutional monarchy
Emperor - Charles III
Governor-General - David Hurley
Prime Minister - Anthony Albanese
4. India-US Working Group on Education and Skill Development virtually launched
Tags: International Relations International News
The Ministry of Education, Government of India and US Department of State on 22 May launched the India-US Working Group on Education and Skill Development in virtual mode.
An overview of the news
Its aim is to enhance cooperation and collaboration between the two countries in the field of education and skill development.
Both sides acknowledged the importance of skilling and vocational education in an industry-centric era.
Recognizing the need to align skill training programs with industry requirements, both sides agreed to promote partnerships between educational institutions, industry stakeholders and relevant government agencies.
The collaboration aims to bridge the skill gap, increase employability and promote entrepreneurship in both the countries.
The delegations from both sides expressed their commitment to strengthen cooperation in education and skill development between India and the United States.
The establishment of an India-US Working Group on Education and Skill Development was announced during the 2+2 Ministerial Dialogue held between India and the US in Washington DC in April 2022.
Topic of discussion
Skilling and vocational education
Certification and recognition
Matchmaking between U.S. and Indian higher educational institutions
Engaging with the Private Sector
5. AL-MOHED AL-HINDI 2023 Naval Exercise
Tags: International Relations Defence International News
Indian Navy ships INS TARKASH and INS SUBHADRA arrived at Port Al-Jubail in Saudi Arabia on 21st May.
An overview of the news
The visit of these ships marks the beginning of the harbor phase of the second edition of the naval exercise between the two countries, known as 'Al-Mohad Al-Hindi 2023'.
This year the naval exercise also includes the participation of a Maritime Patrol Aircraft.
During the exercise, naval forces from both countries will engage in joint maneuvers, training activities, and exchange of expertise.
The exercise will focus on enhancing maritime security capabilities and promoting interoperability between the two navies.
The inaugural edition of the exercise was successfully conducted in 2021.
About Al-Mohed Al-Hindi Exercise
The decision on this bilateral exercise between India and Saudi Arabia was taken at the Riyadh summit held in 2019.
Its aim is to carry out tactical maneuvers, search and rescue operations, and an electronic warfare drill to enhance interoperability.
It aims to strengthen the defense ties between India and Saudi Arabia.
Importance of the Exercise
AL-MOHED AL-HINDI 2023 signifies the growing strategic partnership between India and Saudi Arabia in the defense sector.
The exercise will provide an opportunity for both navies to learn from each other's experiences and improve their operational capabilities.
The naval exercise also serves as a platform for fostering diplomatic relations and strengthening regional security cooperation.
The successful conduct of AL-MOHED AL-HINDI 2023 may pave the way for future collaborations in defense technology, intelligence sharing, and joint defense projects.
The exercise contributes to maintaining stability and security in the region by promoting cooperation and mutual understanding between the Indian and Saudi Arabian navies.
6. PM Narendra Modi holds bilateral meeting with Japanese PM Fumio Kishida in Hiroshima
Tags: International Relations International News
On May 20, PM Modi held a bilateral meeting with his Japanese counterpart Fumio Kishida ahead of the G-7 summit in Hiroshima, Japan.
An Overview of the News
Discussed enhancing India-Japan friendship in trade, economy, culture and Indo-Pacific cooperation.
Emphasised efforts to synergize between the G-7 and G-20 Presidencies and the voices of the Global South.
Prime Minister Modi unveiled a statue of Mahatma Gandhi in Hiroshima as a symbol of friendship and peace.
G-7 summit priorities include nuclear disarmament, economic resilience and security, regional issues, climate and energy, food and health, digitization and science and technology.
Later, Prime Minister Modi had a productive meeting with President of South Korea Yoon Suk Yeol to strengthen bilateral friendship in key developmental areas.
About G-7
It is an intergovernmental political forum.
It consists of seven member states: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
In addition to the seven member states, the European Union is also part of the G7 as a non-enumerated member.
Formation - 25 March 1973
First G6 Summit - 15 November 1975
Japan:
It is also called Nihon or Nippon and is an archipelago in the western Pacific Ocean in East Asia.
It is made up of four main islands Hokkaido, Honshu, Shikoku and Kyushu and Honshu is the largest island of Japan.
Its highest mountain is Mount Fuji.
It is the third largest economy in the world after the United States and China.
Capital - Tokyo
Currency - Yen
Prime Minister - Fumio Kishida
7. India, EFTA take significant steps towards new Trade and Partnership Agreement
Tags: Economy/Finance International Relations
India and the European Free Trade Association (EFTA) states have recently taken important steps towards a new trade and partnership agreement.
An overview of the news
At the ministerial meeting held in Brussels on May 15, Commerce and Industry Minister Piyush Goyal held discussions with representatives of EFTA to work towards a comprehensive new Trade and Partnership Agreement (TEPA).
The Ministerial meeting marked an important milestone in taking forward the negotiations on TEPA between India and the European Free Trade Association.
Both sides stressed the importance of principles of good faith and respect for each other's sensitivities in order to achieve a fair, just and balanced settlement.
About India and the European Free Trade Association (EFTA)
EFTA has established bilateral relations and cooperation in the field of trade and commerce.
The objective of this cooperation is to strengthen economic ties and promote mutually beneficial trade between the two countries.
The EFTA is an intergovernmental organization consisting of four member states: Switzerland, Norway, Iceland, and Liechtenstein.
These countries have a strong tradition of trade and economic liberalization.
India and EFTA have engaged in negotiations to establish a comprehensive trade agreement.
The negotiations cover various aspects, including trade in goods, services, investment, intellectual property rights, and other trade-related issues.
8. India & Bangladesh launch '50 Start-ups Exchange Programme'
Tags: International Relations International News
India and Bangladesh have recently jointly launched the '50 Start-up Exchange Programme' to promote collaboration and exchange between the start-up ecosystems of the two countries.
An overview of the news
The objective of the program is to strengthen bilateral relations between India and Bangladesh by promoting cooperation in start-up and innovation sectors.
It provides a platform for entrepreneurs, investors and stakeholders from both the countries to connect and collaborate.
The '50 Start-up Exchange Program' facilitates knowledge sharing and learning opportunities between Indian and Bangladeshi start-ups.
It encourages exchange of ideas, best practices and expertise to foster innovation and growth.
The program provides mentorship and guidance to participating start-ups, connecting them with experienced entrepreneurs, industry experts and investors.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Mohammad Shahabuddin
Currency: Taka
9. S Jaishankar meets Sweden’s Defence, Foreign Ministers during his Stockholm trip
Tags: International Relations International News
During his visit to Stockholm, Sweden, External Affairs Minister Dr. S. Jaishankar held a meeting with the Defense Minister and Foreign Minister of Sweden.
Purpose of meetings
Discuss bilateral relations
Strengthen diplomatic ties
To explore opportunities for cooperation between India and Sweden in defense and foreign affairs.
Highlights of the meeting
Bilateral Relations
Discussion on enhancing overall bilateral relations between India and Sweden including areas such as trade, investment, defense cooperation and cultural exchanges.
Defence Cooperation
Defense cooperation, joint military exercises, defense equipment procurement and sharing of defense technologies discussed in the meeting with the Defense Minister of Sweden.
Security Cooperation
The discussions included issues of regional and global security concern, counter-terrorism efforts and information sharing to address common security challenges.
Foreign Affairs and Diplomacy
Discussion on regional and global issues of mutual interest, multilateral cooperation and coordination on matters such as climate change, sustainable development goals and human rights.
Economic and trade relations
Ways were explored to enhance economic and trade ties between India and Sweden including investment opportunities, technology partnership and trade facilitation.
Cultural and people-to-people exchanges
The meetings emphasized the importance of cultural exchanges, academic cooperation and people-to-people interactions to deepen mutual understanding and strengthen ties between the two countries.
About Sweden
It is located on the Scandinavian Peninsula in northern Europe.
The ancient name of the country was Svitiod.
Prime Minister - Ulf Kristersson
Capital - Stockholm
Currency - Swedish krona
King - Carl XVI Gustaf
10. PM Modi meets Doug McMillan, CEO of Walmart
Tags: Economy/Finance International Relations
Prime Minister Narendra Modi held a meeting with Doug McMillan, CEO of American multinational retail corporation Walmart.
An overview of the news
The purpose of the meeting between PM Modi and Doug McMillan was to discuss and explore potential areas of collaboration, investment and partnership between the Government of India and Walmart.
The meeting reflects the importance of the economic relationship between India and Walmart. The discussions covered topics such as trade, investment opportunities and promoting a conducive business environment in India.
The meeting discussed opportunities to leverage digital technologies and innovation in the retail sector.
The discussion centered around sustainable business practices, environmental initiatives and social responsibility.
Significance of the meeting
The meeting between PM Modi and Walmart CEO Doug McMillan highlights the importance of promoting economic partnership and exploring investment opportunities between India and Walmart.
It highlights the potential for cooperation in various sectors, employment generation, economic growth and contribution to sustainable development in India.
About Walmart
It is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.
It was founded in 1962 by Sam Walton.
It has grown to become one of the world's largest retail chains.
It operates thousands of stores globally, serving millions of customers.
It offers a wide range of products, including groceries, apparel, electronics, household goods, and more.
