Explore Business Standard
India Mauritius Ties
India on Thursday announced an over USD 655 million special economic package for Mauritius and signed seven pacts to further expand bilateral ties in several critical sectors with Prime Minister Narendra Modi describing the two countries as not just partners but a family. Following talks with his Mauritian counterpart Navinchandra Ramgoolam, Modi said a free, open, stable and prosperous Indian Ocean is a shared priority for both sides and India remains fully committed to strengthening the security of Mauritius's exclusive economic zone. Modi also said that both sides will work towards enabling bilateral trade in local currencies following successful launch of UPI and RuPay cards in Mauritius. Under the special economic package, India will assist Mauritius implement at least 10 projects that include strengthening key infrastructure like port, airport, and roads and to set up new schools and hospitals. "This package is not an assistance. It is an investment in our shared future," Mod
Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions. The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said in a statement on Tuesday. "The MoU documents were exchanged in Port Louis, Mauritius in the presence of the Prime Minister of India Narendra Modi and Prime Minister of Mauritius Navinchandra Ramgoolam, on Wednesday, March 12, 2025," it said. The RBI said the MoU aims to promote the use of INR and MUR in bilateral trade. The MoU covers all current account transactions and permissible capital account transactions as agreed upon by both the countries. The framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn, would enable the development of a market in the INR-MUR pair. Use of lo
Mauritius is pressing for amendments to its trade agreement, including Double Taxation Avoidance Convention (DTAC) with India, Foreign and Trade Minister Dhananjay Ramful said. In an interview with PTI Videos at his office in Port Louis, he underscored the need to revisit the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) to restore Mauritius' position as a preferred investment conduit, as foreign direct investment (FDI) inflows from the island nation to India have declined sharply since the treaty's revision in 2016. Amendment in DTAC is still under discussion. Two issues, I think, need to be sorted out. From what I've been told, once this is sorted out, then they will sign the protocol, he explained, hinting at unresolved sticking points in the negotiations. The minister announced that a second session of the joint committee will convene soon to revisit both the CECPA and the DTAC, aiming to address trade imbalances and taxation issues. We have signed the ..
Prime Minister Narendra Modi will inaugurate over 20 India-funded projects, ranging from capacity building to community-linked infrastructure, during his two-day state visit to Mauritius, beginning Tuesday, officials said. The prime minister will also announce new major infrastructure projects aimed at strengthening democracy in the Southeast African island nation. Prime Minister Modi, along with his Mauritian counterpart Navin Ramgoolam, will jointly inaugurate the Civil Services College building. The construction of the building was completed at an approximate cost of USD 4.75 million. A Memorandum of Understanding (MoU) for the project was signed in 2017. Modi will also e-inaugurate the Area Health Centre and 20 community projects, which have been constructed at a cost of around INR 7 crores. These community projects also include sports-related infrastructure. "We have something called community development projects, and these are small projects at the grassroots level, which ar