Page 18 - Sri Lanka

IOR poised to become economic hub in next 50-60 years: Wickremesinghe

The Indian Ocean region is experiencing tremendous growth and is poised to become a significant economic hub in the next 50 to 60 years, Sri Lankan President Ranil Wickremesinghe has said, calling for extensive trade and economic ties between the island nation and India. Addressing a gathering at the Sri Lanka-India Society in Colombo on Thursday to mark the 76th Independence Day of Sri Lanka and the 75th Republic Day of India, Wickremesinghe said that nations such as India, Indonesia, Iran and Saudi Arabia have a greater role to play in the Indian Ocean region and they have been rapidly advancing in various aspects. "The Indian Ocean region is experiencing significant growth, with countries like India, Indonesia, Iran, and Saudi Arabia rapidly advancing in various aspects. The Indian Ocean region is poised to become a significant economic hub in the next 50 to 60 years, especially as the African region undergoes development," he said. "It is imperative that we initiate this endeavo

China deepens bilateral defence ties with Maldives, Sri Lanka and Nepal

On Tuesday, India rejected Chinese objections to Prime Minister Narendra Modi's weekend visit to Arunachal Pradesh in the eastern Himalayas, which China claims to be a part of southern Tibet

21 Indians arrested in Sri Lanka for working on tourist visa: Report

Sri Lankan authorities have arrested 21 Indian nationals for illegally operating an online marketing centre in the island nation, violating the relaxed tourist visa norms, a media report said on Wednesday. The 21 Indian men in the age group of 24 to 25, who were in Sri Lanka on tourist visas, were taken into custody on Tuesday by the Department of Immigration and Emigration, the Daily Mirror newspaper reported. After a preliminary inquiry, the department raided a rented house in Negombo city, where those arrested were found operating an online marketing centre. The house had been converted into an office space where computers and other devices had been installed, the report said. Under Sri Lanka's law, those who visit the island nation on tourist visas are prohibited from engaging in any paid or unpaid work. The Indian nationals had used the free-of-charge visa condition that Sri Lanka has granted to a set of countries till March 31 as part of an ongoing pilot project to promote ..

Bangladesh, Sri Lanka, among countries looking to start rupee trade: Goyal

Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said. He expressed confidence that the development is going to be a "very game-changing" dimension to India's international trade. "Bangladesh, Sri Lanka are already talking to us and they want us to start this immediately. Other countries in the Gulf region are looking at that. I think it'll take some time for people to see the benefits. And then we'll have more and more developed countries and countries in the Far East also joining the bandwagon. Singapore is already on board to some extent," he said. The minister added that gradually countries are realising that undertaking trade in domestic currencies has several advantages. The minister said that it is now picking up traction and a lot of countries have come forward for this ...

Sri Lanka hopes to seek respite from debt repayment: Wickremesinghe

Sri Lanka hopes to avoid repaying debt till December 2027 after the completion of the ongoing restructuring process and repay them in the period running up to 2042, President Ranil Wickremesinghe said on Wednesday, as he defended his unpopular reform plans to revive the bankrupt economy. Sri Lanka is currently stuck with debt restructuring with negotiations taking a long to reach an agreement. By 2022, Sri Lanka had to meet external debt repayments worth 6 billion per year. It is 9.5 per cent of the GDP and an amount hard to sustain," he said. "We hope to reduce this to 4.5 per cent of the GDP by debt restructuring, Wickremesinghe, also the cash-strapped island nation's finance minister, stressed. Currently we are actively engaged in discussions regarding the restructuring of all loans including domestic and foreign loans. We are optimistic that these negotiations will reach a successful resolution soon. Our goal is to obtain temporary relief from debt defaults from 2023 to 2027. .

India committed to well-being of Indian-origin Tamils in Sri Lanka: Envoy

India is firmly committed to the well-being and holistic development of the Indian Origin Tamil community in Sri Lanka, India's envoy here said on Monday after meeting the leaders of Tamil Progressive Alliance. During the meeting, the Indian High Commissioner to Sri Lanka Santosh Jha also said that it was agreed to work closely toward the well-being of the minority community. The leader of the Tamil Progressive Alliance (TPA) is Mano Ganesan who represents mostly the Western province-based Tamils of Indian-origin. "High Commissioner @santjha met the leaders of Tamil Progressive Alliance. Reiterated India's firm commitment to the well-being and holistic development of the Indian Origin Tamil community. It was agreed to work closely towards this endeavour," Indian mission in Sri Lanka posted on X. India has been pressing Sri Lanka to implement the 13th Amendment which was brought in after the Indo-Sri Lankan agreement of 1987. The 13A provides for the devolution of power to the Tamil

Reliance Consumer to bring Sri Lankan beverage Elephant House to India

With this tie-up, RCP adds another brand to its beverage portfolio. It already has brands such as Campa, Sosyo and Raskik

Santhan, convict acquitted in Rajiv Gandhi assassination case, passes away

The assassins of Rajiv were set free by the top court on the grounds of having good conduct in jail

SL sets up fund to help Gaza children affected by Israel-Hamas conflict

The Sri Lankan government will contribute USD 1 million to a fund set up by it to help children in war-torn Gaza who are affected by the Israel-Hamas conflict, it was announced on Tuesday. All ministries and government institutions have been directed to forego Ifthar celebrations during the upcoming Muslim fasting month of Ramadan and to contribute to the Children of Gaza Fund, a press release issued by President Ranil Wickremesinghe's office said. The Sri Lankan Cabinet has approved the proposal by President Wickremesinghe to create the fund to help children caught in the war in Gaza, it said. Contributions by citizens are also encouraged for this purpose, it said. The government will also donate USD 1 million in aid for the affected children. The aid will be distributed through official UN agencies. Sri Lanka has called for a ceasefire in war-torn Gaza while advocating for a Palestine state. President Wickremesinghe has also highlighted the need to ensure the security of Israel.

Sri Lankan minister calls India 'big brother', thanks PM Modi for aid

Highlighting the development of Sri Lanka, he said, "Tourism is flourishing in Sri Lanka. We are looking at the renewables and the ports and the real estate in Sri Lanka is developing"

Maldives visit of Chinese ship could rouse Indian Ocean security concerns

China's foreign ministry has said research by the vessel was "exclusively" for peaceful purposes to benefit scientific understanding

Higher sales tax drives Sri Lanka inflation to 6.5% in January, shows data

The National Consumer Price Index (NCPI) captures broad retail price inflation and is released with a lag of 21 days every month

Reserve Bank of India, Nepal Rastra Bank sign pact for UPI-NPI linkage

The integration of Indian and Nepalese fast payment systems is aimed at facilitating cross-border remittances between the two countries, RBI said

PM Modi launches UPI, RuPay card services in Sri Lanka and Mauritius

Shaktikanta Das, Governor of the Reserve Bank of India, Harvesh Seegolam, Governor of the Bank of Mauritius, and Dr. P. Nandalal Weerasinghe, Governor of Central Bank of Sri Lanka, were also present

Third offshore campus of IIT likely to be set up in Sri Lanka: Report

The third offshore campus of the prestigious Indian Institute of Technology (IIT) is likely to be set up in Sri Lanka, according to sources. The proposal for an IIT in Sri Lanka was announced last November in the 2024 Budget unveiled by Sri Lankan President Ranil Wickremesinghe, who also serves as the finance minister. According to sources, the Sri Lankan government is in touch with IIT Madras for the ambitious project. A high-level delegation had recently visited the Chennai campus to discuss the future roadmap. The talks are on and the campus is likely to come up in Kandy, a source said. The delegation also visited the Research Park at the campus and interacted with officials about possible areas of engagement, the source added. The Indian government had announced that opportunities for admission to the IITs in India will be provided to meritorious Sri Lankan students from the 2017-18 academic sessions onwards. If the plan for the Sri Lanka campus comes through, it will be IIT

UPI, RuPay card to be launched in Sri Lanka, Mauritius on February 12

The launch will enable the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius, as well as for Mauritian nationals travelling to India

UPI to be launched in Sri Lanka, Mauritius on Monday in virtual ceremony

India's Unified Payment Interface (UPI) services will be rolled out in Sri Lanka and Mauritius at a virtual ceremony on Monday that will be witnessed by Prime Minister Narendra Modi and the top leadership of the two island nations. India's RuPay card services would also be launched in Mauritius at the event Mauritian PM Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe will join Modi at the virtual ceremony, according to the Ministry of External Affairs (MEA). "Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and also RuPay card services in Mauritius on February 12 at 1 PM via video conferencing," it said. Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment

SL Navy arrests 19 Indian fishermen for illegally fishing in its waters

Sri Lanka has arrested 19 Indian fishermen and two trawlers for illegally fishing in the island nation's waters near Delft Island in northern Jaffna province, the country's Navy said on Thursday, in the second such incident this month. The Sri Lanka Navy in the operation with the Sri Lanka Coast Guard on Wednesday also seized 2 Indian trawlers alongside the arrest of 19 Indian fishermen poaching in Sri Lankan waters, the Navy said in a statement. The apprehended fishermen and their two trawlers were escorted to the Kankesanthurai Harbour and will be handed over to the Mailadi Fisheries Inspector for further action, it said. The Navy continues to conduct regular patrols and operations in Sri Lankan waters to curb illegal fishing practised by foreign fishermen as they have a direct impact on the livelihood of locals, it said. As an extension of these operations, the Northern Naval Command deployed Fast Attack Craft of the Navy and Coast Guard to chase away a cluster of Indian poachin

Sri Lanka debt restructuring makes slow progress even with 1.6% growth rate

The restructuring of Sri Lanka's external debt is to take much longer than expected, going by President Ranil Wickremesinghe's policy speech on Tuesday even though he signalled a positive shift in the cash-strapped economy with a surplus by the end 2023, first since 1977. Delivering the Statement of Government Policy' on the first day of the Fifth Session of the Ninth Parliament, Wickremesinghe said the finalisation of debt restructuring could be completed by the first half of the year, which is going beyond the earlier anticipation for it to be completed within the first quarter. The domestic debt restructuring plan has been successfully executed as the first step, and a policy agreement for restructuring has been reached with foreign creditors as the second step. Negotiations with private creditors are presently in progress, Wickremesinghe, who is also the finance minister, said. By September 2023 our total debt burden was USD 91 billion. It will take a considerable period of time

President Wickremesinghe paints positive growth in cash-strapped Sri Lanka

Projecting a positive shift in the cash-strapped Sri Lankan economy, President Ranil Wickremesinghe on Wednesday said despite negative growth through the earlier year, the nation rebounded with a 1.6 per cent growth rate in the Q3 of 2023 and also achieved a surplus by end 2023, first since 1977. President Wickremesinghe was delivering the Statement of Government Policy' on the first day of the Fifth Session of the Ninth Parliament here. Despite a 7.8 per cent GDP contraction and six consecutive quarters of negative growth in 2022, the nation rebounded with a 1.6 per cent growth rate in the Q3 of 2023, he said. Wickremesinghe further announced a significant turnaround in the nation's economic landscape. Despite the 1.9 per cent GDP deficit in 2022, the island nation has achieved a surplus by the end of 2023, marking the first such occurrence since 1977, Ada Derana website said, quoting the President as he delivered his speech streamed live. He started his address by announcing that