India and Sri Lanka have taken a significant step towards strengthening their economic ties with the adoption of an ambitious vision document. The document, which was the outcome of wide-ranging talks between Indian Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe on Friday, aims to significantly expand economic cooperation between the two countries.
Prime Minister Modi highlighted India’s unwavering support to Sri Lanka during its economic difficulties last year, expressing solidarity with the people of the island nation as a close friend.
One of the key agreements reached during the talks is the launch of the UPI (Unified Payments Interface) payment system in Sri Lanka, which will facilitate fintech connectivity between the two nations. This move is expected to bolster economic cooperation and financial transactions between India and Sri Lanka.
Addressing the intertwined security interests and development of both countries, Modi emphasized the need to collaborate while being mindful of each other’s security interests and sensitivities. The vision document for economic partnership covers a wide array of sectors, including tourism, power, trade, higher education, skill development, and connectivity, as per a report in Financial Express.
The vision aims to enhance maritime, air, energy, and people-to-people connectivity between India and Sri Lanka, fostering closer ties between their citizens. Additionally, both nations have decided to begin talks on an agreement for economic and technological cooperation. Prime Minister Modi also expressed hope that the aspirations of the Tamil community in Sri Lanka would be fulfilled by the Sri Lankan government.
In further collaboration, a feasibility study will be conducted on the India-Sri Lanka petroleum pipeline, signalling a commitment to explore opportunities for energy cooperation.
Addressing the longstanding fishermen issue, Prime Minister Modi stressed the importance of approaching it with a humanitarian outlook. Sri Lankan President Ranil Wickremesinghe, in his remarks, expressed the belief that India’s growth would be beneficial not only to the neighbourhood but also to the Indian Ocean Region.
The adoption of the vision document marks a significant milestone in the economic partnership between India and Sri Lanka, laying the foundation for enhanced cooperation and prosperity in the region.
In a significant development, India’s Unified Payments Interface (UPI) payment system is set to make its mark in France, as announced by Prime Minister Narendra Modi on Thursday. The collaboration between India and France to use UPI in the European nation opens up a vast new market for Indian innovation.
The UPI, India’s mobile-based payment system, enables round-the-clock payments through a virtual payment address created by the customer. Addressing the Indian community at the La Seine Musicale, a performing arts center in Paris, PM Modi expressed excitement about Indian tourists soon being able to make rupee payments using UPI from atop the iconic Eiffel Tower.
India’s UPI In France
The agreement to use India’s UPI in France will be an important milestone, facilitating seamless transactions for Indian tourists visiting the country. Modi praised digital platforms like UPI for the significant social transformation they have brought to India, and he expressed delight that India and France are jointly venturing in this direction.
The collaboration between India’s NPCI (National Payments Corporation of India), the organization offering UPI services, and France’s fast and secure online payment system, Lyra, was formalized through an MoU in 2022. This strategic alliance laid the foundation for the upcoming introduction of UPI services in France.
Earlier this year, India’s UPI and Singapore’s PayNow also signed an agreement, further facilitating seamless, real-time, and secure cross-border transactions between the two countries. NPCI is actively pursuing partnerships with other countries in the USA, Europe, and West Asia to expand UPI services globally, reported Economic Times
The success of UPI in India is evident from the data provided by the Reserve Bank of India (RBI), which shows that UPI transactions reached Rs 139.2 trillion in FY23, accounting for approximately 73 percent of all non-cash transactions in the country in 2022. The PwC report predicts that daily transactions are likely to reach 1 billion by 2026–2027, constituting about 90 percent of all non-cash transactions.
During his visit to France, Prime Minister Modi was warmly received by French Prime Minister Borne at the airport, signifying the strong diplomatic ties between the two nations. A ceremonial welcome and Guard of Honor were accorded to PM Modi upon his arrival at the airport, highlighting the importance of his visit to further strengthen bilateral cooperation and economic partnerships between India and France.
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2023-07-21 12:23:07.0
India & Sri Lanka Sign Vision Document To Expand Economic Partnership
