Current Affairs - International

The National Payments Corporation of India (NPCI) has signed a memorandum of understanding with Eurobank of Cyprus to launch Unified Payments Interface (UPI) services in Cyprus. This partnership aims to facilitate seamless cross-border transactions, benefiting both tourists and businesses by offering a faster and more efficient digital payment solution. Additionally, the NSE International Exchange at Gujarat’s Gift City has entered into an MoU with the Cyprus Stock Exchange to enhance financial collaboration and cross-border investment flows. These agreements mark a significant step in strengthening financial ties between India and Cyprus while promoting digital financial infrastructure globally.

India is actively working to become a global hub for arbitration by strengthening its Alternative Dispute Resolution (ADR) framework, which includes arbitration, mediation, and conciliation. At a high-level conference in New Delhi, Union Law Minister Arjun Ram Meghwal highlighted the government's efforts to create a fast, efficient, and investor-friendly dispute resolution ecosystem. These efforts aim to reduce the burden on courts, attract global businesses, and ensure the timely resolution of commercial disputes. By promoting institutional arbitration over ad hoc processes and encouraging minimal judicial intervention, India is laying the foundation to emerge as a preferred destination for international dispute settlement.

Prime Minister Narendra Modi visited Cyprus on June 15, 2025, as part of a strategic three-nation tour. This marked the first visit by an Indian Prime Minister to the island nation in more than 20 years. The visit carries significant geopolitical weight, especially against the backdrop of Turkey’s increasing alignment with Pakistan. By strengthening ties with Cyprus, India aims to reinforce its presence in the Eastern Mediterranean, promote economic and strategic cooperation, and signal a firm stance against regional adversarial alliances. Cyprus is also poised to play a key role in the India-Middle East-Europe Economic Corridor and holds diplomatic importance within the EU framework.

Israel launched a significant military operation named “Rising Lion” targeting Iran, focusing on nuclear sites, ballistic missile infrastructure, and senior military figures. The operation signifies escalating tensions between the two nations, especially over Iran’s nuclear ambitions and regional influence. The name “Rising Lion” is drawn from a biblical reference symbolizing strength and triumph, reflecting Israel’s intent to assert strategic dominance. This action marks a pivotal moment in Middle Eastern geopolitics and underscores the fragile security landscape in the region, with potential ramifications for global diplomatic and defence alignments.

Rail Vikas Nigam Ltd (RVNL), under the Ministry of Railways, is engaged in discussions with Russia’s state-owned atomic energy company, Rosatom, to construct Small Modular Reactors (SMRs). These reactors, each with a capacity of 55 MW, are intended to power RVNL’s major infrastructure projects, including the Rishikesh-Karnaprayag rail line. A total of eight SMRs have been proposed, emphasizing a shift toward cleaner and more efficient energy solutions for large-scale transportation projects. This collaboration reflects India’s efforts to incorporate advanced nuclear technology in infrastructure and to diversify its energy sources through international partnerships.