Current Affairs - International

The Lanka India Business Association (LIBA) was officially launched in Sri Lanka to strengthen economic collaboration between India and Sri Lanka. This initiative aims to foster trade, investment, and business networking, capitalizing on India’s growing economic influence as it moves towards becoming the world’s second-largest economy by 2075. Sri Lanka’s strategic location and historical trade ties with India make it an ideal partner for deeper economic integration. The formation of LIBA is expected to accelerate the already strong economic relations between the two nations.

India has emerged as the world’s largest milk producer, currently producing 239 million metric tons (MMT) of milk. The country contributes over 24% of the global milk production, a position it has maintained through significant growth in its dairy sector. India’s target is to increase its milk production to 300 MMT in the next five years. This remarkable growth has been largely driven by initiatives like the Rashtriya Gokul Mission (RGM), which has been instrumental in improving both the quality and quantity of milk production.

Indonesia has decided to join the New Development Bank (NDB), a multilateral financial institution created by the BRICS nations. This strategic move, announced by President Prabowo Subianto, aims to boost Indonesia’s economic transformation by enhancing financial collaborations and investments in sectors like infrastructure, renewable energy, and technological advancements. Joining NDB will provide Indonesia with access to crucial funding that aligns with its economic goals, supporting its long-term vision of a sustainable and technologically advanced economy.

India and Singapore have entered into a partnership focused on maritime digitalisation and decarbonisation. The countries plan to create a Green and Digital Shipping Corridor to reduce greenhouse gas emissions by adopting green marine fuels and digital solutions. This initiative underscores their commitment to enhancing environmental sustainability in the maritime industry.

India is hosting the 3rd Central Asian Youth Delegation from March 22–28 under the International Youth Exchange Program. This initiative aims to enhance cultural and diplomatic ties between India and the Central Asian nations. Delegates from five Central Asian countries visit heritage sites and engage with youth leaders and institutions such as IIT Delhi and GCCI. The program is in line with Prime Minister Modi's vision from the 2022 summit, which emphasized stronger regional youth cooperation.