Modi renews ties with Maldives with offers of infra projects, funds
'India has long stood as the Maldives' closest and most trusted partner', Muizzu said in a banquet speech alongside Modi, whom he met with twice last year. 'We deeply value the friendship of India and are grateful for the timely assistance your country has extended to us in moments of need', Muizzu added.
Shortly after his arrival on Friday, Modi unveiled a $565 million credit line for the Maldives, which is facing a severe foreign exchange shortage despite its thriving tourism industry. India also reduced annual repayments of an earlier credit line from $51 million to $29 million and the two sides discussed a potential free-trade agreement.
Muizzu said the new credit line would bolster the Maldives' security forces and improve healthcare, housing and education.
During his two-day trip, Modi also inaugurated a new defence ministry headquarters and several India-funded infrastructure projects, including roads and a 4,000-unit housing scheme. Modi's visit had set 'a clear path for the future of Maldives-India relations', Muizzu wrote on X on Saturday as the Indian leader left the capital Male after 60th Independence Day celebrations. 'Our relationship continues to grow, shaped by people-to-people ties and cooperation in various sectors', Modi wrote in his own post on X. 'India remains committed to supporting the aspirations of the Maldivian people'.
Known for its luxury tourism and pristine beaches, the Maldives is also a geopolitical hotspot, with key global shipping lanes passing through its 1,192 islands, stretching across 800 kilometres of the equator. China and India are the Maldives' two largest bilateral lenders.
India remains apprehensive about China's growing presence in the Indian Ocean, particularly in the Maldives and neighbouring Sri Lanka. Global east-west shipping lanes pass through the nation's chain of 1,192 tiny coral islands, stretching around 800 kilometres across the equator. India's government has traditionally regarded the Maldives, along with Sri Lanka, to be within its sphere of influence. — AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
an hour ago
- Times of Oman
India's Q-Commerce market to top $23 billion by 2028: CareEdge
New Delhi: India's quick commerce (Q-commerce) market is on for a major chnage, with its value projected to surge to $23.53 billion by FY28, according to a recent report by CareEdge Ratings. This marks a near threefold increase from the estimated $7.5 billion expected by FY25, solidifying India's position as one of the world's most dynamic and rapidly evolving digital consumer markets. The report highlighted that platforms are now increasingly leveraging advertising, subscription models, private labels, and tech-led inventory optimisation to ensure sustainable and long-term growth. It stated "the next wave of optimisation, through intelligent zoning, advanced demand forecasting, and warehouse automation, is expected to revive the profitability scenario". The report also pointed out that the Q-commerce market in India is estimated to have touched around Rs 64,000 crore in FY25, growing at an impressive CAGR of 142 per cent between FY22 and FY25. This rapid growth has been largely driven by changing consumer preferences, improvements in hyperlocal infrastructure, and the advantage of a low base. While growth remains strong, the report suggests that the next phase for the sector will focus more on profitability rather than aggressive expansion. The report also points out that the real operational strength of the Q-commerce model lies in dark stores or micro-warehouses, which enable ultra-fast deliveries. The number of dark stores rose sharply from 1,800 in FY24 to 3,072 in FY25, showing a 70.7 per cent year-on-year increase. At the same time, the average revenue per store also went up by 25.1 per cent, suggesting better unit economics and improved efficiency in inventory and space utilisation. Most Q-commerce players already use technologies like real-time inventory sync, AI-based stock replenishment, and zone-specific SKU planning. As the sector continues to expand, further optimisation is expected through intelligent zoning, advanced demand forecasting, and automation in warehouses. These steps are expected to boost profitability and strengthen the logistics backbone of the sector. The report also highlighted that strong double-digit growth is likely to continue in the coming years, supported by increased adoption in Tier II and Tier III cities, better delivery networks, and a growing consumer shift towards instant order fulfilment.
Times of Oman
2 hours ago
- Times of Oman
Vietnamese EV maker VinFast opens first showroom in India ahead of plant inauguration
Surat : Vietnamese electric vehicle maker VinFast inaugurated its first showroom in India, in Surat, Gujarat ahead of its plant inauguration. This inauguration marks a significant milestone in the company's retail journey in the country. The outlet serves as the brand's physical touchpoint in India, underscoring VinFast's long-term commitment to establishing a strong, customer-centric electric mobility ecosystem. The dealership, 'VinFast Surat,' is promoted by Chandan Car, a leading name in India's automotive retail sector. VinFast Auto India, the Indian subsidiary, made this announcement in a statement on Sunday. Located in Piplod in Surat, the dealership will serve as a one-stop destination for VinFast's prospective buyers. Spread out on 3,000 the facility will offer product experiences, vehicle purchase journeys, and after-sales support. The Showroom will showcase VinFast's upcoming range of premium electric SUVs - VF 6 and VF 7. India is also the first market where VinFast is launching the right-hand drive version of the VF 7 and VF 6. As part of its ambitious roadmap, the company aims to launch 35 dealerships by year-end, across 27 plus cities, the statement said. VinFast officially opened pre-bookings for its premium electric SUVs, the VF 6 and VF 7 on July 15, 2025. Customers can now book their preferred VinFast premium electric SUV either at the exclusive showrooms or through the official website, with a fully refundable booking amount of Rs 21,000. The vehicles will be locally assembled at VinFast's upcoming factory in Thoothukudi, Tamil Nadu, reinforcing the company's long-term commitment to India as a strategic market and future hub for electric vehicle production. Pham Sanh Chau, CEO, VinFast Asia, said, "The first VinFast Showroom in Surat, Gujarat is a symbol of our deep commitment to India. We are excited to bring the VinFast experience closer to Indian consumers. With this dealership in Gujarat, we aim to offer not just electric vehicles, but a complete ownership journey built on quality, trust, and service excellence." "With trusted partners like Chandan Car, we are building a future-ready EV ecosystem in the country. Their proven automotive expertise, combined with VinFast's technology and vision, will help shape a premium EV experience for Indian customers." As part of its India market entry, VinFast has formed strategic partnerships with RoadGrid, myTVS, and Global Assure to establish a nationwide network for charging and after-sales services. Further reinforcing its commitment to sustainability, VinFast has also partnered with BatX Energies, a leading Indian clean-tech company, to promote battery recycling and develop a circular battery value chain. Nasdaq-listed VinFast, a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle manufacturer -- product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia.
Observer
11 hours ago
- Observer
At least 35 killed in church attack in northeast DR Congo
BUNIA: At least 35 people were killed on Sunday in an attack by Allied Democratic Forces rebels in northeastern DR Congo, ending a months-long period of regional calm, local sources said. The ADF, originally formed from former Ugandan rebels and which pledged allegiance to IS group in 2019, raided a Catholic church in the town of Komanda where worshippers were gathered for prayer, residents said by telephone from Bunia, capital of Ituri province. "Last night around 9 pm, we heard gunfire near the parish church... so far we have seen 35 bodies," Dieudonne Katanabo, an Umoja neighbourhood elder, said. "We have at least 31 dead members of the Eucharistic Crusade movement, with six seriously injured... some young people were kidnapped, we have no news of them," Father Aime Lokana Dhego, parish priest of the Blessed Anuarite parish of Komanda, said. The priest added that seven other bodies had been discovered in the town. Likewise attributing the attack to "ADF rebels", Christophe Munyanderu, coordinator of the local NGO Convention for the Respect of Human Rights, gave a provisional death toll of 38. Lieutenant Jules Ngongo, army spokesman in Ituri, did not comment on the toll but confirmed the attack to AFP, stating that "the enemy is believed to have been identified among ADF" rebels. The bloodshed comes after months of calm in the region of Ituri, bordering Uganda. The last major attack by the ADF was in February, leaving 23 dead in Mambasa territory. The town of Komanda in Irumu territory is a commercial hub linking three other provinces — Tshopo, North Kivu and Maniema. The ADF has killed thousands of civilians and ramped up looting and killing in northeastern DRC despite the deployment both of the Ugandan army alongside Congolese armed forces in the area. At the end of 2021, Kampala and Kinshasa launched a joint military operation against the ADF, dubbed "Shujaa", which has so far been unable to dislodge the group. — AFP
