| Introduction: Contextual Introduction Body: Highlight the significance of India’s ‘Neighbourhood First’ policy & its alignment with SAGAR Conclusion: Way forward |
India’s ‘Neighbourhood First’ policy underscores its commitment to fostering close and cooperative ties with neighboring countries.
Significance of India’s ‘Neighbourhood First’ Policy for the Maldives
- Economic Support Amidst Crisis: India has extended significant financial assistance to help the Maldives navigate its economic challenges, including; the Resubscription of treasury bills & Currency swap lines worth USD 400 million and INR 3,000 crore.
- Promotion of Bilateral Trade: A new framework to promote the use of local currencies for cross-border trade has been finalized, reducing dependency on external currencies and fostering economic integration.
- High-Impact Community Development Projects: Under Phase III of these projects, India is providing grant assistance to support local development in the Maldives, showcasing its commitment to inclusive growth.
- Export of Essential Commodities: India has facilitated the export of critical goods to the Maldives, ensuring supply chain stability and addressing essential needs.
- Strengthening Bilateral Ties: Maldivian Foreign Minister Abdulla Khaleel and President Mohamed Muizzu have reaffirmed their commitment to deepening ties with India, highlighting a comprehensive partnership in economic and maritime security.
Alignment with Vision SAGAR
- Maritime Security and Strategic Stability: Vision SAGAR emphasizes securing the IOR as a zone of peace. India’s maritime partnership with the Maldives helps safeguard critical shipping lanes and counters threats like piracy and illegal trafficking.
- Economic Growth for All: India’s grant assistance and trade initiatives contribute to the Maldives’ sustainable economic development, resonating with Vision SAGAR’s focus on inclusive regional growth.
- First Responder in the Region: India’s timely financial and logistical support during the Maldives’ economic and debt crises reinforces its leadership as a stabilizing force in the region.
- Comprehensive Security Partnership: The Joint Vision for India-Maldives Economic and Maritime Security Partnership aligns with Vision SAGAR by addressing common challenges like climate change, blue economy opportunities, and transnational threats.
Conclusion
India’s proactive engagement with the Maldives under the ‘Neighbourhood First’ policy reflects its dedication to fostering mutual growth and regional stability. This cooperation aligns with the broader objectives of Vision SAGAR, emphasizing security and sustainable development in the Indian Ocean Region. By continuing to strengthen economic, strategic, and developmental ties, India not only bolsters its relationship with the Maldives but also solidifies its leadership role in the region.
