{"id":176691,"date":"2022-03-29T21:40:57","date_gmt":"2022-03-29T16:10:57","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=176691"},"modified":"2022-03-29T21:40:57","modified_gmt":"2022-03-29T16:10:57","slug":"economic-crisis-in-the-island-nation-has-provided-an-opportunity-for-sri-lanka-and-india-to-deepen-their-relationship","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/economic-crisis-in-the-island-nation-has-provided-an-opportunity-for-sri-lanka-and-india-to-deepen-their-relationship\/","title":{"rendered":"Economic crisis in the island nation has provided an opportunity for Sri Lanka and India to deepen their relationship"},"content":{"rendered":"\n<p><strong>News: <\/strong>In the backdrop of the economic crisis in Sri Lanka,\u00a0 Foreign Minister S Jaishankar is visiting Sri Lanka that began on Monday. Both countries are expected to sign agreements, including in defence and maritime security. This is a follow up to the $2.4 billion financial aid India has extended over the past few months.<\/p>\n<p><strong>Causes of Sri Lanka\u2019s economic crisis:<\/strong><\/p>\n<ol>\n<li><strong>Mounting debt of Sri Lanka &#8211; <\/strong>So high that it can\u2019t even pay for fuel and food grain imports.<\/li>\n<li><strong>A hit to tourism <\/strong>&#8211; due to Easter bombings in 2019 and the Covid pandemic.<\/li>\n<li><strong>Ukraine war &#8211; <\/strong>which disrupted supply routes, leading to shortage of essential goods.<\/li>\n<li><strong>Ill-timed policies &#8211; <\/strong>For instance, promotion of organic farming has fueled fertilizer shortages and a fall in output.<\/li>\n<li><strong>Heavy foreign borrowing &#8211; <\/strong>Particularly from China, to build infrastructure, including a mega port city in Hambantota. These capital-intensive projects did not deliver the expected returns.<\/li>\n<\/ol>\n<p><strong>What is Delhi doing?<\/strong><\/p>\n<p>Besides extending a credit line, Delhi has started work on a series of joint projects including the Trincomalee Oil Tank Farms, renewable power projects, and a cultural centre in Jaffna.<\/p>\n<p>However, considering the complex history between the two countries, India should tread cautiously in this moment in Sri Lanka.<\/p>\n<p><strong>Source: <\/strong>This post is created based on the article<strong> \u201cEconomic crisis in the island nation has provided an opportunity for Sri Lanka and India\u201d <\/strong>published in <strong>The Indian Express<\/strong> on <strong>29<sup>th<\/sup> March 2022<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News: In the backdrop of the economic crisis in Sri Lanka,\u00a0 Foreign Minister S Jaishankar is visiting Sri Lanka that began on Monday. Both countries are expected to sign agreements, including in defence and maritime security. This is a follow up to the $2.4 billion financial aid India has extended over the past few months.&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/economic-crisis-in-the-island-nation-has-provided-an-opportunity-for-sri-lanka-and-india-to-deepen-their-relationship\/\">Continue reading <span class=\"screen-reader-text\">Economic crisis in the island nation has provided an opportunity for Sri Lanka and India to deepen their relationship<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500],"class_list":["post-176691","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704955167},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/176691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=176691"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/176691\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=176691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=176691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=176691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}