Daily Current Affairs : 25-October-2023
India and Sri Lanka have recently adopted a ‘vision document’ aimed at deepening their economic partnership. This document is based on five key pillars: maritime connectivity, air connectivity, energy and power connectivity, trade, economic, and financial connectivity, and people-to-people connectivity.
Maritime Connectivity:
- Cooperation in the development of ports and logistics in Colombo, Trincomalee, and Kankesanthurai.
- Resumption of passenger ferry services between Nagapattinam in India and Kankesanthurai in Sri Lanka.
- Expansion of flight operations between Chennai and Colombo, enhancing investment in civil aviation and airport infrastructure.
Energy and Power Connectivity:
- Establishment of a high-capacity power grid interconnection, enabling bidirectional electricity trade.
- Implementation of the Sampur Solar power project, LNG infrastructure, and exploration of cooperation in Green Hydrogen and Green Ammonia.
- Joint exploration and production of hydrocarbons in Sri Lanka’s offshore basins, boosting Sri Lanka’s petroleum sector.
Economic Initiatives:
- Discussions on the Economic and Technology Cooperation Agreement to enhance bilateral trade and investments.
- Designation of the Indian Rupee as the currency for trade settlements.
- Implementation of UPI-based digital payments to facilitate trade transactions.
Cultural Ties and Tourism:
- Promotion of India’s Buddhist circuit and Ramayana trail, enhancing religious tourism between the two countries.
- Rejuvenation of the Cheriyapani ferry service between Nagapattinam and Kankesanthurai to boost tourism, people-to-people relations, and trade.
- Significant religious sites in Colombo and southern Sri Lanka accessible to Indian travelers, stimulating tourism and trade.
Historical Context:
- Reference to the historical Indo-Ceylon Express or Boat Mail between Chennai and Colombo, highlighting the longstanding maritime connection.
- Halting of ferry services due to the civil war in Sri Lanka and subsequent efforts to resume services after the war ended in 2009.
Significance of Cheriyapani Ferry Service:
- Boost to religious tourism with easier access to pilgrimage sites in both countries.
- Enhancement of regional commerce and trade opportunities.
- Development of ports, such as the upgraded Nagapattinam port, facilitating increased maritime activities and economic growth.
Important Points:
India-Sri Lanka Vision Document:
- Five pillars of cooperation: maritime, air, energy, trade, and people-to-people connectivity.
- Development of ports and logistics in Colombo, Trincomalee, and Kankesanthurai.
- Resumption of passenger ferry services between Nagapattinam (India) and Kankesanthurai (Sri Lanka).
- Expansion of flight operations between Chennai and Colombo, enhancing civil aviation and airport infrastructure.
- Establishment of a high-capacity power grid for bidirectional electricity trade.
- Implementation of Sampur Solar power project, LNG infrastructure, and cooperation in Green Hydrogen and Green Ammonia.
- Joint exploration and production of hydrocarbons in Sri Lanka’s offshore basins.
- Discussions on the Economic and Technology Cooperation Agreement to enhance trade and investments.
- Indian Rupee designated as the currency for trade settlements.
- Implementation of UPI-based digital payments for trade transactions.
Cheriyapani Ferry Service:
- Inauguration of passenger ferry service from Nagapattinam (India) to Kankesanthurai (Sri Lanka).
- Aimed at bolstering bilateral ties, boosting tourism, and increasing people-to-people relations.
- Benefits local traders on both shores.
Historical Context:
- Reference to the historical Indo-Ceylon Express or Boat Mail between Chennai and Colombo.
- Halting of ferry services due to the civil war in Sri Lanka, with efforts to resume services after the war ended in 2009.
Significance of Cheriyapani Ferry Service:
- Boosts religious tourism, providing easier access to pilgrimage sites in both countries.
- Enhances regional commerce and trade opportunities.
- Development of ports, such as the upgraded Nagapattinam port, facilitating increased maritime activities and economic growth.
Why In News
India and Sri Lanka recently adopted a ‘vision document’ for a deeper economic partnership, symbolizing their shared commitment to fostering stronger trade ties, enhancing mutual investments, and promoting sustainable economic growth between the two nations, paving the way for a prosperous future for both countries.
MCQs about India-Sri Lanka Economic Alliance
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What are the pillars of cooperation outlined in the India-Sri Lanka Vision Document?
A. Four pillars: maritime, air, energy, and trade connectivity
B. Five pillars: maritime, air, energy, trade, and people-to-people connectivity
C. Six pillars: trade, economic, financial, cultural, maritime, and air connectivity
D. Three pillars: maritime, trade, and cultural connectivity
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Which historical sea route was recently rejuvenated with the inauguration of the Cheriyapani ferry service?
A. Chennai to Colombo via Boat Mail
B. Dhanushkodi to Talaimannar
C. Mumbai to Galle
D. Kochi to Trincomalee
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What significant step was taken regarding trade settlements between India and Sri Lanka in the Vision Document?
A. Introduction of a new joint currency
B. Designation of the Indian Rupee as the currency for trade settlements
C. Implementation of a barter system for trade
D. Adoption of a digital currency for cross-border transactions
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How does the Cheriyapani ferry service contribute to tourism and economic activities?
A. It facilitates direct flights between major tourist destinations
B. It boosts religious tourism, enhances regional commerce, and benefits local traders
C. It offers luxury cruises for tourists
D. It focuses on eco-tourism and wildlife exploration
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