Khushboo Singh
On Friday, India and Sri Lanka inked a slew of agreements, one of which mandated that UPI technology be implemented throughout Sri Lanka.
In a joint press conference with Sri Lankan President Ranil Wickremesinghe in New Delhi, Prime Minister Narendra Modi announced that in addition to the pact on UPI, India and Sri Lanka agreed to do feasibility studies on petroleum line, land bridge connectivity between the countries.
Both India’s “Neighbourhood First” policy and its “SAGAR” vision give Sri Lanka significant weight. We discussed regional, national, and global topics today. Prime Minister Narendra Modi has stated that India and Sri Lanka share common interests in terms of both security and economic growth.
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Sri Lanka was in the midst of a serious financial crisis last year. The country was on the verge of exhausting its foreign currency reserves and was having trouble paying for necessities like petrol and medicine. During this time of crisis, India’s assistance to Sri Lanka was important.The previous year was a difficult one economically for Sri Lanka. The country was having problems meeting basic needs like food and medication because it was running low on its foreign currency reserves. Help from India was crucial for Sri Lanka at this time.
It has been announced that the two countries have agreed on a “vision” to strengthen their economic collaboration by Sri Lanka’s President Ranil Wickremesinghe.e UPI Thpayment system has seen significant adoption in India, making it the preferred method of making digital retail purchases.India has formed partnerships with France, the United Arab Emirates, and Singapore to develop innovative financial technology and payment systems.India and Indonesia are in negotiations to come to terms on UPI.
