India $1 bn line of credit to Russia |
India has announced a $1 billion line of credit to Russia for the less developed but resource rich Russian Far East. Making the announcement, Indian Prime Minister Modi said, sanctions on countries such as Russia also impacted other countries as well as the global economy. This is the first region-specific line of credit that India is extending to any country. Modi backed Russian President Vladimir Putin`s blueprint for developing the sparsely populated region bordering China, which involves construction of housing facilities, improving connectivity, and the potential of enhancing eco-friendly tourism. Later speaking at the 5th Eastern Economic Forum in Vladivostok, he added that Indian companies had signed 50 agreements worth “billions of dollars" in investments during a visit to the region last month in areas such as energy, health, education, skill development, mining, and timber. PM Modi said, “My government has actively engaged East Asia as part of its `Act East` policy. I am confident that today`s announcement will be a take off point for India`s Act Far East policy. This will also give a new dimension to our economic diplomacy.” Indian officials said that the export of manpower was one of the topics discussed by Modi and Putin on Wednesday during the 20th India-Russia annual summit.
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