India will give the Maldives a ₹6.3K-cr aid package.

Maldivian President Mohamed Muizzu met with Prime Minister Narendra Modi on Monday to discuss a potential trade deal, and the two sides decided to support each other financially with over ₹6,300 crore. This agreement comes as the Maldives faced a foreign exchange crisis. The two parties unveiled a new vision document for an all-encompassing economic and maritime security partnership, which includes important measures to increase trade, digitization, and financial cooperation as well as strengthen the Maldives' maritime surveillance capabilities through the supply of Indian radar systems and other equipment. Following their discussions, Modi addressed a joint media conference with Muizzu to state that India is the Maldives' "closest neighbour and steadfast friend" and that it will continue to provide support in a variety of areas, including infrastructure development, defines, and development cooperation. The State Bank of India (SBI) has rolled over $100 million in Treasury bills for the Maldives this year. Speaking in Hindi, Modi stated that a currency exchange arrangement worth $400 million and ₹3,000 crore (₹30 billion) had been reached today in response to the Maldives' needs. Muizzu, who took several measures to bring his nation closer to Beijing and lessen its reliance on New Delhi after winning the "India Out" election campaign last year, acknowledged India as a crucial ally for the development of infrastructure and socioeconomic conditions that "has stood by the Maldives during our times of need." "The Maldives will continue to be a true friend, dedicated to our shared vision of peace and development in our countries and our region," he continued. As per Muizzu, the currency swap arrangement will play a crucial role in mitigating the current foreign exchange problems. Additionally, there was a consensus to "continue to be involved in initiatives that will strengthen the Maldives' economic stability and resilience." He said, not providing any specifics. The Maldives side raised "a number of other points and requests" related financial aid, which will be looked into by New Delhi, according to Foreign Secretary Vikram Misri during a media conference. The results of the two-way meeting signalled a dramatic break from a particularly contentious period in New Delhi and Male's relationship. Ties plunged to an all-time low after Muizzu demanded India evacuate more than 80 Indian military personnel deployed in the archipelago to operate three aircraft and subsequently made moves to enhance defence and military cooperation with Turkey and China.