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    India unveils economic aid package for Maldives, including $500 mn connectivity project and cargo service | Latest News India

    India on Thursday unveiled a $500-million package to help the Maldives build a connectivity project linking its capital Male with three islands, and provided $250 million as budgetary support to help the Indian Ocean archipelago cope with the Covid-19 crisis. A new cargo ferry service will be launched between the two countries, and people familiar with developments said this will help India replace other countries to become the Maldives’ top trade partner. An air travel bubble between the two sides will become operational from August 18, and India also renewed quotas for supplying essential commodities to the Maldives during 2020-21. The measures were announced during a virtual meeting between external…

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    Tourism-dependent Maldives steps up economic diversification effort

    NurPhoto | NurPhoto | Getty Images Dotted with island resorts and endowed with white sandy beaches and turquoise seas, the Maldives has always billed itself as a top tourist destination. But the coronavirus pandemic brought the global travel and tourism industry to a grinding halt last year, forcing the island-nation to step up economic diversification efforts by expanding other sectors. Tourism accounts for over 28% of gross domestic product in the small archipelago and brings in about 60% of foreign exchange receipts, according to the Michigan State University. “As an economy heavily dependent on international tourism, the restrictions on global travel and other protective measures against the Covid-19 pandemic have…

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    COVID-19 crisis hinders India’s economic recovery

    The post COVID-19 crisis hinders India’s economic recovery appeared first on TD (Travel Daily Media) Travel Daily. Economic activities in major Indian cities have been severely affected by the second wave of the COVID-19 pandemic, which led to full or partial lockdowns across the country. Against this backdrop, the combined real GDP growth of nine major Indian cities has been revised downward to 9.28% in May 2021 from the earlier projection of 9.61% in January 2021, according to GlobalData. Andhra Pradesh, Delhi, Karnataka, Kerala, Maharashtra, Tamil Nadu, Uttar Pradesh, and West Bengal reported more than 65% of the total confirmed cases as of 23 May 2021. Maharashtra, Delhi started imposing…