The consortium will represent the 12 participating universities and work with the federal government, businesses and not-for-profit organisations to identify best practice models of refugee education…reports Asian Lite News
Twelve Australian universities have established a new consortium to help build pathways to higher education for refugees, it was announced on Monday.
Led by Canberra’s Australian National University (ANU) , the Australian Refugee Welcome University Sponsorship Consortium (ARWUSC) will offer refugees in the country who were displaced by conflict the opportunity to restart their education, reports Xinhua news agency.
Bronwyn Parry, a leading global health and social medicine researcher from ANU and co-lead of ARWUSC, said in a media release that the formation of the new organisation marks the start of a new chapter in Australia’s refugee history.
“Refugees have historically made a very important contribution to modern Australia, building the successful, harmonious multicultural society we have today. They have also made significant inputs to our economy and can play a key role in driving our future prosperity and social wellbeing,” she said.
The consortium will represent the 12 participating universities and work with the federal government, businesses and not-for-profit organisations to identify best practice models of refugee education.
The government has committed to increasing Australia’s humanitarian refugee intake to 20,000 places in the financial year 2023-24, an increase of 2,125 from 2022-23.
Brian Schmidt, the Vice-Chancellor of ANU, said the consortium would deliver long-term benefits to Australia by offering opportunities to “extremely talented” young people who have had their educational journey disrupted.
“We need to do something to address this, and this team of higher education experts, led by ANU, is leading the charge with the help of the Australian government,” he said.
Hasina slams pro-Pak Jamaat, BNP for distorting history, Bangla language.
Prime Minister Sheikh Hasina’s government has taken significant strides to enhance women’s participation in politics, ensuring their voices are heard at all levels of governance…reports Asian Lite News
Bangladesh, a country nestled in South Asia, has been making significant strides in the realm of women’s empowerment and gender equality, largely due to the visionary leadership of Prime Minister Sheikh Hasina. Her relentless efforts and strategic policies have played a pivotal role in uplifting the status of women, promoting their active participation in various sectors, and fostering an environment of gender inclusivity.
Prime Minister Sheikh Hasina has implemented a series of policies and initiatives aimed at breaking down barriers that hindered women’s progress. One such groundbreaking policy is the National Women Development Policy, which underscores the government’s commitment to gender mainstreaming and creating an enabling environment for women to thrive in all aspects of society.
Recognizing education as the cornerstone of empowerment, Prime Minister Hasina has focused on enhancing educational opportunities for girls. The ‘Girl’s Stipend Program’ and ‘Kishoree Kontha’ initiative have incentivized female education, ensuring girls can access quality education and build a strong foundation for their future.
Furthermore, initiatives like ‘Skills for Employment Investment Program’ and ‘Women in IT’ programs have been instrumental in imparting skill development, enabling women to participate actively in the workforce and entrepreneurial ventures.
Prime Minister Sheikh Hasina’s government has taken significant strides to enhance women’s participation in politics, ensuring their voices are heard at all levels of governance. The reserved seats for women in the parliament and local government bodies have boosted their representation, thus amplifying their role in shaping the nation’s policies and strategies.
Bangladesh has seen a substantial increase in women’s participation in the workforce across various sectors. The government’s efforts to promote women entrepreneurs through easier access to loans, training, and market linkages have empowered countless women to establish their businesses and contribute to the nation’s economy.
Prime Minister Sheikh Hasina has also prioritized addressing violence against women and ensuring their safety. The establishment of Women and Children Repression Prevention Tribunals and the National Helpline for Violence against Women and Children showcase the government’s commitment to creating a safe environment for women.
In essence, Bangladesh, under the steadfast leadership of Prime Minister Sheikh Hasina, has witnessed a paradigm shift in promoting gender equality and empowering women. The strides made in education, political representation, economic participation, and safety initiatives have set a positive trajectory, demonstrating the power of visionary leadership and commitment to fostering an egalitarian society. With continued dedication and focused efforts, Bangladesh is poised to elevate its position on the global stage as a beacon of gender equality and empowerment.
Most leading banks and financial institutions offer educational loans against certain interest rates, guarantees, and payment terms…reports Asian Lite News
Studying abroad is a transformative decision, catapulting a student’s education and career graph many notches higher. It’s no surprise that many youngsters today consider overseas education for higher studies. According to the Union Ministry of Education, 7.5 Lakh Indian students traveled overseas for higher education in 2022. Associated data sets show that Indian students formed the biggest group of immigrant students in Canada, and the second biggest group in Germany and the United Kingdom last year.
The benefits of global education range from exposure to new-age courses, participating in the latest research and innovation; and enhanced job prospects. While all this makes sense, many crucial steps need to be taken in advance to make this experience worthwhile. Study abroad counselors from MSM Unify – a leading global higher education platform offering 50,000+ courses from 1,400 institutes over 20 countries – shared the top five aspects that every student must consider when planning international education. Here they are:
Step 1 – Research about the course, country, and culture
These three C’s define the success of your study abroad experience. The checklist should begin with: – Understanding your academic inclination – Finding an appropriate course in your chosen field – Selecting an appropriate top-rate institute – Choosing the Country for Higher Study – Understanding the host country’s geo-political situation and culture at large
Each of these steps has multiple checklists. While a student’s career may not be limited to his area of study, choosing a course in alignment with academic interest offers the necessary kickstart for jobs. When choosing the courses, consider the present job prospects and a future outlook too. For example, jobs related to automation, data, and analytics will continue to be in demand even after five years, as per industry estimates.
When selecting an institute, it’s important to directly speak to institute representatives and clear all doubts in advance. For example, at MSM Unify students can directly interact with institute representatives. It’s important to have all the details about effective fee structures, scholarship options (if applicable), yearly academic roster, department lecturers, placement support, and academy-industry connections. All such queries determine how worthwhile the study abroad experience can be.
When choosing a host country, it’s important to consider its geopolitical standing. Additionally, take the time to learn about the popular customs, traditions, and cultural norms of the country to ensure a smooth transition.
Step 2 – Understand visa and immigration requirements
Make sure you understand the visa and immigration requirements for studying in your chosen country. Familiarize yourself with the application process, required documents, and any restrictions or limitations that may apply. Seek guidance from our experts. Applying for a visa can be challenging, but well-established consultants such as MSM Unify use their wide network within partner countries to simplify the process for you! Following are the generic documents required for a student visa, more documents can be required as per host country specifications: – Passport with at least two blank pages and an expiry date beyond 180 days – A formal admission letter from the university – A printout of your online application – Evidence of language certification (if needed) – Evidence of financial means – Passport size photographs – Previous education record – Vaccination results (if required, it varies by the country)
Step 3 – Plan Your finances in advance – Education loans, scholarships, and more to explore
Studying abroad is an expensive affair, hence resistance from many students. When considering to study abroad, start with making a budget. Consider all expenses such as tuition fees, accommodation charges, living expenses, travel costs, medical insurance, insurance for your devices (laptop/mobile phone, photography equipment), and any additional expenses that may arise.
Most leading banks and financial institutions offer educational loans against certain interest rates, guarantees, and payment terms. Again, well-established study abroad consultants such as MSM Unify provide multiple options to explore financial options. The firm offers multiple financing options from leading providers such as ICICI iSMART education loans, MPower Financing, and other international partners to make it easy for students to choose from the most competitive offerings. If you plan on applying for an educational loan, you should begin the student visa application process 6 months before the start of your first semester. So, you would have enough time to manage your finances and education loans.
Step 4 – Find accommodation options
Research the various accommodation options available in your host country. Consider factors such as cost of accommodation, proximity to your educational institution, safety, and amenities provided. The usual options include university dormitories, shared apartments, homestays, or private flats, depending on your preferences and budget. If you decide to live in an apartment, you will also need to pay for tenant’s insurance as well as additional utility costs like power, internet, and water use. Confused about finding accommodation? MSM Unify’s partners such as University Living, Housemates Unilodgers, Casita, Gobritanya, and others offer a variety of options to choose from.
Step 5 – Transit services
Make sure to reserve your airline tickets in advance. To track price changes and buy at the cheapest prices, consider looking at the alternatives with plenty of time to spare. Also, familiarize yourself with the transit services available in the host country. Research public transportation options such as buses, trains, and subways, their popular routes, schedules, and fares. Additionally, look into student discounts or passes that may be available to help you save money on transportation costs.
Remember, studying abroad offers multi-dimensional experiences. The only way to make this worthwhile is by being prepared in advance. Speak to other students who also plan to study abroad or others who have had this experience helps in adding more perspectives.
Singapore has emerged as a hub for business and technology, offering a range of programs for Indian students. The country’s strategic location in Asia makes it an ideal choice for those looking to immerse themselves in the region’s business world…reports Asian Lite News
In recent years, there has been a significant surge in the number of Indian students seeking education abroad. This trend is driven by a desire for high-quality education, global exposure, and enhanced career prospects. However, choosing the right destination is a crucial decision that can shape one’s academic and professional journey.
In this article, Shalini Lambah the Country Head India of Migrate World shares with IANSlife the optimal immigration destinations for Indian students, considering factors such as educational opportunities, post-graduation prospects, and quality of life.
The United States:
The United States has long been a preferred destination for Indian students. With its world-renowned universities and diverse range of programs, the U.S. offers an array of educational opportunities. Institutions like Harvard, MIT, and Stanford are renowned globally, making the U.S. an attractive destination for those pursuing higher education in fields like technology, engineering, business, and more.Moreover, the Optional Practical Training (OPT) program allows international students to gain valuable work experience in their field of study for up to three years after graduation. This provides a pathway to H-1B visa sponsorship and, potentially, permanent residency.
Stay where your favourite sports stars come out to play
Canada:
Canada has become increasingly popular among Indian students due to its welcoming immigration policies and quality education system. Institutions like the University of Toronto and McGill University consistently rank among the top globally. The Post-Graduation Work Permit Program (PGWPP) enables students to work in Canada for up to three years after completing their studies, enhancing their chances of permanent residency.Additionally, Canada’s reputation for multiculturalism and safety makes it an attractive destination for international students seeking a diverse and inclusive environment.
Australia:
Australia is known for its excellent universities, such as the University of Sydney and the University of Melbourne, and its favorable post-study work visa program. The Temporary Graduate visa (subclass 485) allows international students to work in Australia for up to four years after graduation, depending on the level of study completed.The Australian job market is robust, particularly in sectors like healthcare, engineering, and information technology. This, coupled with the country’s high quality of life and stunning natural landscapes, makes Australia an appealing destination.
United Kingdom:
The United Kingdom boasts a rich academic heritage, and institutions like the University of Oxford and the University of Cambridge are globally renowned. While the UK’s post-study work opportunities were somewhat limited in the past, recent changes have made it more attractive.The reintroduction of the Post-Study Work (PSW) visa, known as the “Graduate Route,” allows international students to stay and work in the UK for up to two years after completing their degree (or three years for Ph.D. graduates). This has significantly improved the UK’s appeal to Indian students.
Germany:
Germany offers a unique combination of high-quality education and affordability, particularly at the undergraduate level. Institutions like the Technical University of Munich and the University of Heidelberg are renowned for their engineering and technical programs. While language proficiency is crucial for certain courses, many programs are offered in English, making it accessible to international students. Germany also provides post-study work opportunities and a pathway to permanent residency for graduates.
Five must take road trips in Australia.(photo:IANSLIFE)
New Zealand:
New Zealand is known for its welcoming environment and high-quality education system. The Post-Study Work Visa allows international students to stay in the country for up to three years after graduation, and the country’s strong economy and low crime rate make it an attractive destination. New Zealand is particularly popular for courses in agriculture, environmental sciences, and tourism management, owing to its stunning natural landscapes.
Singapore:
Singapore has emerged as a hub for business and technology, offering a range of programs for Indian students. The country’s strategic location in Asia makes it an ideal choice for those looking to immerse themselves in the region’s business world. Singapore’s education system is highly regarded, and various scholarships are available for international students. Additionally, the country provides a potential pathway to permanent residency for skilled professionals.
With UK rents rising over 8% this year compared to 2022-23, foreign students face affordability challenges….reports Asian Lite News
International students in the UK have been hit by a severe housing crisis, with many forced to accept unsuitable living conditions amid rising rents and expensive university accommodation.
Students from countries like India and Bangladesh said trying to find an affordable home in London was extremely difficult because they do not have the references and payslips needed to secure a home, the BBC reported.
Nazmush Shahadat, who arrived in London from Bangladesh to study law, ended up sharing a two-bedroom flat with 20 other men as he found university accommodation too expensive and couldn’t find a house to live in.
“I never expected to live in a place like that — I still have my scars,” he told BBC.
“The first couple of months, I couldn’t videocall my family because I didn’t want them to see how I am living — that’s sad,” he said.
Shahadat added that he lived in a place where multiple bunk beds were crammed into a room and shift workers came and went, and he was often bitten by bed bugs, making it impossible for him to sleep.
With the rents in the UK going up by more than eight per cent overall this year compared with 2022-23, according to a Cushman & Wakefield survey, many foreign students are struggling to find affordable rooms.
The survey further said that fewer than one in 10 beds in major university cities are now affordable to the average student in receipt of maintenance loans and grants.
The UK is consistently increasing in popularity among international students with 679,970 international students pursuing their degrees in the country, according to 2021/2022 statistics from the Higher Education Statistics Agency (HESA).
Numbering more than 120,000, Indian students make up among the largest international student communities in the UK.
Rashavh Kaushik from India, who will also be studying law this year, will be sharing a bedroom with another student.
For that arrangement, they’ve had to pay 16,000 pounds upfront and have had to get a guarantor to secure a place.
“It’s costly for us,” he told BBC.
“Universities are trying to recruit more and more international students partly because they pay a lot higher fees, but it means that some universities are expanding at a rate much higher than the local housing stock can deal with,” Nehaal Bajwa, from the National Union of Students (NUS), said.
Stating that international students are vulnerable to financial strain, the NUS has been calling for rent controls for students.
“You’re kind of open to exploitation because you don’t know your rights… Homelessness is a real threat,” Bajwa told BBC.
She earlier told news website Open Democracy that landlords ask overseas students to either pay six months’ rent upfront, or a guarantor/reference in the UK, earning 84,000 pounds.
“The current pressure on the housing market in the UK are being felt across society — including by students, and universities are working to ease this wherever possible,” Universities UK said in a statement.
The average private sector rent outside London has gone up to more than 7,600 pounds a year, which accounts for 77 per cent of the maximum student maintenance loan allowance, a Guardian report said.
“Universities are experienced in supporting students, and while we strongly recommend that students organise housing before travelling to the UK, any student facing difficulty should contact their university accommodation team as soon as possible,” Universities UK added.
Addressing MPs, she said “absolutely nothing is more important than the safety of children or staff” – but that the “vast majority of schools are unaffected”…reports Asian Lite News
Education Secretary Gillian Keegan has apologised for her “choice language” after she was caught complaining about not being thanked for doing a “f****** good job” over the unsafe concrete crisis.
After an interview with ITV News in Westminster, the cabinet minister criticised others for being “sat on their arses” and claimed the government had gone “over and above” in addressing concerns relating to reinforced autoclaved aerated concrete (RAAC).
While her mic was still on, she said: “Does anyone ever say ‘You know you’ve done a f****** good job because everyone else has sat on their arses and done nothing. “No signs of that, no?”
Keegan later apologised and admitted she was “frustrated with the interviewer” who was “making out it was all my fault”. Thousands of pupils face disruption at the start of term this week following an order to fully or partially close 104 schools because of concerns about RAAC, which is prone to collapse.
Pupils face being taught in temporary classrooms, on different sites, or even forced into pandemic-style remote lessons. Critics have accused the Tories of a “shambolic” handling of the situation, saying risks associated with the dangerous material have been known about for years.
Asked repeatedly who she meant had been “sat on their arses”, Keegan insisted it was “nobody in particular”. She said: “It was an off-the-cuff remark, after the news interview had finished. I’d like to apologise for my choice language, that was unnecessary.”
Pressed on who she was frustrated with, Keegan said: “Actually, it was the interviewer, because the interviewer was making out it was all my fault and that’s what I was saying, do you ever go into these interviews where anyone ever says anything but you’ve just done a terrible job?”
She said it is “frustrating” because she and her team have been working hard to deal with the issue of unsafe concrete, and she hasn’t slept due to “worrying about this”. Keegan also indicated she was frustrated with those who have not responded to questionnaires asking about whether schools have the dangerous aerated concrete present.
“What I would like to say is please Gillian, come and see my school, come and really understand what RAAC looks like, what RAAC is in a school, what happens when you close a school … but just come and see what your serving headteachers are doing in order to maintain a good education. I am horrified by that clip, and I think that something needs to happen for somebody to say that because I worked from the moment we got the notice of closure. I worked every weekend, late into the night in order to make things work.”
Evans added her staff have also worked hard since having the closure notice, and said: “Nobody is sat on their backside.” In a statement in the House of Commons this afternoon, Ms Keegan promised to publish the full list of affected schools “this week” as she sought to stress that disruption would be minimal.
Addressing MPs, she said “absolutely nothing is more important than the safety of children or staff” – but that the “vast majority of schools are unaffected”.
Keegan added that schools with suspected dangerous concrete will be surveyed in “a matter of weeks” and “in many cases, a few days”.
In response, Labour’s shadow education secretary Bridget Phillipson accused Ms Keegan of presiding over an “utter shambles”.
“The mark and measure of each of us as politicians is our willingness to take and to accept responsibility,” she said.
UNESCO estimates that nearly half of the world’s population lacks basic digital skills. It is imperative that teachers are equipped to impart digital literacy as a foundational skill, ensuring that students are well-prepared for a technology-centric world…writes Devyani Jaipuria
Education serves as the cornerstone of societal advancement, and educators occupy a central role in its development. As we move forward into the future, the roles of teachers are rapidly evolving to address the dynamic requirements of our ever-changing world. Recent educational reports reveal compelling data that underscores the urgent necessity for a fundamental transformation.
Bridging the Global Skills Gap
The Global Teacher Status Index highlights the significant variation in teacher recognition from one nation to another. While some countries highly value educators, others do not. The challenge lies in establishing a global standard that acknowledges and supports teachers, ultimately attracting and retaining the finest talents to nurture future generations.
Navigating the Changing Landscape of Education
Recent data from the World Economic Forum forecasts that by 2030, automation may displace 85 million jobs, while 97 million new roles may emerge. This transformation in the job market underscores the critical importance of equipping teachers with the skills necessary to prepare students for an increasingly technology-driven workforce.
Fostering Digital Literacy
UNESCO estimates that nearly half of the world’s population lacks basic digital skills. It is imperative that teachers are equipped to impart digital literacy as a foundational skill, ensuring that students are well-prepared for a technology-centric world.
Advancing Personalized Learning
The National Center for Education Statistics demonstrates that personalized learning enhances student outcomes. Teachers require training in adaptive learning techniques and technology integration to provide tailored educational experiences for their students.
Addressing Mental Health Awareness
Mental health challenges among students are on the rise, as indicated by the CDC’s reports on the increased prevalence of anxiety and depression among American youth. Teachers need training to recognize signs of mental distress and provide necessary support.
Emphasizing Environmental Education
The Intergovernmental Panel on Climate Change (IPCC) underscores the urgency of addressing climate change. Teachers must integrate environmental education into their curricula to nurture environmentally responsible citizens capable of addressing pressing global issues.
Implementing Innovative Teaching Methods
A study by the National Center for Education Statistics reveals that 94% of teachers personally finance classroom supplies. Training educators in innovative and cost-effective teaching methods can alleviate this burden while enriching the learning experience.
Embracing Data-Driven Decision Making
The significance of data analytics in education is on the rise. Teachers should receive training in data analysis to gain insights into their students’ performance and adapt instruction accordingly.
Nurturing Continuous Professional Development
The Brookings Institution asserts that continuous professional development is integral to enhancing teacher quality. Cultivating a culture of ongoing learning and growth ensures that educators remain effective in an ever-evolving educational landscape.
The future of education hinges on preparing teachers to confront the challenges of tomorrow with confidence. Recent statistics and reports clearly indicate the rapid evolution of the educational landscape. By equipping teachers with the requisite skills to navigate this new terrain, we can guarantee that students receive the highest quality education, preparing them for success in a dynamic and uncertain world. Embracing this challenge is not just an educational imperative; it is a commitment to the future of society itself.
The learning crisis has affected vulnerable children the most, including younger children in primary grades and those in plantation estates in the country, the study revealed…reports Asian Lite News
Battered by the worst-ever economic crisis in its post-independence history, Sri Lanka’s allocation of its GDP on education has become one of the lowest in the South Asian region.
Releasing the finding of a Ministry of Education (MoE)-led national assessment, UNICEF stated that currently, Sri Lanka allocates less than 2 per cent of its GDP on education, which falls well below the international benchmark of 4-6 per cent.
The study has revealed that around 1.6 million primary school children across the country are facing challenges due to the Covid-19 pandemic and the economic crisis, with 85 per cent of children in Grade 3 not achieving the minimum literacy and numeracy levels which is essential in their transition to secondary school and beyond, both in life and work.
The learning crisis has affected vulnerable children the most, including younger children in primary grades and those in plantation estates in the country, the study revealed.
The MoE and UNICEF had spearheaded a national initiative to help 1.6 million primary school children impacted by prolonged school closures and sporadic disruptions to their education over the past three years, to catch up on their learning.
According to the national assessment, 85 per cent of Grade 3 children are not achieving minimum proficiency in literacy and numeracy, which is essential in their transition to secondary school and beyond, both in life and work.
“The basics of literacy, numeracy, and social economic skills are the platform on which children build their own, their families, their communities, and their country’s future,” said Christian Skoog, UNICEF Representative for Sri Lanka.
“We commend the MOE for its commitment to undertake urgent efforts to reverse the widening disparities in learning achievement for children who are lagging further behind, including slow learners, and missing out due to the continued hardship the country faces,” he said.
Addressing the launching of the national initiative to help children, Education Minister Susil Premajayantha had said: “There is an urgent need to increase the national budget allocation for education, especially for primary grades, where we need to boost foundational learning for children, while also ensuring the implementation of vital Education Reforms so that we can build the solid human resource skills needed to support the country’s development.”
In July, the MOE and UNICEF held a special briefing on ‘Learning Recovery’ to leverage the support of development partners, while more technical-level workshops were held across nine provinces, to identify gaps and prioritize actions.
The Covid-19 pandemic and economic crisis over the last three years had led to repeated closures of schools and continuous interruptions to the education system in the South Asian country with 22 million people.
With the dollar crunch, the prices of educational aids including schoolbooks and stationery items have increased forcing parents to crucial decisions on continuing the education of their children.
The signing ceremony was attended by Chief Minister Bhagwant Mann, Education Minister Harjot Singh, and Caroline Rowett, the British Deputy High Commissioner in Chandigarh…reports Manjari Singh
Punjab state government has taken a significant step to enhance employment prospects for the youth by officially entering into a Memorandum of Understanding (MoU) with British Council Education India Pvt Limited (BCEIPL).
Dr. Amarpal Singh, the Director of Higher Education representing the Punjab Government, and Duncan Wilson, the Managing Director of BCEIPL, came together to sign the Memorandum of Understanding (MoU). The signing ceremony was attended by Chief Minister Bhagwant Mann, Education Minister Harjot Singh, and Caroline Rowett, the British Deputy High Commissioner in Chandigarh.
Chief Minister Bhagwant Mann expressed his optimism about the MoU, emphasizing its potential to open new avenues for employment and skills enhancement for the youth. The partnership will pave the way for the launch of a specialized training course called “English for Work” for students in government colleges under the Higher Education Department. This training program aims to significantly upgrade the employability skills of young individuals, making them more competitive in the job market.
The “English for Work” course will be offered online, adopting a proven “flipped classroom” approach, which blends the flexibility of self-study with interactive live classes. The students will benefit from both pre and post-assessment tests to track their progress throughout the course. Upon successful completion, participants will receive a well-recognized certificate, adding to their credentials.
The initial phase of this transformative initiative is set to accommodate around 5,000 students from government colleges, offering them the opportunity to undergo comprehensive training starting from this academic session. The Chief Minister expressed his hope that such strategic steps would contribute to reversing the brain drain phenomenon from the state, ensuring that talented individuals can find meaningful employment opportunities locally.
The collaborative effort between the state government and BCEIPL is expected to be a game-changer in empowering the youth, equipping them with essential skills and knowledge, and enabling a brighter future for Punjab. With this partnership in place, the state stands poised to create a thriving workforce ready to take on the challenges of the ever-evolving global job market.
An MoU has been signed for the opening of an IIT-Delhi campus in Abu Dhabi in the presence of Prime Minister Narendra Modi. According to the MoU, Masters-level programmes are expected to commence on the campus from January 2024 while Bachelors-level courses will start from September 2024.
Prime Minister Narendra Modi concluded his three-day visit to France and the United Arab Emirates.
In the last leg of the visit, Prime Minister arrived in Abu Dhabi to a warm welcome by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. This reflects the depth of the bilateral relations between the two countries. Prime Minister also inspected the ceremonial Guard of Honour with Sheikh Mohamed at the magnificent Qasr Al Watan. The two leaders held wide-ranging talks on bilateral and global issues. The India-UAE relationship is rapidly transforming in line with the Vision Statement unveiled by the two leaders during their virtual summit in February 2022.
During the visit, the two leaders witnessed the exchange of three historic Memoranda of Understanding (MoU).
A MoU was exchanged for the establishment of a campus of IIT Delhi in Abu Dhabi between the Indian Ministry of Education, UAE’s Abu Dhabi Department of Education and Knowledge and the Indian Institute of Technology, Delhi (IIT).
This is the first ever IIT to be set up in the Middle East/North Africa (MENA) region. This is a landmark project which reflects the vision of the leaders and it will be a tribute to the people of India and the UAE who are the backbone of the historic relationship.
This marks a significant stride in our educational internationalisation and is testament to India’s innovation prowess. Education is the bond that unites us, it's the spark that ignites innovation. Together, we will leverage this power for mutual prosperity and global betterment. https://t.co/TFfmSFWzsQ
The idea behind setting up of IIT campus in Abu Dhabi is to bring the academic excellence of IITs to the wide international community. The campus aspires to be a truly global campus which will also benefit the large Indian diaspora in the UAE and the region.
“This marks a significant stride in our educational internationalisation and is testament to India’s innovation prowess. Education is the bond that unites us, it’s the spark that ignites innovation. Together, we will leverage this power for mutual prosperity and global betterment,” Prime Minister Narendra Modi tweeted.
MoU on Local Currency Settlement (LCS) System was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates enabling the use of Indian Rupee (INR) and UAE Dirham (AED) for Cross-border Transactions.
This is India’s first-ever LCS and is expected to reduce transaction costs and time and increase reliance on local currencies. This will further add to the preferential terms accruing from Comprehensive Economic Partnership Agreement (CEPA).
The traders can choose the payment currency based on mutual agreement. Further, the surplus balance in local currencies can be used for investing in local currency assets like corporate bonds, Government securities, equity markets etc. LCS is likely to have a transformational impact not only on the bilateral economic relationship but in larger economic engagements across the world.
Under the newly implemented LCS system, the first transaction involved the sale of 25 Kg of Gold from a leading UAE gold exporter invoiced at approx 12.84 crore Rupees. Gold, gems and jewellery are the second most traded commodities between India and the UAE. Last year, the two-way trade between India and UAE was worth USD 20 billion which was about 42 per cent of total non-oil trade between the two countries.
The two leaders also witnessed the exchange of MoU on bilateral cooperation on interlinking the payment and messaging systems between the Reserve Bank of India and the Central Bank of the UAE.
The MoU will facilitate the integration Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also facilitate interlinking card switches of the two countries – RuPay switch and UAESWITCH to facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network.
Very importantly, the Central Bank of the UAE could benefit from the Structured Financial Messaging System (SFMS) developed by RBI. These linkages are also expected to further facilitate the LCS technique in the long run by providing an alternate payment-switching system. (ANI)
