India and Bhutan reviewed the progress of development projects supported by New Delhi in the Himalayan country on Thursday. During the meeting, the parties also signed an agreement on a concessional credit line worth 400 billion rupees and expanded cooperation in the field of healthcare.
The Minister of Finance, Economic Development and Investment Promotion of Zimbabwe, Mutuli Ncube, announced that Zimbabwe has joined the BRICS New Development Bank (NDB). This step is expected to expand the country's access to development financing and investments.
According to the Ministry of Information, Publicity and Broadcasting Services on the social network X, membership in the bank will improve access to financial resources for development, deepen economic cooperation with BRICS nations, and provide Zimbabwe with a more significant representation in global economic decision-making.
The New Development Bank was established in 2014 by countries such as Brazil, Russia, India, China, and South Africa, and began its operations in 2015. It finances projects in infrastructure and sustainable development in both BRICS countries and other developing and emerging economies.
Zimbabwe applied to join the bank in 2023, with negotiations for its acceptance progressing toward early 2026. Furthermore, the country submitted an official statement expressing its desire to join the BRICS bloc itself.
Defence Minister Rajnath Singh stated on Saturday that the Sindoor operation demonstrated India's readiness in the defence sector, which has been strengthened by continuous government efforts under Modi's leadership to transform the defence sector.
During the operation, modern systems such as the Akash Teer missile system, Akash missile system, and BrahMos, along with various other high-tech equipment, were effectively utilized. According to Singh, this was made possible by the foundation laid over the last twelve years.
At an event in Delhi, Rajnath emphasized that the creation of defence industrial corridors in the states of Uttar Pradesh and Tamil Nadu is another innovative reform aimed at achieving the goal of self-sufficiency. He noted that advanced production of defence products takes place in these corridors, and many companies are integrating into global supply chains.
Singh stated that 70,000 crore rupees have been proposed for investment in these two defence corridors, with approximately 10,000 crore rupees already invested. This has led to the creation of new jobs for the youth. Specifically, the Uttar Pradesh Defence Industrial Corridor has become a prime example of the success of the 'Atmanirbhar Bharat' concept.
Highlighting the government's steps to strengthen Atmanirbharta in defence, Rajnath reported that the armed forces have already released five positive localization lists, including 509 items, and Defence Public Sector Undertakings (PSUs) have published five more lists with 5,012 items. He added that another positive localization list will be announced in the future to accelerate this goal.
The minister listed the reforms introduced in the process of acquiring defence equipment, noting that they are intended to ensure benefits for Indian industries from defence modernization. It was established that 75% of the budget allocated for defence modernization is designated for procurement from Indian manufacturers. According to the new Defence Acquisition Procedure (DAP), priority is given to mechanisms like 'Buy Indian – designed, developed and manufactured in India'. This new DAP, which is expected to be presented this year, will give a new impetus to domestic defence manufacturing.
