How FinMin Strengthened India’S Economic Ties In 2024

The Finance Ministry's Department of Economic Affairs (DEA), spearheaded successful initiatives to enhance India's economic resilience and global integration in 2024, according to a year-ender review released on Wednesday.

Notably, the Union Cabinet approved the new Framework on Currency Swap Arrangements for SAARC Countries (2024-27), fostering financial cooperation and regional integration.

This framework introduced an INR Swap Window worth Rs 25,000 crore, supplementing the USD/Euro Swap Window, and aimed to promote the internationalisation of the Indian Rupee.

These measures underscore India’s commitment to strengthening ties with SAARC nations and providing financial stability in the region.

Further solidifying India's international partnerships, the signing and enforcement of the India-UAE Bilateral Investment Treaty (BIT) marked a new chapter in fostering investor confidence and economic collaboration, while the India-Uzbekistan BIT emphasised investor protection and dispute resolution mechanisms.

Additionally, the constitution of the Joint Task Force on Investment between India and Qatar facilitated deeper cooperation, and India's proactive role in Sri Lanka’s economic stabilisation highlighted its leadership in addressing regional financial challenges. These initiatives reflect India’s dedication to fostering global economic partnerships and supporting sustainable development.

The DEA introduced many Ease of Doing Business (EoDB) reforms to enhance infrastructure and simplify investment regulations. The launch of the National Infrastructure Readiness Index (NIRI) promoted cooperative and competitive federalism by evaluating and encouraging infrastructure development across states and central ministries.

Simultaneously, amendments to foreign investment rules, including the Overseas Direct Investment Regulation and the Foreign Exchange Management Rules, streamlined processes and facilitated cross-border investments.