India's Proximity Archives
Date: June 19, 2024
South Asia
Pakistan Finance Minister Muhammad Aurangzeb presented his inaugural budget for FY 2024-25 on June 12. It was prepared keeping the IMF bailout package in view, unveiling aggressive taxation measures, including higher taxes on personal incomes and petroleum products, new taxes on real estate, and the withdrawal of several tax exemptions. This includes PkR 1.761 trillion (about USD 6.33 billion at current exchange rates) in new revenue measures which may contribute to an increase in inflation. The government allocated PRs PkR 2.12 trillion (USD 7.63 billion) for the armed forces, marking a substantial increase of 17.6pc over last year.
Pakistan Finance Minister Muhammad Aurangzeb presented his inaugural budget for FY 2024-25 on June 12. It was prepared keeping the IMF bailout package in view, unveiling aggressive taxation measures, including higher taxes on personal incomes and petroleum products, new taxes on real estate, and the withdrawal of several tax exemptions. This includes PkR 1.761 trillion (about USD 6.33 billion at current exchange rates) in new revenue measures which may contribute to an increase in inflation. The government allocated PRs PkR 2.12 trillion (USD 7.63 billion) for the armed forces, marking a substantial increase of 17.6pc over last year.
Southeast Asia
The United States, Canada, Japan, and the Philippines conducted a two-day joint maritime exercise in the Philippines’ Exclusive Economic Zone from June 16- 17, 2024. The exercise was conducted to demonstrate a “commitment to strengthen regional and international cooperation in the maritime domain”. It involved four warships and a series of maritime manoeuvres to test and validate the interoperability of the armed forces of the four countries’ doctrines, tactics, techniques, and procedures.
East Asia
The Prime Minister of Japan, Fumio Kishida, held a summit meeting with Volodymyr Zelenskyy, President of Ukraine, on the sidelines of the G7 Summit on June 13, 2024. The two leaders signed the “Accord on Support for Ukraine and Cooperation between the Government of Japan and Ukraine” pronouncing Japan’s continued support as well as assistance in financial, electricity and mine action sectors to Ukraine. PM Kishida further stated that Japan would aid in the ‘recovery and reconstruction of Ukraine’.
West Asia
On June 12, 45 Indian nationals died and more than 50 were injured in a fire at a labour housing facility in Kuwait. Prime Minister Narendra Modi expressed deep sorrow at this unfortunate incident and extended condolences to the families of the deceased. India's Minister of State for External Affairs Kirti Vardhan Singh visited Kuwait to facilitate the early repatriation of the mortal remains of the deceased and ensure the well-being of those injured.
Central Asia
After months of speculation, President of Armenia Nikol Pashinyan declared that Armenia will formally withdraw from its military alliance with Moscow. On June 12, President Pashinyan announced in parliament that “we will leave” the Kremlin’s Collective Security Treaty Organisation (CSTO), but “we will decide the timing of our exit”. Furthermore, he defended his decision by saying, “it turned out that members of the alliance are not fulfilling their contractual obligations but are planning a war against us with Azerbaijan”. Pashinyan’s remarks mark the first instance of Armenia verbally expressing its decision to withdraw from the CSTO.
Indian Ocean Region
On June 15, INS Sunayna, an offshore patrol vessel based in the Southern Naval Command, entered Port Victoria, Seychelles in the company of Seychelles Coast Guard Ship (SCGS) Zoroaster. INS Sunayna was received by the Seychelles Coast Guard and the Embassy of India. During the visit to Seychelles, INS Sunayna will engage in joint Economic Exclusive Zone (EEZ) surveillance with the Seychelles Coast Guard. Seychelles Coast Guard Ship (SCGS) Zoroaster recently completed her short refit at Garden Reach Shipbuilders & Engineers Ltd (GRSE), India.
