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New Delhi: Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of $400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.

"Today, we have inaugurated the redeveloped Hanimaadhoo Airport. Now, the Greater Male Connectivity Project will also be expedited. We will also support the development of a new commercial port in Thilafushi," Modi told reporters here with Muizzu by his side.

Modi said India and Maldives have decided to initiate discussion on the Free Trade Agreement to further strengthen economic ties.

The prime minister described Maldives as a "close friend" which had an important position in India's neighbourhood policy and SAGAR vision.

"India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," Modi said.

Earlier, Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhawan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion.

Muizzu was given a tri-services guard of honour before he drove down the Rajghat to offer his respects at the memorial to Mahatma Gandhi.

The ties between India and the Maldives came under severe strain since Muizzu, known for his pro-China leanings, took charge of the top office in November.

Muizzu won the presidential election last year on the 'India out' campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year.

The BJP has selected Kishore Kumar Puttur as its candidate for the bypoll to Karnataka Legislative Council from Dakshina Kannada and Udupi Local Authorities’ Constituency. The by-election will be held on October 21.

Kishore Kumar is presently serving as the General Secretary of Dakshina Kannada BJP unit. He had served as vice president of State BJP Yuva Morcha from 2014 to 2016.

The by-election will be held to the seat vacated by Kota Srinivas Poojary of the BJP who has been elected as the Lok Sabha member from Udupi-Chikmagaluru Lok Sabha constituency. The vacancy was created on June 15, 2024 following Poojary’s resignation to the Council. His term in the council was till January, 2028.

In the last Council election held for the dual member constituency in December 2021, Poojary had secured 3,672 votes while the Congress candidate Manjunath Bhandary had secured 2079 votes. Poojary and Bhandary had secured required votes from the first preferential votes and had won the election.

There were several aspirants for the BJP ticket including former MP Nalin Kumar Kateel, DK BJP president Satish Kumpala, Mangaluru divisional in-charge Uday Kumar Shetty, former minister Pramod Madhwaraj and former Udupi district BJP president Kuilady Suresh Nayak.

The Congress is yet to announce its candidate for the election. KPCC working president Manjunath Bhandary in a recent press meet in Mangaluru had said that an opportunity will be given to congress leaders from Udupi district to contest by-election.

The Dakshina Kannada and Udupi Local Authorities’ Constituency has 6037 voters including 3551 from Dakshina Kannada comprising eight MLAs, one MP. The last date for filing nomination is October 3 and the last date for withdrawal of nomination is October 7. The counting will be held on October 24.