At India-Nordic Summit, turn historical sambandh into future partnership, Pg11

Key Highlights:

• Prime Minister Narendra Modi is visiting Oslo for the India-Nordic Summit, the first visit by an Indian PM to Norway since 1983.
• The summit aims to recalibrate the relationship towards a "Green Strategic Partnership" focusing on the blue economy, renewable energy, and deep-tech innovation.
• The EFTA-India Trade and Economic Partnership Agreement (TEPA) commits EFTA countries, including Norway, to invest $100 billion in India over the next 15 years.
• Norway's Government Pension Fund Global, a sovereign wealth fund, may increase investments in India's infrastructure and green-tech sectors.

Detailed Insights:

• Historical ties between India and Norway date back to the 1950s, with Norway launching its first international development program in Kerala focused on fisheries.
• Norway was among the first countries to recognize an independent India in 1947.
• The summit provides an opportunity to deepen cooperation with Indian states like Kerala, Tamil Nadu, and Gujarat, leveraging Norwegian expertise.
• Energy security is a cornerstone of the strategic partnership, with Norway's technology in offshore wind, green shipping, and carbon capture aligning with India's needs.
• Arctic-Indian Ocean linkages are a burgeoning frontier for scientific cooperation, with the melting of polar ice directly impacting the Indian monsoon and food security.
• India and the Nordic countries share a commitment to multilateralism, the rule of law, and a democratic world order, fostering collaboration on global issues.
• The "blue economy" can become a sustainable engine for growth through collaboration on green shipping corridors and maritime competence.

Key Concepts Involved:

• Blue Economy: Sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.
• Green Strategic Partnership: Collaborative framework focusing on environmental sustainability, renewable energy, and green technology innovation.
• Sovereign Wealth Fund: State-owned investment fund composed of money generated from a country's surplus reserves.