Context: Recently, Prime Minister of India and his Sri Lankan counterpart held their first virtual bilateral summit meeting under which they discussed issues related to the Tamil Community of Sri Lanka, Indian fishermen entering Sri Lankan waters, India-China border tensions and Buddhist ties.
Key Outcomes of meeting on several fronts

• Under it the emphasis was on "Mitratva Magga- Path of Friendship: Towards Growth and Prosperity".
• Prime Minister Modi reaffirmed India's continued commitment for all possible support to Sri Lanka for minimising the health and economic impact of the pandemic.

Boosting Cultural ties

• India focused on enhancing cultural ties between the two countries by announcing grant assistance of $15 million for the promotion of Buddhist ties between India and Sri Lanka.

The grant will assist in:

• deepening people-to-people linkages between the two countries in the sphere of Buddhism; 
• Inter-alia through constructions/renovations of Buddhist monasteries;
• Capacity development, cultural exchanges, archaeological cooperation, reciprocal exposition of Lord Buddha's relics;
• Strengthening of Buddhist scholarship, and supporting the clergy.

By "Testifying to the long-standing civilisational links and cultural heritage" India will also facilitate the visit of a delegation of Buddhist pilgrims from Sri Lanka in the first inaugural flight to Kushinagar in Uttar Pradesh.

• Kushinagar Airport was designated as an international airport recently, recognising its importance as a Buddhist site. 
• Both sides also agreed to explore opportunities in the areas of Ayurveda and Yoga.
• Both the sides remain committed to these ventures and are working towards implementation of these projects for their mutual benefit.
• However, to a question on whether the East Container Terminal project with India and Japan at Colombo Port is being put on hold.

Pertaining Issues
On Terrorism and Drug Trafficking 

• The two sides also decided to enhance cooperation to combat terrorism and drug trafficking, including in the fields of intelligence, information sharing, de-radicalisation and capacity building.
• India and Sri Lanka have expressed their commitment to further strengthen the bilateral defence ties and jointly face the security challenges and concerns to ensure stability in the region.
• Some of the key elements of this military cooperation include: almost 50 per cent of all foreign military training slots in India are allocated to Sri Lankan defence personnel, joint training and exercises, there are regular high-level exchanges and visits, ship visits and sports interactions.

On Tamil Community

• India has been continuously pressing upon Sri Lanka to implement the 13th amendment that would allow reconciliation of the Tamil community of Sri Lanka.
• With an aim to address the aspirations of the Tamil people for equality, justice, peace and respect within a united Sri Lanka.
• According to the joint statement, PM of Sri Lanka expressed the confidence that Sri Lanka will work towards realising the expectations of all ethnic groups, including Tamils, by achieving reconciliation nurtured as per the mandate of the people of Sri Lanka and implementation of the Constitutional provisions."

On Indian fishermen entering Sri Lankan waters

• In the past their was several concerns raised regarding Indian fishermen entering Sri Lankan waters which has been a cause of constant consternation for the Tamil fishermen of Sri Lanka. 
• For this "The two leaders discussed the fishermen issue and look at this through humanitarian angle and address it through bilateral channels.

On Regional and international issues 

• They acknowledging the "increasing convergence on regional and international issues of mutual engagement, including within the frameworks of SAARC, BIMSTEC, IORA and the United Nations system."
• The two leaders focused on BIMSTEC, which is an important platform for regional cooperation linking South Asia with South-East Asia.
• "Both leaders agreed to work together to ensure a successful BIMSTEC Summit to be hosted under the Chairmanship of Sri Lanka.

East Container Terminal project

• Location: The ECT is located some 3 km away from the China-backed international financial city, known popularly as “port city”, being built on reclaimed land on Colombo’s sea front. 

Ownership

• The Sri Lanka Ports Authority (SLPA) retains 100% ownership of the East Container Terminal (ECT). 
• The Terminal Operations Company, conducting its operations, is jointly owned. Sri Lanka will hold a 51 % stake in the project and the joint venture partners will retain 49%.
• Cost: The joint initiative is estimated to cost between $500 million and $700 million.
• Japan is likely to provide a 40-year soft loan with a 0.1 % interest rate.
• Details of India’s contribution to the initiative are awaited.