In a bid to revive its economy, Sri Lankan President Ranil Wickremesinghe has underscored the importance of aligning with India's industrial progress. He mentioned the potential collaboration in areas like solar, wind power, and liquid hydrogen during his speech at the Industry 2024 event in Colombo. Sri Lanka's recent financial struggles, including a sovereign default declaration in the second quarter of 2022, led to negotiations with the IMF for a bailout, with the first tranche of USD 2.9 billion released in March 2023. Despite ongoing debt restructuring, the country has managed to secure three tranches totaling USD 1 billion, subject to implemented reforms. President Wickremesinghe aims to extend debt repayment until 2042 and transform Sri Lanka into an export-oriented economy to enhance competitiveness and drive production. While the IMF has recognized Sri Lanka's recovery efforts, it cautions that sustained hard reforms are crucial for the nation's economic stability and growth.