India and Spain Signed Agreement On Defence Ties: India and Spain on 5 March signed an agreement on ‘Mutual Protection of Classified Information’ to provide the framework for an enhanced cooperation in the defence sector. The agreement was signed after the meeting between Spanish Defence Minister Pedro Moremes and his Indian counterpart Manohar Parrikar in New Delhi. Saudi Arabia Becomes Top Arms Importer: According to the IHS company study report released on 8 March, Saudi Arabia overtook India to become the world’s biggest weapons importer in 2014, a year when global defence trade rose for the sixth straight year to a record $64.4 billion. The top five importers in 2014 were Saudi Arabia, India, China, UAE and Taiwan. India and Seychelles Signed Four Agreements: India on 11 March signed four agreements with the Indian Ocean island nation to boost security and maritime partnership. They were signed in the fields of renewable energy, hydro graphic survey, electronics navigation and infrastructure development at the island of Seychelles.These agreements and MoU’s were signed by Secretary (West) Navtej Sarna from Indian side in the presence of Prime Minister Narendra Modi and President of Seychelles James Alix Michel. India and Sri Lanka Signed Four Agreements: India and Sri Lanka on 13 March signed four agreements to cement cooperation between the two neighbours, including a customs pact to balance trade, a credit line of more than $300 million, a currency swap agreement and visa on arrival for Sri Lankan nationals in India. The agreements were signed in the presence of Prime Minister Narendra Modi and Srilankan President Maithripala Sirisena in Colombo. New UK scholarship Announced For Indian Finance Professionals: United Kingdom (UK) Chancellor George Osborne has on 13 March launched the first-of-kind scholarships for Indian finance professionals who want to study in Britain. The Chevening Financial Services Leadership programme was launched by Osborne in London.