India and Hungary signed an agreement on social security on Wednesday following a bilateral meeting between Indian Minister for Commerce and Industry Anand Sharma and the Hungarian Prime Minister Gordon Bajnai at Budapest.
Under the agreement, Indian IT professionals and other professionals undertaking short-term employment in Hungary would be able to make contributions to the social security net and their expenses would be reimbursed after they completed their work. Earlier, Indian short-term professionals were not able to get back their contributions to the social security net after completing their employment.
Both India and Hungary also agreed to activate a strategic fund of 2 million euros with equal contribution for cooperation and joint ventures in Science and Technology.
The Hungarian Prime Minister offered to collaborate with India in nuclear energy, bio-fuels, non-conventional energy--including wind energy and nuclear energy--as also in exploring fossil fuels.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.