What is SAARC and why is it important for India?

The annual meeting of foreign ministers of SAARC countries got cancelled in the third week of September 2021. This was due to a dispute. Pakistan wanted the Taliban to represent Afghanistan in the SAARC meet, while India and some other members objected to it, and due to lack of consensus, the meeting was cancelled. We have also seen the SAARC in news concerning Asian politics, economy, and defence. But what does the term mean and who are the SAARC countries?  

Who are the SAARC nations?  
The South Asian Association for Regional Cooperation (SAARC) is a regional inter-governmental organization of 8 countries of South Asia: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. India is a founding member of SAARC. It was set up in 1985 as an organization to build a better connected and unified South Asia with the aim of promoting the development and progress, especially economic and scientific, of all participant countries. India supports various initiatives of the SAARC framework. 

What did India do as part of SAARC activities?  
Out of the 18 SAARC Summits held so far, India has hosted 3, the second one in Bengaluru in 1986, the eighth in New Delhi in May 1995 and the fourteenth once again in New Delhi in April 2007. India launched a South Asian Satellite (SAS) in May 2017 from Sriharikota. Demonstration terminals for SAS have been installed in Bhutan, Maldives, Afghanistan, Nepal, Bangladesh and Sri Lanka. India hosts the Interim Unit of SAARC Disaster Management Centre (IU) at the Gujarat Institute of Disaster Management (GIDM), Gandhinagar, since 2016. GIDM serves SAARC members through policy advice, technical support on system development, capacity building services and training for holistic management of disasters. India has also established a South Asian University (SAU) for SAARC country students.    

Where is SAU and what can one study there?   
SAU was established in August 2010 as an International University by the governments of the eight SAARC countries. The University functions from its campus in New Delhi. It offers Masters and Ph.D. degrees in 7 subjects. These are Economics, Applied Mathematics, Computer Science, International Studies, Sociology, and Legal Studies. Both are full time programmes, with very few seats, so the competition is tough.