[ad_1]
Curated By: Sanstuti Nath
Last Updated: February 01, 2024, 21:04 IST
Prime Minister Narendra Modi and Maldives’ president Mohamed Muizzu (Images from Reuters)
In the last budget before the 2024 Lok Sabha Elections, the Union government allocated an estimated amount of Rs 5,667.56 crore as grants and loans to foreign governments for the fiscal year 2024-25
Amid a diplomatic row that erupted after Maldivian politicians posted derogatory remarks against Prime Minister Narendra Modi, India on Thursday proposed to cut aid given to the island nation by 22 per cent for the 2024-25 financial year.
As per the Interim Budget document released by the government, Maldives has been allocated Rs 600 crore for developmental assistance, down from Rs 770.90 crore given as aid in 2023-24.
Notably, the government had initially allocated Rs 400 crore for the Maldives in Budget 2023. However, it later surpassed the estimate and an aid of Rs 770.90 crore was given to the neighbouring country.
Foreign Aid Allocation in Interim Budget 2024
Finance Minister Nirmala Sitharaman on Thursday presented the interim budget for 2024, also known as a vote-on-account. It is a temporary financial plan presented by the government when it doesn’t have the time or mandate to present a full budget.
In the last budget before the 2024 Lok Sabha Elections, the Union government allocated an estimated amount of Rs 5,667.56 crore as grants and loans to foreign governments for the fiscal year 2024-25.
In the fiscal year 2023-24, the government provided a loan of Rs 1,614.36 crore, surpassing the budget estimates for grants and loans in 2024-25.
As per the Budget document, Bhutan has emerged as the primary recipient of Indian government grants and loans.
Development assistance to other neighbours like Seychelles, Mongolia and Iran’s Chabahar Port has remained roughly the same year-on-year.
Top 10 Countries To Receive Indian Grants in FY 2023-24
- Bhutan – Received Rs 2399 crore (including Rs1614.36 crore loan) in 2023-24. The estimate for 2024-25 stands at Rs 2069 crore.
- Maldives – Received Rs770.90 crore in 2023-24. The estimate for 2024-25 stands at Rs 600 crore.
- Nepal – Received Rs 650 crore in 2023-24. The estimate for 2024-25 stands at Rs 700 crore.
- Myanmar – Received Rs 370 crore in 2023-24.
- Mauritius – Received Rs 330 crore in 2023-24.
- Afghanistan – Received Rs 220 crore in 2023-24.
- Bangladesh – Received Rs 130 crore in 2023-24.
- Sri Lanka – Received Rs 60 crore in 2023-24.
- Seychelles – Received Rs 9.91 crore in 2023-24.
- Mongolia- Received Rs 5 crore in 2023-24.
[ad_2]
Source link
