As per the new estimates for 2023-24, the Indian government granted Rs 6,541.79 crore to foreign governments, with ₹4,927.43 crore as a grant and ₹1,614.36 crore as a loan.
The estimated grants and loans to foreign governments for 2024-25 are approximately ₹5,667.56 crore.
Bhutan emerged as the leading receiver of Indian government grants and loans, as underlined in the Union Budget documents released after Finance Minister Nirmala Sitharaman presented the interim budget on Thursday.
Union finance minister Nirmala Sitharaman bringing the Budget tablet wrapped in a traditional 'Bahi Khata' reached the Parliament to present the interim Budget 2024 on the second day of the Budget Session in New Delhi on Thursday.
As per the new estimates for 2023-24, the Indian government granted Rs 6,541.79 crore to foreign governments, with ₹4,927.43 crore as a grant and ₹1,614.36 crore as a loan. This exceeded the budget estimates of ₹5,848.58 crores for 2023-24.
The estimated grants and loans for 2024-25 stand at ₹5,667.56 crore. This is a vote-on-account, and the detailed budget is expected in July after the new government takes office.
Which country ranked as the largest recipient of grants from India?
1. Bhutan - ₹2398.97 crore (including ₹1614.36 crore loan)
2. Maldives - ₹770.90 crore
3. Nepal - ₹650 crore
4. Myanmar - ₹370 crore
5. Mauritius - ₹330 crore
6. Afghanistan - ₹220 crore
7. Bangladesh - ₹130 crore
8. Sri Lanka - ₹60 crore
9. Seychelles - ₹9.91 crore
10. Mongolia- ₹5 crore
In her sixth consecutive budget speech, union finance minister Nirmala Sitharaman asserted that amid a surging complex global sector marked by Covid-19, conflicts and geopolitical shifts there is rise of a new world order.
“Globalization is being redefined with reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emerging after the Covid pandemic,” FM said in parliament.
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