Budget 2024: Not Maldives, this country got maximum grants from India
Budget 2024: The estimated grants and loans to foreign governments for 2024-25 stand at ₹5,667.56 crore.
Bhutan emerged as the leading recipient of Indian government grants and loans, as outlined in the Union Budget documents released after finance minister Nirmala Sitharaman presented the interim budget on Thursday.
As per the revised estimates for 2023-24, the Indian government provided ₹6,541.79 crore to foreign governments, with ₹4,927.43 crore as a grant and ₹1,614.36 crore as a loan. This surpassed the budget estimates of ₹5,848.58 crore for 2023-24.
Loans, unlike grants, carry the burden for future repayment.
The estimated grants and loans for 2024-25 stand at ₹5,667.56 crore. It's important to note that this is a vote-on-account, and the complete budget is anticipated in July after the new government takes office.
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Which country ranked as the top 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 said that amid increasingly complex global landscape marked by Covid-19, conflicts and geopolitical shifts there is the emergence of a new world order.
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“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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During her address in parliament, Sitharaman showcased the Narendra Modi government's achievements, pointing out India's assumption of the G20 Presidency during a challenging period for the global economy. She highlighted the global prevalent issues such as high inflation, interest rates, low growth, soaring public debt, sluggish trade growth, and climate challenges. Despite these hurdles, India successfully navigated the crisis, providing leadership and building consensus on global problem-solving, she said.
The finance minister commended India-Middle East-Europe Economic Corridor as a strategic and economic game-changer, foreseeing its positive impact not only for India but also for other nations.
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