Budget 2024: Not Maldives, this country got maximum grants from India | Latest News India - Hindustan Times
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Budget 2024: Not Maldives, this country got maximum grants from India

By | Edited by Aryan Prakash
Feb 01, 2024 02:38 PM IST

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.

Union finance minister Nirmala Sitharaman carrying the Budget tablet wrapped in a traditional 'Bahi Khata' style pouch as she arrives at Parliament to present the interim Budget 2024 on the second day of the Budget Session, in New Delhi on Thursday.( (ANI Photo/Rahul Singh))
Union finance minister Nirmala Sitharaman carrying the Budget tablet wrapped in a traditional 'Bahi Khata' style pouch as she arrives at Parliament to present the interim Budget 2024 on the second day of the Budget Session, in New Delhi on Thursday.( (ANI Photo/Rahul Singh))

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.

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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.

ALSO READ- Interim Budget 2024 | 6 key takeaways from Nirmala Sitharaman's speech

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.

ALSO READ- Interim Budget: ‘GDP’, ‘FDI’ have a bold, new meaning for Nirmala Sitharaman

“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.

ALSO READ- India to push tourism infra in islands including Lakshadweep: FM in budget speech

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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