Budget 2024: Various countries received subsidies from India.
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Budget 2024: Various countries received subsidies from India.
The projected amount of grants and loans to foreign governments for 2024–25 is Rs 5667.56 crore, as per the Union Budget documents. In the previous fiscal year, the Indian government provided Rs 6541.79 crore to foreign governments, exceeding the budget estimates for 2023–24, with Rs 4927.43 crore in grants and Rs 1614.36 crore in loans.
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For 2024–25, the leading recipient of grants from India is Bhutan, receiving Rs 2398.97 crore, which includes a loan component of Rs 1614.36 crore. Other countries receiving financial assistance include Maldives (Rs. 770.90 crore), Nepal (Rs 650 crore), Myanmar (Rs 370 crore), Afghanistan (Rs 220 crore), Bangladesh (Rs 130 crore), Sri Lanka (Rs 60 crore), Seychelles (Rs 9.91 billion), Mongolia (Rs 5 crore), and Mauritius (Rs 330 crore).
It’s important to note that this is a vote on account, and the complete budget is expected in July following the inauguration of the new administration.
In her budget speech, Union Finance Minister Nirmala Sitharaman highlighted the emergence of a new global order due to the complexities brought about by COVID-19, conflicts, and geopolitical shifts.
She emphasized the challenges faced by the world, including rising interest rates, low growth, escalating public debt, slow trade growth, and climate change. Despite these challenges, India, under the leadership of Prime Minister Narendra Modi, played a pivotal role in global problem-solving during the crisis, particularly during its G20 Presidency.
Sitharaman also mentioned the India-Middle East-Europe Economic Corridor as a strategic and economic game-changer, with potential benefits for multiple countries. The budget allocates increased funds for the tourism industry, with long-term interest-free loans provided to states for the comprehensive development of iconic tourist destinations.
The finance minister proposed a quality rating system for tourism centers based on amenities and services. The article also notes the rise in tourist reservations in Lakshadweep following Prime Minister Modi’s visit and the subsequent tensions with the Maldives.
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