India’s global economic outreach demonstrates its commitment to fostering international cooperation and supporting the development goals of partner nations.
India continues to play a pivotal role in global economic cooperation by extending financial assistance to several countries through grants and loans. As a growing economic power, India recognizes the importance of fostering strong diplomatic ties and supporting the development goals of its partner nations in 2024. To subscribe please click tau.id/2iy6f and access our live channel.
After Union Finance Minister Nirmala Sitharaman presented the interim budget 2024 on Thursday, the budget documents outlined that Bhutan emerged as the leading recipient of Indian government grants and loans.
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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. 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.
Below are the list of countries who received grants and loans from India
- Bhutan – ₹2398.97 crore (including ₹1614.36 crore loan)- India is contributing to Bhutan’s infrastructure development, focusing on projects that enhance connectivity and promote sustainable economic growth
- Maldives – ₹770.90 crore- Grants and concessional loans are targeted at key sectors such as tourism, renewable energy, and healthcare with the overall well-being of the island nation.
- Nepal – ₹650 crore – India share deep-rooted historical, cultural, and geographical ties, therefore grants and loans are being utilized for infrastructure projects, energy cooperation, and disaster management.
- Myanmar – ₹370 crore- As part of its commitment to fostering strong bilateral ties and supporting sustainable development and allocating for infrastructure development projects. India has been providing grants and loans to Myanmar.
- Mauritius – ₹330 crore- The financial assistance to Mauritius involves grants allocated for infrastructure development projects that focuses on enhancing connectivity, improving transportation networks, and fostering economic growth.
- Afghanistan – ₹220 crore- In the aftermath of geopolitical changes and the evolving situation, the financial assistance are directed towards rebuilding infrastructure, healthcare facilities, and educational institutions.
- Bangladesh – ₹130 crore- These projects aim to enhance connectivity, improve transportation networks, and boost economic growth in sectors such as energy, healthcare, and education contributing to the socio-economic advancement of Bangladesh.
- Sri Lanka – ₹60 crore- India’s economic assistance to Sri Lanka is aimed at strengthening bilateral ties and promoting sustainable development that will be utilized for projects that enhance infrastructure, trade, and cultural exchange.
- Seychelles – ₹9.91 crore- Collaborative projects may include initiatives for marine conservation, renewable energy, and climate resilience, aligning with Seychelles’ commitment to environmental stewardship thus emphasizing towards sustainable development goals.
- Mongolia– ₹5 crore- Joint efforts in healthcare, disaster management, and skill development programs aim to enhance Mongolia’s human capital and contribute to the overall well-being of its population by encompassing humanitarian aid and capacity-building initiatives.
As India continues to ascend as a major economic player on the world stage, its collaborative approach to development stands as a testament to the importance of fostering global partnerships for a better future. 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.
