Rs 5667.56 crore is the projected amount of grants and loans to foreign governments for 2024–25. According to the Union Budget documents made public following the primary beneficiary of grants and loans from the Indian government, The Indian government gave foreign governments Rs 6541.79 crore, of which Rs 4927.43 crore was granted and Rs 1614.36 crore was lent, according to the updated estimates for 2023–2024. This exceeds the Rs 5848.58 crore budget estimates for 2023–24. Grants do not have an obligation to repay in the future; loans do.
For 2024–2025, the projected grants and loans total Rs 5667.56 crore. It’s crucial to remember that this is a vote on account, and the full budget is expected in July following the inaugural of the new administration.
Which nation received the greatest number of grants from India?
- Rs 2398.97 crore for Bhutan (including a loan of Rs 1614.36 crore)
- Maldives (Rs. 770.90 crore)
- Nepal: 650 crore rupees
- 370 crore Rs. Myanmar
- Afghanistan (Rs220 crore)
- Bangladesh (Rs130 crore)
- Sri Lanka: Rs 60 crore; Seychelles: Rs 9.91 billion
- Mongolia: Rs 5 crore
- Mauritius: Rs 330 crore
Union Finance Minister Nirmala Sitharaman announced the emergence of a new world order in her sixth consecutive budget speech, citing the growing complexity of the global landscape brought about by COVID-19, conflicts, and geopolitical shifts.
Reshoring and friend-shoring, supply chain disruption and fragmentation, and competition for vital minerals and technologies are redefining globalization. FM stated in parliament that the COVID pandemic has led to the emergency of a new global order. Sitharaman highlighted the accomplishments of the Narendra Modi administration during her speech to the parliaments, highlighting India’s election to the G20 Presidency at a difficult time for the world economy. She emphasized the major problems facing the world today, including rising interest rates, low growth, skyrocketing public debt, slow trade growth, and climate change. Despite these hurdles, India led the way and fostered agreement on global problem-solving during the crisis, she said.
The finance minister hailed the India-Middle East-Europe Economic Corridor as a game changer in terms of strategy and economy., predicting the benefits of other countries in addition to India. The minister increased the tourism industry’s budget estimate by 0.079 percent from the previous budget and stated that the central government would provide long-term interest-free loans to the states to finance the comprehensive development of iconic tourist destinations, branding, and marketing them globally. Following Prime Minister Narendra Modi’s visit to the island earlier this year and the ensuing spat between India and the Maldives, Lakshadweep has seen an increase in tourist reservations. The minister also suggested developing a system for assigning a center’s quality rating based on its amenities and services.
