In a noteworthy revelation during the presentation of the Interim Budget 2024 by Union Finance Minister Nirmala Sitharaman, Bhutan has emerged as the leading recipient of Indian government grants and loans. The budget documents indicated that out of the total ₹6,541.79 crore allocated to foreign governments, Bhutan received a substantial ₹2,398.97 crore, surpassing the budget estimates for the fiscal year 2023-24.
The breakdown of the financial assistance provided by India to other nations comprises ₹4,927.43 crore as grants and ₹1,614.36 crore as loans, showcasing a commitment to fostering bilateral relations. The total allocation for foreign grants and loans in the upcoming financial year, 2024-25, is projected to be ₹5,667.56 crore. It is important to note that this budget is an interim one, with the comprehensive budget anticipated in July after the formation of the new administration.
Top Recipients of Indian Grants and Loans in Interim Budget 2024:
Bhutan – 2,398.97 crore (including 1,614.36 crore loan)
Maldives – 770.90 crore
Nepal – 650 crore
Myanmar – 370 crore
Mauritius – 330 crore
Afghanistan – 220 crore
Bangladesh – 130 crore
Sri Lanka – 60 crore
Seychelles – 9.91 crore
Mongolia – 5 crore
The Interim Union Budget for the financial year 2024-25 outlined the government’s emphasis on fiscal consolidation, infrastructure development, agricultural support, green growth, and railways. Notably, there were no alterations in tax rates, which might have left salaried individuals somewhat disappointed.
This marks the sixth budget presented by Finance Minister Nirmala Sitharaman and the final one for the second term of Prime Minister Narendra Modi’s government. The complete budget is anticipated to be presented in July 2024, following the Lok Sabha Elections and the establishment of the new government.
