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Published On: July 24, 2024 08:10 AM NPT By: Republica

India increases grant to Nepal by INR 500 million, Totaling INR 7 billion for current FY

India increases grant to Nepal by INR 500 million, Totaling INR 7 billion for current FY

KATHMANDU, July 24: India has announced a grant amount of INR 7 billion to be provided to Nepal in the current Fiscal Year (FY), which is more than INR 500 million of the last FY.

Unveiling the full budget for FY 2024/25 on Tuesday, the Indian government announced to revise the grant to be provided to its northern neighbor. The Indian government has announced a new budget after the formation of a new coalition government led by Prime Minister Narendra Modi.

In the last FY, the Indian government announced to provide Nepal with a grant of INR 5.50 billion (Rs 8.80 billion), which was subsequently revised to INR 6.50 billion (Rs 10.40 billion).  

  Announcing the budget, Indian Finance Minister Nirmala Sitharaman said the Indian government will be providing Nepal with the grant amount of INR 7 billion (Rs 11.20 billion) for this FY.

For the period, India will be providing Bhutan with INR 20.685 billion. Likewise, India announced to provide a grant amount to Maldives to INR 4 billion for the next fiscal year, down from INR 6 billion. 

Likewise, Myanmar will be getting INR 2.50 billion, Sri Lanka INR 2.45 billion, Afghanistan INR 2 billion and Bangladesh will receive INR 1.20 billion in grants from India.

 

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