NEW DELHI: The Union budget saw increased allocations for development projects in neighbouring countries like Nepal and Sri Lanka for the upcoming fiscal year 2024-25.
The allocation for Nepal is Rs 700 crore. It was Rs 550 crore last year which was revised to Rs 650 crore. Similarly, the budgetary allocation has increased for Sri Lanka to Rs 245 crore compared to Rs 150 crore (an increase of Rs 95 crore). India had bailed out Sri Lanka when its economy crashed and has provided grants and a line of credit worth $4 billion.
The budgetary allocation for development projects in Seychelles is Rs 40 crore this year (an increase of Rs 30 crore from last year when it was Rs 10 crore).
The budgetary allocations for Afghanistan (Rs 200 crore) and Maldives (Rs 400 crore) are the same as last year.
There has been a reduction for Bhutan and Myanmar. Even though Bhutan gets the lion’s share at Rs 2068.56 crore, this is Rs 332 crore lower than last year.
Myanmar’s budget this year is Rs 250 crore compared to Rs 400 crore last year.
The allocation for Bangladesh is Rs 120 crore (down from Rs 200 crore last year). Mauritius’ allocation has reduced by Rs 90.79 crore, now standing at Rs 370 crore, while Mongolia’s allocation sees a minimal reduction of Rs 2 crore.
Meanwhile, the Chabahar port project in Iran for the third consecutive year will have an allocation of Rs 100 crore.