Budget 2023: Aid Package to Foreign Countries Sees A Dip, But Allocation for These Neighbours Increased
Last Updated: February 01, 2023, 14:14 IST
Finance Minister with other officials from the Finance Minister pose ahead of the 2023 Budget (Reuters Photo)
In the Union Budget 2023-2024, the highest allocation was for Bhutan at Rs 2400 crore while the lowest allocation was for Mongolia at Rs 7 crore
Union Finance Minister Nirmala Sitharaman on Wednesday announced that the centre would reduce the aid package to foreign countries slashing the quota for Bangladesh, Nepal and Sri Lanka.
In the Union Budget 2023-2024 announced on Wednesday, the total aid to countries was reduced to Rs 5408.37 crore this year from Rs 6292.30 in Budget 2022-2023.
The budget allocation was reduced this year for countries- including Bhutan (Rs 2400.58 Cr to Rs 2266.24 Cr), Bangladesh (Rs 300 Cr to Rs 200 Crore), Nepal (Rs 750 Cr to Rs 550 Cr), Sri Lanka (Rs 200 Cr to Rs 150 Cr), Myanmar (Rs 600 Cr to Rs 400 Cr), Mongolia (Rs 12 Cr to Rs 7 Cr) and Eurasian Countries (Rs 140 Cr to Rs 75 Cr).
The budget for other countries remained the same as last year including Afghanistan (Rs 200 Cr), African Countries (Rs 250 Cr) and Other Developing Countries (Rs 150 Cr).
Meanwhile the budget this year was increased for Bhutan (Rs 2266 Cr to Rs 2400 Cr), Maldives (Rs 360 Cr to Rs 400 Crore) and Latin American Countries (Rs 40 Cr to Rs 50 Cr).
The centre also kept the allocation for Chabahar Port in Iran same as last year at Rs 100 Crore.
In the Union Budget 2023-2024, the highest allocation was for Bhutan at Rs 2400 crore while the lowest allocation was for Mongolia at Rs 7 crore.
The allocation to the defence sector was highest at 6.2 lakh crore, seeing hike of over 16 percent from last year. While the allocation to Railways was at the highest at Rs 2.4 lakh crore.
The central government will spend Rs 10 lakh crore on longer-term capital expenditure in 2023-24, extending a strategy adopted to revive growth in the aftermath of the Covid crisis.
(With inputs from Shailendra Wangu)
Read all the Latest Business News and Budget Live Updates here