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planner: Sanstuti Nas
Last updated: February 1, 2024 21:04 UTC
India on Thursday proposed cutting aid to the island nation by 22% in the 2024-25 financial year, amid a diplomatic spat that erupted after Maldivian politicians made derogatory remarks about Prime Minister Narendra Modi.
The Maldives has received Rs 6 billion in development assistance, down from Rs 770.9 billion in 2023-24, according to interim budget documents released by the government.
Notably, the government initially allocated Rs 4 billion for the Maldives in the 2023 budget. But it later exceeded the budget and provided aid of 7.709 billion rupees to neighboring countries.
Finance Minister Nirmala Sitharaman on Thursday presented the interim Budget 2024, also known as a vote of account. This is a temporary financial plan put forward by the government when it does not have the time or authority to present a full budget.
In the last budget before the 2024 Lok Sabha elections, the federal government allocated around Rs 5,667.56 crore to foreign governments as grants and loans in the financial year 2024-25.
In the financial year 2023-24, the government provided loans of Rs 1,614.36 crore, exceeding the budget estimate of grants and loans for the financial year 2024-25.
According to budget documents, Bhutan has become a major recipient of grants and loans from the Indian government.
Development aid to other neighboring countries such as the Seychelles, Mongolia and Iran’s Chabahar port remained essentially unchanged year-on-year.
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Justin, a prolific blog writer and tech aficionado, holds a Bachelor's degree in Computer Science. Armed with a deep understanding of the digital realm, Justin's journey unfolds through the lens of technology and creative expression.With a B.Tech in Computer Science, Justin navigates the ever-evolving landscape of coding languages and emerging technologies. His blogs seamlessly blend the technical intricacies of the digital world with a touch of creativity, offering readers a unique and insightful perspective.