India's revised budget allocation for the Maldives for the fiscal year 2023-24 stood at Rs 770 crore – an increase of whopping 92.5 per cent from the initial allocation of Rs 400 crore. For the fiscal year 2024-25, New Delhi allocated Rs 600 crore for the island country.
The allocation of Rs 600 crore for Malé for the fiscal year 2024-25 showcased New Delhi's continued support amid the diplomatic tensions between the two countries and the Maldives' increasing closeness with China.
The considerable increase in the budget allocation highlighted India's stance to bolster development projects in the Maldives. New Delhi has extended support for the Greater Malé Connectivity Project (GMCP), the largest infrastructure undertaking in the Maldives. Other projects India has funded in the Maldives span areas such as transportation, renewable energy, healthcare and education.
New Delhi allotted highest budget to Bhutan in the fiscal year 2023-24, with the revised budget standing at Rs 2,398.97 crore. This substantial allotment underscores the robust relationship between India and Bhutan, highlighting New Delhi's pivotal role as a key developmental partner in the region.
Notably, Rs 100 crore has been specifically allocated for the Chabahar port project, emphasising India's dedication to boosting regional connectivity and trade. This allocation reiterates New Delhi's strategic focus on the Chabahar port.
Separately, Nepal has also seen increased allocations in India's interim Budget for the fiscal year 2023-24. Kathmandu received an additional Rs 100 crore, bringing its total allocation to a substantial Rs 650 crore. For the financial year 2024-25, India has allocated Rs 600 crore.
