India hikes aid to Nepal to Rs 16.80 billion

For the next fiscal year 2019-20, India has increased financial assistance to Rs 10.5 billion (Indian Currency) –  that is approximately Rs 16.8 billion – from Rs 7.5 billion IC in the current fiscal to Nepal.
Announcing the Union Budget for the fiscal year 2019-20 to the Indian parliament today, Indian Finance Minister Nirmala Sitharaman raised total aid for various countries to Rs 81.76 billion IC for the fiscal year fiscal year 2019-20 from Rs 64.66 billion IC of revised aid in the current fiscal year 2018-19. The proposed financial assistance for Nepal for the fiscal year 2019-20 is a threefold rise in Indian assistance to Nepal in fiscal year 2017-18. India had spent Rs 3.77 billion IC in Nepal in the fiscal year 2017-18. India has been increasing financial assistance to Nepal with every passing year. The aid to Nepal has been allocated through the Ministry of External Affairs of India which will finance various schemes and projects in Nepal.
Through the budget, the Indian government has decided to raise assistance to Nepal by 40 per cent. In the current fiscal year, India had made a revised expenditure allocation of Rs 7.5 billion IC to Nepal. “The revised estimate for the expenditure for assistance to Nepal has gone up from Rs 6.5 billion IC as proposed in the budget for the current fiscal year,” the budget speech reads, adding that Nepal will be the recipient of the third largest Indian assistance, after Bhutan and Mauritius. “India has increased financial assistance for most of the countries.”
India has financial assistance of Rs 28.02 billion IC to Bhutan, up from Rs 25.1 billion IC in the current fiscal year. Similarly, Mauritius has been allocated Rs 11 billion IC for the next fiscal year.
Afghanistan (Rs 4 billion IC), Bangladesh (Rs 1.75 billion IC), Sri Lanka (Rs 2.5 billion IC) and the Maldives (Rs 5.76 billion IC) are other South Asian countries receiving Indian aid in the next fiscal year.
Likewise, India has also allocated 80 million IC each for the South Asian Association for Regional Cooperation (SAARC) and BIMSTEC, apart from Rs 2.75 billion IC for the United Nations. India has cut its contribution to the UN, though allocations to SAARC and BIMSTEC has been increased. “The South Asian University will receive 3.18 billion IC and Nalanda University will get 2.20 billion IC,” reads the India media reports. 

Indian grant in IC 
Bhutan – Rs 28.02 billion
Mauritius – Rs 11 billion
Nepal – Rs 10.50 billion
Maldives – Rs 5.76 billion
Afghanistan – Rs   4 billion
Myanmar – Rs 4 billion
Sri Lanka – Rs 2.50 billion
Bangladesh – Rs 1.75 billion
Seychelles – Rs 1 billion