India has decided to increase its financial aid for the financial year 2018-2019 to Rs. 650 crore, beginning from April this year, which is a 73% increase compared to the allocation of the previous year, reports Times of India.
Why it matters:
- India has taken this step expressing their concern over the increasing Chinese presence in its neighboring countries.
- India’s financial aid to Nepal for the last financial year was Rs. 375 crore.
- The largest allocation of aid by India for this year has been for Bhutan of Rs 1,813 crore.
- According to the report, “China is making serious headway in infrastructure projects in our neighborhood. Specifying the strategy devised to counter increasing Chinese presence in our backyard, the government is committed to advancing its development partnership with Bhutan and Nepal, as per their priorities”.
- “The allocation of funds under to Bhutan and Nepal for 2018-19 is a reflection of our expanded development partnership with the two countries and continued the emphasis on expeditious implementation of our ongoing projects, in consultation and coordination with the respective governments, for mutual benefits”, the report says.
- “India and Nepal have close cultural and civilizational ties and a wide-ranging and expanding partnership across diverse sectors, which stand firmly on their own.”, it further adds.
- The report points out security concerns on the Indo-Nepal border among reasons to hike the aid. Detailed project reports have been prepared for the Integrated Check Posts at Nepalgunj and Bhairahawa in Nepal.
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