MEA Allocates Rs. 100 Crore for Chabahar Port Project in Overall Outlay

In the Union Budget for the fiscal year 2024-25, presented on Thursday, the Ministry of External Affairs (MEA) received a total allocation of Rs 22,154 crore, a notable increase from the previous year's outlay of Rs 18,050 crore. Demonstrating India's commitment to its 'Neighbourhood First' policy, the largest share of the aid portfolio was assigned to Bhutan, with an allocation of Rs 2,068 crore, slightly lower than the Rs 2,400 crore in the 2023-24 budget.

Maintaining a focus on connectivity projects, the budget retained the allocation for the Chabahar Port at Rs 100 crore, emphasizing India's commitment to enhancing connectivity with Iran.

In line with India's support for the Maldives, the development assistance to the island nation remained at Rs 600 crore, compared to the previous year's Rs 770 crore. Afghanistan received a budgetary aid of Rs 200 crore, reflecting India's continued commitment to its special relationship with the Afghan people.

Nepal was allocated Rs 700 crore, while Bangladesh received Rs 120 crore under development aid. Sri Lanka, Mauritius, and Myanmar were allocated Rs 75 crore, Rs 370 crore, and Rs 250 crore, respectively. Additionally, a separate amount of Rs 200 crore was set aside for African countries.

The budget documents revealed an outlay of Rs 282 crore for "international cooperation," a slight decrease from the Rs 497 crore allocated in 2023-24. The total development assistance to various countries and regions, including Latin America and Eurasia, was pegged at Rs 4,883 crore.

Finance Minister Nirmala Sitharaman, during the interim budget presentation, highlighted the strategic significance of the recently announced India-Middle East-Europe Economic Corridor (IMEC). Positioned as a strategic and economic game-changer for India and its allies, the IMEC aims to counterbalance China's Belt and Road Initiative (BRI), addressing concerns over transparency and sovereignty. Sitharaman quoted the Prime Minister, stating that the corridor "will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil."

ET