40 percent hike in grants to Nepal


India has announced a 40 percent increase in the annual grants it has been providing to Nepal.

According to the annual budget presented by Indian Finance Minister P Chidambaram on Thursday, New Delhi will provide Nepal a grant of IRs 3.8 billion (Rs 6.08 billion) for the year 2013-14.

India had given IRs 2.7 billion (Rs 4.32 billion) for 2012-13.

India has earmarked IRs 70.18 billion for providing grant assistance and loans to a few neighboring countries including Nepal and some countries in East Asia and Latin America and for different technical programmes.

Last year, the amount was IRs 55.36 billion. Among South Asian countries, Bhutan tops the list of grant recipients, getting IRs 36.14 billion.

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