Interim-Budget 2024: Cut Down In Foreign Funding

Interim-Budget 2024: Cut Down In Foreign Funding

In the Interim budget for 2024-25 that was proposed to Parliament, the Finance Minister of India Nirmala Sitharaman cut down the funding for international bodies along with the United Nations (UN) by 35.16 percent compared to the previous year’s estimates for 2023-24.

A budget of INR 558.12 crore had been allocated by the Ministry of External Affairs (MEA) for the fiscal year 2024-25 to spend on international organizations including BIMSTEC, UN, and SAARC.

The Finance Ministry has distributed INR 886.70 crore towards assistance for global entities in the revised estimates (RE) for 2023-24. Later this year, the regular budget will be showcased after a new Indian government is appointed by June 2024, according to the precedent. The payment allocated may rise in the regular budget.

The United Nations (UN) faced a significant budget decrease by the Ministry of External Affairs (MEA), standing at INR 175 crore for 2024-25, witnessing a whopping 54.25% cut from the  previous year’s estimates, which were placed at INR 382.54 crore.  .

The international organization comprises delegates from strategic study centers from several nations including Australia, Canada, Indonesia, Japan, South Korea, Malaysia, Philippines, and the United States. India joined as a full member of the organization in 2000.

India's recent decline in funding to the United Nations mirrors its ongoing actions to push for reforms within the organization. As India proceeds to seek a permanent seat on the United Nations Security Council (UNSC),  India must participate in diplomatic discussions and strategic unions to gain support for its ambitions. Also, digging through alternative lanes for global impact and cooperation beyond traditional peacekeeping missions could strengthen India's position to a greater extent on the international platform.

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