India needs to assist the developing world: FM
India needs to increase assistance to developing countries to enhance strategic and commercial interests and help poorer nations fight poverty, Finance Minister P Chidambaram said on Wednesday.
By PTI |
NEW DELHI: India needs to increase assistance to developing countries to enhance strategic and commercial interests and help poorer nations fight poverty, Finance Minister P Chidambaram said here on Wednesday.
"India should engage with many more developing countries and sectors for Development Cooperation Assistance to enhance her strategic and commercial interests and help poorer nations in their development efforts," he said while addressing the Parliamentary Consultative Committee attached to his ministry.
Chidambaram, in his budget for 2007-08, had proposed to set up Indian International Development Cooperation Agency with representation from ministries of finance, commerce and external affairs. Under DCA, the government provides interest subsidy to lines of credit extended by Exim Bank of India.
The minister said India has so far approved 67 government supported Lines of Credit (LOCs) through Exim Bank involving 2.8 billion dollars.
The countries that have benefited from India's external assistance programme include Afghanistan, Angola, Dijbouti, Burkina Faso, Cambodia, Chad, Congo, Ethopia, Ghana, Mauritius, Mayanmar, Nepal and Sri Lanka.
As part of the assistance programme, he said India has pledged 200 million dollars for New Partnership of African Development (NEPAD) initiative, 123 million dollars for African countries, 262 million dollars for TEAM-9 countries and 152 million dollars to Myanmar, Vietnam and Lao PDR under the ASEAN initiative.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
