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NEW DELHI, March 1 Asia Pulse - With India poised to play a greater role in world affairs, Government on Wednesday announced setting up of a department specifically for extending funds to other developing countries for their development.
The External Affairs Ministry was allocated Rs 44.33 billion (US$1 billion) for the year 2007-08, up by Rs 3.38 billion from last year, while the allocation for Overseas Indian Affairs Ministry was raised from Rs 260 million to Rs 500 million.
The formation of India International Development Cooperation Agency (IIDCA) was proposed in the General Budget presented by Finance Minister P Chidambaram in Parliament.
Pointing out that India extends development cooperation to the tune of US$1 billion per annum through a number of ministries and agencies, he said the intention of creating ...
Source: HighBeam Research, INDIA SETS UP SINGLE DEP'T FOR AID TO DEVELOPING NATIONS.