KATHMANDU: The Indian government has allocated Indian Rupees (₹) 7.5 billion (equivalent to Nepali Rupees 12 billion) to Nepal in the upcoming fiscal 2022/23.

Indian Finance Minister Nirmala Sitharaman is presenting the Union Budget for 2022/23 fiscal in the Indian Parliament on Tuesday.

The Indian government had allocated ₹ 9.92 billion (Rs 15.87 billion) to Nepal in the last fiscal year, 2021/22. The same was ₹8.80 billion in fiscal 2020/21.

Likewise, in 2019-20, the southern neighbor granted ₹ 11.98 billion (Rs 19.16 billion) to Nepal.

The Indian government’s financial year runs from April 1 to March 31 the following year.