Of this, $50 million would be used for imports from India, home minister P Chidambaram told reporters after the meeting. The remaining 50% is for budgetary support, he added.
“The credit would provide aid to a close strategic neighbour in the hour of need and promote greater trade with India,” he said. Mohamed Anni Nasheed took oath in November as the first democratically elected President of the Maldives.
In case of Bhutan, the government approved an increase in assistance for Bhutan's 10th Plan by Rs 600 crore during July 2008-June 2013. The rise in aide is over and above the already-approved Rs 4,587 crore which is to be used as project-tied assistance.
The Cabinet also gave nod to a stand-by credit facility of Rs 300 crore at an interest of five per cent per annum to Bhutan for meeting the rupee payment obligations.
In another decision, the government sanctioned Rs 1,798 crore to enable Indian Space Research Organisation to develop a semi-cryogenic engine to power future inter-planetary missions within six years.
India will become the third country, after the US and Russia, to have developed the advanced propulsion system which will be used to launch space shuttles and future space missions.
“The semi-cryogenic engine will facilitate applications for future space missions such as the Reusable Launch Vehicle, Unified Launch
Vehicle and vehicle for interplanetary missions,” Chidambaram said.
Source: www.financialexpress.com
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