Active Stocks
Tue Mar 19 2024 13:51:07
  1. Tata Consultancy Services share price
  2. 4,005.40 -3.36%
  1. Tata Steel share price
  2. 150.15 0.37%
  1. Bharti Airtel share price
  2. 1,232.30 0.59%
  1. Power Grid Corporation Of India share price
  2. 260.85 -1.57%
  1. ITC share price
  2. 410.05 -1.76%
Business News/ Politics / Policy/  PM Narendra Modi to visit Nepal on Sunday
BackBack

PM Narendra Modi to visit Nepal on Sunday

India may increase its development partnership assistance to Nepal and deepen cooperation in the hydel power sector during the PM's visit

Narendra Modi’s 3-4 August visit will be the first bilateral tour to Nepal by an Indian prime minister in 17 years. Photo: Hindustan TimesPremium
Narendra Modi’s 3-4 August visit will be the first bilateral tour to Nepal by an Indian prime minister in 17 years. Photo: Hindustan Times

New Delhi: India is expected to increase its development partnership assistance to Nepal and deepen cooperation in the hydel power sector during Prime Minister Narendra Modi’s first visit to the Himalayan kingdom over the weekend.

Modi’s 3-4 August visit, the first bilateral trip to Nepal by an Indian prime minister in 17 years, “signals India’s intention at the highest level to extend its wholehearted support for a democratic, stable, peaceful and prosperous Nepal," foreign ministry spokesman Syed Akbaruddin told reporters.

The last Indian prime minister to visit Nepal on a bilateral trip was Inder Kumar Gujral in 1997. In 2002, the then Bharatiya Janata Party (BJP) prime minister Atal Behari Vajpayee visited Nepal for a summit of South Asian heads of government.

In contrast, in the past 17 years, there have been six heads of state and nine prime ministerial visits from Nepal to India.

"India and Nepal have relations which are rooted in a shared history, geography and culture," Akbaruddin said.

Bilateral trade between the two countries was $ 4.7 billion in 2013-14, with India accounting for 47% of foreign direct investment (FDI) in Nepal. There are six million Nepalese working in India. In terms of connectivity, apart from an open border, there are 60 flights connecting the two nations, according to data provided by the Indian foreign ministry. Twenty per cent of all tourists visiting Nepal are from India, and approximately 40% tourist flows to Nepal are through India, the ministry said.

India is expected to announce an increase of development assistance to Nepal during Modi’s visit.

“There is also considerable thinking underway to upscale our development assistance during 2014 and beyond," Akbaruddin said.

Indian assistance to Nepal amounts to over 4,000 crore.

India may also announce increased cooperation in hydel power given that Nepal has hydel potential of 75,000 megawatts (MW) of which 40,000MW has been assessed as technically feasible and economically viable, said a person close to the developments who did not want to be named.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 01 Aug 2014, 11:45 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App