India has made its annual payment of $30.54 million to the United Nations (UN) budget for the year 2023, a spokesperson of the UN has said.This payment puts India among the 43 countries on the "honour roll" for paying their assessments to the budget so far. The UN received India's contribution on Friday, according to the spokesperson.
India's share is assessed at 1.044% of the total budget of $3.217 billion. Although the share works out to $33.592 million, the UN gives India a credit of $3.052 million that it collects from its Indian employees in lieu of the income taxes they would have had to pay.
Budget assessment rates for each of the 193 member countries are worked out by employing a complex formula. It is based on gross national income, debt burden, and per capita income using the principle of the "capacity to pay."
Despite being the world's fifth-largest economy, India's assessment is lowered by its low per capita income, reducing its "capacity to pay." This puts India's assessment lower than that of some fellow developing countries such as Brazil and Mexico.
The UN's highest assessment for a country is 22%, which works out to $707.897 million for the US. China follows the US with an assessment of 15.254%, or $490.83 million. Britain, which has been overtaken by India in terms of the size of its economy, pays $140.775 million, or 4.375% to be the fifth-largest contributor, with Japan and Germany taking the third and fourth positions, respectively.
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Countries also need to contribute to budgets for capital, peace-keeping, and international tribunals based on similar formulas In addition to payments to the main UN budget. India's contribution to the UN and its adherence to global governance reflect the country's commitment to promoting international cooperation and supporting global initiatives.
FAQs
Q1: What is India's contribution to the United Nations budget for 2023?
India has paid its annual contribution of $30.54 million to the United Nations budget for the year 2023, which puts India among the 43 countries on the "honour roll" for paying their assessments to the budget so far.
Q2: How is a country's contribution to the UN budget calculated?
Budget assessment rates for each of the 193 member countries are calculated by employing a complex formula that takes into account the country's gross national income, debt burden, and per capita income, using the principle of the "capacity to pay."
