India pays its 2023 dues of $30.54 mn to UN
United Nations, (IANS) India contributes $30.54 million annually to the 2023 UN budget, according to a UN spokesperson.
India’s contribution was received on Friday, according to the United Nations.
India’s share is estimated at 1.044% of the total budget of $3.217 billion.
Although that works out to $33.592 million, it is given a credit of $3.052 million that the UN collects from its Indian employees in lieu of the income taxes they would have had to pay.
The size of the budget for each of the 193 Member States is determined using a complex formula based on gross national income (gross domestic product plus foreign income), debt burden, and per capita income adjustments based on the principle of the “capacity to pay”.
India boasts of being the world’s fifth largest economy, but its rating downplays by the low per capita income and downplays its ‘ capacity to pay ‘.
This score is lower than other developing countries, such as Brazil’s 2.013% and Mexico’s 1.221%.
The United States scored 22% at $707,897 million the highest value that can be set for a country.
China follows with a valuation of 15.254% or 490.83 million.
The UK, overtaken by India in terms of economic size, became the fifth largest contributor paying $140.775 million (4.375%), followed by Japan third and Germany fourth.
In addition to the main United Nations budget, States must contribute on a similar formulas to the capital, peacekeeping and international tribunal budgets.