India Is Giving $2 Billion To Help Bail Out Europe

Indian rupee

Photo: una nos lucror via Flickr

This week the Indian government sought parliamentary approval to lend Rs 9,003 crore (over $2 billion) to the IMF’s European bailout funds, reports the Times of India.The money will be a part of the New Arrangements to Borrow (NAB) to help bail out countries such as Greece.

While the amount is only a small part of the overall fund’s $500 billion, it certainly is a sign of how the times are changing — It was just 20 years ago India had their own bailout from the IMF to the tune of $6 billion.

Now they’re hoping to return to their pre-crisis growth of 9%.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.