India was among the 43 countries on its "honour roll" so far for having paid their assessments to the budget, Stephane Dujarric, the Spokesperson for Secretary-General Antonio Guterres, said.
India's share is assessed at 1.044 per cent of the total budget of $3.217 billion.
Despite the fact that it comes to $33.592 million, the UN receives a credit of $3.052 million from its Indian employees in place of the income taxes they would have otherwise had to pay.
A complex formula that takes into account debt load, gross national income (which is defined as the gross domestic product plus income from abroad), and an adjustment for per capita income using the "capacity to pay" principle determines the rate of budget assessments for each of the 193 member countries.
India claims to have the fifth-largest economy in the world, but this boast is undermined by the country's low "capacity to pay" due to low per capita income.
This puts its assessment lower than some fellow developing countries like Brazil with an assessment of 2.013 per cent or Mexico at 1.221 per cent.
The assessment for the US is 22 per cent, which is the highest that can be set for a country, working out to $707.897 million. China comes next with an assessment of 15.254 per cent or 490.83 million. Britain, whose economy was surpassed by India in terms of size, contributes $140.775 million or 4.375 per cent, making it the fifth-largest donor after Japan and Germany.