Govt seeks Parliament nod for extra spending of Rs 1.07 trn in FY22

The government sought Parliament nod for net additional spending of over Rs 1.07 lakh crore, including about Rs 15,000 crore towards fertilizer subsidy, in third batch for current fiscal year

Topics


fertiliser subsidy | Fertilizers

The government on Monday sought Parliament nod for net additional spending of over Rs 1.07 lakh crore, including about Rs 15,000 crore towards fertilizer subsidy, in the third batch of supplementary demands for current fiscal year.

As per the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.

Of this, proposals involving net cash outgo aggregate to over Rs 1.07 lakh crore and gross additional expenditure, matched by savings of ministries/departments or by enhanced receipts aggregates to over Rs 50,946 crore.

For payment towards fertilizer subsidy, the government has sought additional fund to the tune of Rs 14,902 crore and Rs 13,049 crore for capital infusion in National Bank for Financing Infrastructure and Development. This also includes Rs 5,000 crore as grant in aid.

In addition, the government also sought Rs 5,000 crore for recapitalisation of public sector general insurance companies, according to document.

There are four public sector general insurance companies– New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL).

The government has also sought funds for recapitalisation of Regional Rural Banks, the third and final batch of supplementary demands for grants said.

In the Rajya Sabha, Minister of State For Finance Pankaj Chaudhary tabled the supplementary demands for grants, 2021-22, and also Budget 2022-23 for Union Territory of Jammu and Kashmir.

The total expenditure of the central government for 2021-22 is estimated at Rs 37.70 lakh crore (Revised Estimate), which is higher than the Budget Estimate of Rs 34.83 lakh crore.

For 2022-23, the total expenditure of the central government has been estimated at Rs 39.45 lakh crore in Budget 2022-23, representing an increase of 13.3 per cent and 4.6 per cent over Budget Estimate and Revised Estimate of 2021-22, respectively.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor