Government to spend Rs 1.3L cr more in FY24- The New Indian Express

Express News Service

NEW DELHI:  The government has sought parliamentary approval for increased spending of more than Rs 1.29 lakh crore in the current fiscal year.

As per the Centre’s submissions to the lower House of parliament, a large part of the amount will be allocated to subsidies on fertilizers and food. The supplementary demand for grants, presented to the Lok Sabha, highlights additional spending requirements and reallocation of resources from one scheme to another.

The proposals involve a net cash outgo of Rs 58,378.21 crore, with the remaining additional spending of Rs 70,968.15 crore being financed through savings or surplus revenue.  Besides, token provision of Rs 2.49 crore  is being sought, one lakh for each item of expenditure, for enabling re-appropriation of savings in cases involving New Service or New Instrument of Service. 

The government plans to increase spending on the nutrient-based fertilizer subsidy scheme by Rs 13,350.81 crore (a 30% increase) and on the free food program ‘Pradhan Mantri Garib Kalyan Anna Yojana’ by Rs 5,500 crore (a 2.8% increase). 

Additionally, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) will receive an extra Rs 14,524.29 crore, bringing the total spending on the program to Rs 77,175.51 crore. The government anticipates an overall additional expenditure of Rs 16,142.86 crore on the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) for the current year. The rest of the amount would come from savings. The government had initially budgeted for Rs 60,000 crore for MNREGS.

It is to be noted that the total spending earmarked for this year is lower than the amount of Rs 89,154.65 spent last year, as per the revised estimates. The government has also allocated Rs 1,280 crore for LPG subsidies and Rs 8,499.99 crore for providing LPG connections to poor households.

The net cash outgo also includes Rs 7,722 crore towards capital infusion in BSNL and Optical Fibre Control based network of Defence Services. As per the document submitted in Lok Sabha, the government would infuse an additional capital of Rs 11,850 crore in BSNL. Some of it will come from savings and surplus revenue. Another Rs 6,900 crore have been provided for investment in public sector insurers on account of award of bonus share issued by the companies.

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