Parliamentarians in the Lok Sabha through the Winter session of Parliament, in New Delhi, on December 6, 2023.
| Photo Credit: PTI
The authorities on December 6 sought Parliament’s nod to spend a web additional ₹58,378 crore in the current fiscal ending March 2024, with a big chunk going in direction of MGNREGA and subsidy on fertiliser.
The gross additional spending sought by the federal government is over ₹1.29 lakh crore, of which ₹70,968 crore could be matched by financial savings and receipts.
The web additional spending by the federal government could be ₹58,378.21 crore in the current fiscal, as per the Supplementary Demands for Grants tabled in Parliament.
The additional expenditure contains ₹13,351 crore in direction of fertiliser subsidy and about ₹7,000 crore in direction of spending by the Department of Food and Public Distribution.
The authorities additionally sought Parliament approval for an additional ₹9,200 crore spending by the Ministry of Petroleum and Natural Gas and ₹14,524 crore by the Ministry of Rural Development in direction of MGNREGA.
The whole supplementary calls for for spending by the Ministry of External Affairs is ₹20,000 crore, which might be adjusted towards the discount of expenditure of over ₹9,000 crore.
Icra Chief Economist Aditi Nayar mentioned the web money outgo in the Supplementary Demand for Grants is reasonable and might be matched by financial savings in different departments. “This does not suggest a risk of the fiscal deficit target being overshot,” Nayar mentioned. For the total 2023-24, the federal government has budgeted the fiscal deficit to be ₹17.86 lakh crore or 5.9% of the GDP. The April-October fiscal deficit was 45.6% of the full-year BE in the final fiscal.
