Home / Economy / Centre seeks Parliament nod for additional spending of 4.36 lakh cr in FY23
Back

Centre seeks Parliament nod for additional spending of 4.36 lakh cr in FY23

Centre seeks Parliament nod for additional spending of  ₹4.36 lakh cr in FY23. (Photo: Reuters)Premium
Centre seeks Parliament nod for additional spending of 4.36 lakh cr in FY23. (Photo: Reuters)

This additional spending is over and above the proposed amount in the Union Budget for FY23. As per the Budget, the government had estimated a total expenditure of 39.45 lakh crore this fiscal compared with 37.70 lakh crore in 2021-22.

NEW DELHI: The central government on Friday sought Parliament nod for an additional spending of 4.36 lakh crore this fiscal, which includes over 1.09 lakh crore in fertiliser subsidy payout where expenditure requirements have ballooned as the war in eastern Europe has led to soaring prices of soil nutrients and their feedstocks.

As per the first batch of supplementary demands for grants tabled in the Lok Sabha today by Minister of State for Finance Pankaj Chaudhary, approval has also been sought for meeting additional expenditure of 80,348.25 towards food subsidy and additional allocation under Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

This additional spending is over and above the proposed amount in the Union Budget for FY23. As per the Budget, the government had estimated a total expenditure of 39.45 lakh crore this fiscal compared with 37.70 lakh crore in 2021-22.

The need for additional expenditure has arisen as the fertiliser subsidy burden has exceeded the budget estimates in wake of developments in Europe and need of the government to continue supporting additional requirements for providing foodgrains to the poor.

The government has sought gross additional expenditure of 4,35,938.87 crore, but net cash outgo is expected to be 3,25,756.69 crore as additional expenditure is matched by savings of the ministries/departments or by enhanced receipts/recoveries aggregating to 1,10,180.59 crore.

Besides, a token provision of 159 lakh has been sought, one lakh for each item of expenditure, for enabling re-appropriation of savings in cases involving New Service or New Instrument of Service.

Of the additional expenditure under first demand for grant, a sum of 60,110.32 crore has been sought towards food subsidy (to Food Corporation of India under National Food Security Act) and for additional allocation under Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

The highest amount of expenditure is towards payment of fertiliser subsidy. “For payment towards Indigenous P&K subsidy ( 14,889.67 crore) and imported P&K subsidy (8,232.56 crore). For payment towards indigenous Urea subsidy ( 71,860.41 crore) and imported Urea subsidy ( 14,304.15 crore)...," a statement detailing the expenditure heads under first batch of supplementary demand of grant said.

Approval has also been sought for expenditure of the Ministry of Petroleum and Natural Gas towards payments of LPG subsidies to oil marketing companies and LPG connections to the poor under the Pradhan Mantri Ujjwala Yojana, among others totalling to 29,944 crore.

The first batch of supplementary demands for grants for 2022-23 includes 75 grants and 6 appropriations.

The additional expenditure also includes 13,669 crore and 12,000 crore for meeting spending requirements of telecom and railways ministries, besides about 10,000 crore for transfer to GST compensation fund for giving compensation to states and UTs.

Approval has been sought for 46,000 crore additional expenditure by the Rural Development Ministry, which includes 4,920 crore for Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA).

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout