Lok Sabha approves additional expenditure of Rs 58,378 cr for current fiscal
New Delhi: The Lok Sabha on Tuesday approved a net supplementary expenditure of Rs 58,378 crore for the current fiscal year, ending in March 2024.
A large portion of this allocation is earmarked for MGNREGA and fertilizer subsidies.
Normally, there are three Supplementary Demand for Grants that come. But, in the last 2-3 years, our Govt's numbers from Budget estimates to the Revised Estimate Stage are being precisely & meticulously laid on the table. That's why the need to bring Supplementary Demand for… pic.twitter.com/yzCsqZQTeD
— Nirmala Sitharaman Office (@nsitharamanoffc) December 12, 2023
The government proposed a total gross additional spending of over Rs 1.29 trillion, with Rs 70,968 crore expected to be offset by savings and receipts.
Responding to the debate on Supplementary Demands for Grants, Finance Minister Nirmala Sitharaman underscored that maintaining fiscal prudence remains the government's foremost priority while ensuring a commitment to social welfare.
I want to bring it to the knowledge of all the Hon'ble MPs that when it comes to fiscal matters, the vision and guidance of Hon'ble Prime Minister Shri @narendramodi is based on his experience of managing budgets in Gujarat & now for the country. Fiscal prudence is given priority… pic.twitter.com/CyinYESK0c
— Nirmala Sitharaman Office (@nsitharamanoffc) December 12, 2023
She added that the net additional spending by the government in the current fiscal year would amount to Rs 58,378.21 crore.
The extra spending totals Rs 13,351 crore allocated to the fertilizer subsidy and approximately Rs 7,000 crore directed towards the expenditures of the Department of Food and Public Distribution.
The House has also approved an additional expenditure of Rs 9,200 crore for the Ministry of Petroleum and Natural Gas and Rs 14,524 crore for the Ministry of Rural Development, specifically for the implementation of MGNREGA.
The Ministry of External Affairs is granted a total supplementary demand of Rs 20,000 crore, which will be offset by a reduction in expenditure of over Rs 9,000 crore.
For the entire fiscal year 2023-24, the government has budgeted the fiscal deficit to be Rs 17.86 trillion, equivalent to 5.9 percent of the GDP.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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