Lok Sabha gives nod for additional cash outgo of Rs 58,378 cr in current fiscal

2023-12-12 10:36:09

The Lok Sabha on Tuesday cleared a net additional spending of Rs 58,378 crore in the current fiscal ending March 2024, with a large chunk going towards MGNREGA and subsidy on fertiliser. The gross additional spending sought by the government was over Rs 1.29 lakh crore, of which Rs 70,968 crore would be matched by savings and receipts.

Replying to a debate on Supplementary Demands for Grants, Finance Minister Nirmala Sitharaman said that fiscal prudence is the top priority of the government without compromising on social welfare.

She also said that the net additional spending by the government would be Rs 58,378.21 crore in the current fiscal.

The additional expenditure includes Rs 13,351 crore towards fertiliser subsidy and about Rs 7,000 crore towards spending by the Department of Food and Public Distribution.

The House also approved an additional outgo of Rs 9,200 crore spending by the Ministry of Petroleum and Natural Gas and Rs 14,524 crore by the Ministry of Rural Development towards MGNREGA.

The total supplementary demands for spending by the Ministry of External Affairs were Rs 20,000 crore, which would be adjusted against the reduction of expenditure of over Rs 9,000 crore. For the full 2023-24, the government has budgeted the fiscal deficit to be Rs 17.86 lakh crore or 5.9 per cent of the GDP.

The April-October fiscal deficit was 45.6 per cent of the full-year Budget Estimate of the last fiscal.

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