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Government seeks Parliament’s approval for Rs 1.29 lakh crore gross additional spending

Balance of Rs 70,968 crore is matched by savings, which will help fund much of additional spending and help meet the fiscal deficit target of 5.9 per cent of gross domestic product

Our Special Correspondent New Delhi Published 07.12.23, 09:08 AM
Representational image.

Representational image. File picture

The government on Wednesday sought Parliament’s approval for a gross additional spending of over Rs 1.29 lakh crore with a net outgo of Rs 58,378 crore as part of the first batch of supplementary demand for grants for the current financial year, which includes 79 grants and four appropriations.

“The approval of the Parliament is sought to authorise gross additional expenditure of Rs 1,29,348.85 crore,” according to the demand for grants statement that was tabled by minister of state for finance Pankaj Chaudhary in the Lok Sabha.

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“Of this, the proposals involving net cash outgo aggregate to Rs 58,378.21 crore.”

The balance of Rs 70,968 crore is matched by savings, which would help fund much of the additional spending and help meet the fiscal deficit target of 5.9 per cent of the gross domestic product.

“The net cash outgo in the Supplementary Demand for Grants is moderate, and could be matched by savings in other departments. This does not suggest a risk of the fiscal deficit target being overshot,” Aditi Nayar, chief economist, Icra, said.

The government has also provisioned for a token amount of Rs 2.49 crore, with Rs 1 lakh for each item of expenditure, to enable re-appropriation of savings.

Spending register

Outgo under the Mahatma Gandhi NREGS: Rs 14,524.29 crore. Nutrient-based fertiliser subsidy: Rs 13,350.81 lakh crore.

Transfer to guarantee redemption fund towards Exim bank loan guarantees: Rs 9,013.72 crore.

Meeting additional expenditure of defence services towards stores: Rs 8,493.86 crore. Cash outgo is expected at Rs 3,624.10 crore.

Additional allocation due to the extension of the Pradhan Mantri Garib Kalyan Anna Yojana: Rs 4,807 crore.

Transfers to Jammu and Kashmir for meeting additional expenditure towards Central Assistance: Rs 3,170.00 crore.

LPG subsidy to poor households: Rs 8,500 crore

Towards clearing the liability of the government on election-related expenditure: Rs 2,536.65 crore.

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