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Govt seeks Parliament's approval for additional spending of Rs 1.29 trillion in FY24
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Govt seeks Parliament's approval for additional spending of Rs 1.29 trillion in FY24

| @indiablooms | 07 Dec 2023, 03:55 am

New Delhi: The government on Wednesday sought Parliament's approval for an additional spending of Rs 1.29 trillion in the fiscal year 2024.

The initial supplementary demand for grants seeks approval for a net expenditure of Rs 583.78 billion in the current fiscal, involving a cash outflow.

The gross spending entails reallocating expenses among different central ministries and departments.

Minister of State for Finance, Pankaj Chaudhary, presented the demand for grants in the Lok Sabha.

Additionally, the government is seeking authorisation to spend Rs 709.68 billion, which can be covered through increased receipts and savings in various categories.

The Narendra Modi government specifically plans to allocate an extra Rs 133.51 billion for fertilizer subsidies and Rs 145.24 billion for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA).

It is worth noting that the government had initially earmarked Rs 1.75 trillion for fertilizer subsidies in the FY2024 budget after the previous fiscal year's expenditure on this front reached a record high of Rs 2.55 lakh crore.

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