LS Gives Nod for Additional Cash Outgo of Rs 58,378 Crore

New Delhi: Keeping fiscal prudence of the government in mind, the Lok Sabha on Tuesday approved a net additional outgo of Rs 58,378 crore in the current fiscal ending March 2024, while 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. Out of the total additional spending cleared, a large chunk would be spent towards MGNREGA and subsidy on fertiliser.

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 gross domestic product (GDP). The April-October fiscal deficit was 45.6 per cent of the full-year budget estimate of the last fiscal. “The fiscal prudence is the top priority of the government without compromising on social welfare,” Union finance minister Nirmala Sitharaman replied to a debate on supplementary demands for grants.

“The net additional spending by the government would be Rs 58,378.21 crore in the current fiscal,” the finance minister said, adding that 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.