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Govt to raise Gross Budgetary Support by 16% for 2012-13

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The finance ministry is believed to have approved around 16 per cent increase in the Plan spend — (GBS) — for the next financial year on social sector programmes like the Mahatma Gandhi National Rural Employment Guarantee Scheme and Bharat Nirman project.

The Plan expenditure for 2012-13 would be around Rs 5.12 lakh crore, up 16 per cent over the Rs 4.41 lakh crore for provided this financial year, a source privy to the development said.

The had sought an 18 per cent increase in Plan expenditure or GBS to raise the spending to Rs 5.21 lakh crore in 2012-13, but concerned over the rising fiscal deficit, the finance ministry agreed for a smaller increase, the source added.

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