Govt seeks Parliament nod for extra spending of Rs 1.07 trn in FY22

The government sought Parliament nod for net additional spending of over Rs 1.07 lakh crore, including about Rs 15,000 crore towards fertilizer subsidy, in third batch for current fiscal year

The government on Monday sought Parliament nod for net additional spending of over Rs 1.07 lakh crore, including about Rs 15,000 crore towards fertilizer subsidy, in the third batch of supplementary demands for current fiscal year.

As per the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.

Of this, proposals involving net cash outgo aggregate to over Rs 1.07 lakh crore and gross additional expenditure, matched by savings of ministries/departments or by enhanced receipts aggregates to over Rs 50,946 crore.

For payment towards fertilizer subsidy, the government has sought additional fund to the tune of Rs 14,902 crore and Rs 13,049 crore for capital infusion in National Bank for Financing Infrastructure and Development. This also includes Rs 5,000 crore as grant in aid.

In addition, the government also sought Rs 5,000 crore for recapitalisation of public sector general insurance companies, according to document.

There are four public sector general insurance companies-- New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL).

The government has also sought funds for recapitalisation of Regional Rural Banks, the third and final batch of supplementary demands for grants said.

In the Rajya Sabha, Minister of State For Finance Pankaj Chaudhary tabled the supplementary demands for grants, 2021-22, and also Budget 2022-23 for Union Territory of Jammu and Kashmir.

The total expenditure of the central government for 2021-22 is estimated at Rs 37.70 lakh crore (Revised Estimate), which is higher than the Budget Estimate of Rs 34.83 lakh crore.

For 2022-23, the total expenditure of the central government has been estimated at Rs 39.45 lakh crore in Budget 2022-23, representing an increase of 13.3 per cent and 4.6 per cent over Budget Estimate and Revised Estimate of 2021-22, respectively.