“Industrial Sector : Parliament Greenlights Additional Expenditure of Rs 58,378 Crore in the Current Fiscal Year | B7N News

Industrial Sector : In a session held on Tuesday, the Parliament granted approval for a net additional spending of Rs 58,378 crore in the ongoing fiscal year, set to conclude in March 2024. A substantial portion of this allocation is earmarked for critical areas such as MGNREGA and fertiliser subsidies. The total gross additional spending is expected to exceed Rs 1.29 lakh crore, with Rs 70,968 crore offset by savings and receipts.

Industrial Sector

During the discussion in Rajya Sabha, which largely comprised members from the Treasury benches due to the suspension of numerous Opposition members, the two appropriation bills were returned to Lok Sabha following a brief deliberation. Notably, the participating Opposition members refrained from engaging in the discussion.

Last week, Lok Sabha had passed the supplementary demands for grants after a concise deliberation. Minister of State for Finance, Pankaj Chaudhary, responded to the discussion on Supplementary Demands for Grants in Rajya Sabha, emphasizing the key aspects of the initial batch of demands.

As outlined in the demands for grants, the net additional spending by the government in the current fiscal is slated to be Rs 58,378.21 crore. This includes allocations such as Rs 13,351 crore for fertiliser subsidies and approximately Rs 7,000 crore for expenditures by the Department of Food and Public Distribution.

Moreover, the supplementary demands encompass an extra outlay of Rs 9,200 crore for the Ministry of Petroleum and Natural Gas, and Rs 14,524 crore for the Ministry of Rural Development, specifically allocated to MGNREGA.

Noteworthy allocations within the supplementary demands include Rs 20,000 crore for spending by the Ministry of External Affairs, which will be balanced against a reduction in expenditure of over Rs 9,000 crore.

For the entire 2023-24 financial year, the government has budgeted a fiscal deficit of Rs 17.86 lakh crore, constituting 5.9 per cent of the GDP. As of April-October, the fiscal deficit stood at 45.6 per cent of the full-year Budget Estimate from the last fiscal year.