https://sputniknews.in/20221209/india-plans-40-billion-additional-spending-to-meet-rising-food-oil-subsidies-27624.html
India Plans $40 Billion Additional Spending to Meet Rising Food, Oil Subsidies
India Plans $40 Billion Additional Spending to Meet Rising Food, Oil Subsidies
Sputnik India
The Indian government provides free foodgrains to 800 million people and fertilizers below market price to negate the inflationary burden on the poor and... 09.12.2022, Sputnik India
2022-12-09T19:11+0530
2022-12-09T19:11+0530
2022-12-13T19:06+0530
narendra modi
political affairs
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The Narendra Modi government has sought parliamentary approval for an additional $40 billion to meet the rising costs of fertilizer, energy and food subsidies.Under the welfare scheme, 5 kg of grain is provided to the most vulnerable citizens per person per month free of charge, with an estimated 800 million benefiting.Rising energy prices will inflict around $3.6 billion in additional burden on the annual budget, the ministry document showed. The government has also sought around $5.8 billion in additional expenditure for the Rural Development Ministry including $600 million for the Mahatma Gandhi National Rural Employment Guarantee Scheme in an attempt to boost consumer demands amid a prediction of slowing growth in coming quarters.India's economy grew by 6.3 percent between July-September. The Reserve Bank of India on Wednesday slashed the annual GDP growth forecast to 6.8 percent, citing accentuated headwinds from protracted geopolitical tensions, tightening global financial conditions and slowing external demand. It had earlier estimated the economy to grow at 7%.
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rising oil prices, foodgrains subsidy, indian prime minister narendra modi,
rising oil prices, foodgrains subsidy, indian prime minister narendra modi,
India Plans $40 Billion Additional Spending to Meet Rising Food, Oil Subsidies
19:11 09.12.2022 (Updated: 19:06 13.12.2022) The Indian government provides free foodgrains to 800 million people and fertilizers below market price to negate the inflationary burden on the poor and farmers.
The Narendra Modi government has sought parliamentary approval for an additional $40 billion to meet the rising costs of fertilizer, energy and food subsidies.
Under the welfare scheme, 5 kg of grain is provided to the most vulnerable citizens per person per month free of charge, with an estimated 800 million benefiting.
As per the Finance Ministry document presented before parliament on Friday, the government needs around $12 billion for fertilizer subsidy payouts. The gov't will have to provide around $10 billion to meet the additional burden on the exchequer due to free food grains to the poor.
Rising energy prices will inflict around $3.6 billion in additional burden on the annual budget, the ministry document showed.
The government has also sought around $5.8 billion in additional expenditure for the Rural Development Ministry including $600 million for the Mahatma Gandhi National Rural Employment Guarantee Scheme in an attempt to boost consumer demands amid a prediction of slowing growth in coming quarters.
India's economy grew by 6.3 percent between July-September. The Reserve Bank of India on Wednesday slashed the annual GDP growth forecast to 6.8 percent, citing accentuated headwinds from protracted geopolitical tensions, tightening global financial conditions and slowing external demand. It had earlier estimated the economy to grow at 7%.
