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The Centre on Wednesday sought approval of Parliament for gross additional spending of Rs 1.29 trillion including Rs 14,524 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and Rs 13,351 crore for fertiliser subsidy.
“Approval of Parliament is sought to authorise gross additional expenditure of Rs 1,29,348.85 crore. Of this, the proposals involving net cash outgo aggregate to Rs 58,378.21 crore and gross additional expenditure, matched by savings of the Ministries/Departments or by enhanced receipts/recoveries, aggregates to Rs 70,968.15 crore,” the government in a Bill tabled in Lok Sabha.
However, the net additional cash outgo is unlikely to lead to the government missing the fiscal deficit target of 5.9% of GDP in FY24 as savings on many other heads are not captured in the supplementary grant demand and revenues are expected to exceed the budget target.
