Govt. seeks Parliament nod for extra spending of ₹1.07 lakh cr.

Of the total, ₹15,000 cr. would go towards fertilizer subsidy

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

According to the demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of more than ₹1.58 lakh crore.

Of this, proposals involving net cash outgo aggregate to more than ₹1.07 lakh crore and gross additional expenditure, matched by savings of Ministries/Departments or by enhanced receipts aggregates to over ₹50,946 crore.

For payment towards fertilizer subsidy, the government has sought additional fund to the tune of ₹14,902 crore and ₹4,950 crore for capital infusion in National Bank for Financing Infrastructure and Development and recapitalisation of public sector general insurance companies, according to the document.

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

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

For meeting additional expenditure towards payment of pension and other retirement benefits for defence personnel, the government has sought ₹1,028.50 crore additional fund.