News Excerpt:
Union finance ministry seeks Parliament approval for controlled additional spending.
More details on news
- Government limits additional spending to Rs 58,378 crore for fiscal prudence before 2024 elections. Fiscal deficit target set at 5.9% of GDP for FY24.
- First tranche of Supplementary Demands for Grants seeks approval for Rs 1.29 trillion spending. It is a sign of fiscal prudence ahead of the 2024 general elections.
- In FY23, the government sought approval for much higher additional expenditure of nearly Rs 4.36 trillion.
- Second tranche of Supplementary Demands for Grants expected in February during the Budget session. The money will go to fertilizers, food subsidies, and defense.
- The government remains confident in meeting the fiscal deficit target due to robust tax collections.