India proposes additional net expenditure of 1.48 trillion rupees for 2022/23

NEW DELHI (Reuters) – The Indian government has proposed an additional net expenditure of 1.48 trillion rupees ($18.06 billion) for the fiscal year ending this month, a government statement said on Monday.

The additional gross expenditure for the same period will be 2.71 trillion rupees ($33.06 billion), the statement said.

An additional amount of 363.25 billion rupees has been sought for fertiliser subsidy and 337.18 billion rupees have been earmarked to meet the pension liabilities of defence forces.

The government has also sought extra spending of 250 billion rupees to provide telecom services in rural and remote areas.

The Indian government will spend 41.87 trillion in 2022/23, according to the Union budget it presented on Feb. 1.

The government will stick to the spending target it specified in the budget and any unused funds will be reallocated, said a government official, declining to be named.

The government’s fiscal deficit target would be met through savings, extra tax and other receipts, the official added.

The government’s fiscal deficit target for the ongoing financial year, which will end on March 31, is set at 6.4% of GDP (gross domestic product). ($1 = 81.9675 Indian rupees)

(Reporting by Nigam Prusty in New Delhi, writing by Shilpa Jamkhandikar; Editing by Krishna N. Das and Savio D’Souza)