Government Seeks Parliament Nod For Additional Spending Of Rs 21,246 Crore In 2019-20
The amount would be over and above the budgeted expenditure for 2019-20.
Finance Minister Nirmala Sitharaman has sought the Parliament’s approval to spend Rs 21,246 crore for the year ending March 2020, over and above the budgeted expenditure for the period.
Out of the Rs 21,246 crore, Rs 18,995 crore would be the government’s net cash outgo, while Rs 2,249 crore would be matched by savings or unutilised spending of various government departments, according to the first batch of supplementary demand for grants tabled in the Parliament today.
About Rs 8,821 crore has been sought to be given to the Union territories of Jammu and Kashmir and Ladakh after they were officially carved out of the Jammu and Kashmir state on Oct 31. The amount is on account of the state’s share of taxes based on 14th Finance Commission’s recommendations and includes its share of net proceeds of taxes for November and December.
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The government also plans to infuse nearly Rs 2,500 crore in state-run insurers, according to demand for grants. The government-owned insurance companies are Life Insurance Corporation of India, General Insurance Corporation of India, New India Assurance Company, United India Insurance Company, Oriental Insurance Company, National Insurance Company and Agriculture Insurance Company of India.
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Around Rs 1,000 crore has been made to create a special window for affordable and middle-income housing. Earlier this month, the Union Cabinet had approved the setting up of a dedicated fund to finance the completion of stalled housing projects, for which the government would contribute Rs 10,000 crore.