Government Seeks Approval for Additional Expenditure of Rs 78,673 Crore for Current Fiscal Year

New Delhi: The central government has put forth a proposal to seek Parliament's approval for an additional expenditure of Rs 78,673 crore for the ongoing fiscal year. This move comes alongside the allocation of Rs 2 trillion in recent announcements, reflecting the administration's commitment to bolstering key sectors and programs.

Included in this supplementary funding is an allocation of Rs 10,798 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). Notably, the budget presentation for FY25 outlines an increased monetary outlay for the job guarantee program, now standing at Rs 86,000 crore, a significant rise from the Rs 60,000 crore earmarked in the previous fiscal year's budget.

The financing for this additional capital will primarily be sourced from savings within ministries and departments, as well as through enhanced receipts and recoveries, consolidating to a total of Rs 1,21,625 crore.

In tandem with this request, the Finance Minister has presented the second batch of supplementary demands for grants for FY24, highlighting additional funding of Rs 9,231 crore and Rs 3,000 crore allocated towards food and fertilizer subsidies, respectively.

The interim Budget for FY25 has set the government's total expenditure for the current financial year at Rs 44.9 trillion, marginally lower than the Rs 45 trillion expenditure in FY24. Meanwhile, the Revised Estimate indicates total receipts, excluding borrowings, at Rs 27.56 lakh crore, with tax receipts accounting for Rs 23.24 lakh crore. The projected revenue receipts of Rs 30.03 lakh crore signify a promising outlook for sustained growth and stability in the fiscal landscape.