Government has sought parliament's approval to spend an additional Rs49,715.54 crore on oil subsidies, including Rs24,774 crore on oil subsidies, in the current financial year.
The second supplementary demands presented by finance minister Chidambaram today along with the Rs32,120 crore supplementary grants sought in December last year takes additional government spending in the current fiscal to Rs81,835.54 crore.
The Rs49,715.54 crore supplementary demands presented today includes a net cash outgo of Rs40,967.27 crore, with the remaining Rs8747.29 crore being matched by savings or receipts of the various departments or ministries or by enhanced recoveries aggregating to Rs8,747.29 crore, the document presented in the Lok Sabha showed.
The additional spending is mainly to meet the additional outgo on fuel, fertiliser and food subsidies, spread over 65 grants and one appropriation, in the current financial year.
Of the total amount, Rs9,914.06 crore and Rs4,753.99 crore have been sought for food and fertiliser subsidies, respectively.
Parliament's nod was also sought for spending Rs24,773.75 crore for providing compensation towards estimated under recoveries of oil marketing companies on account of sale of petroleum products below cost and subsidy offered in the supply of natural gas to the North East region.