Budget 2024: India may allot Rs 4 lakh crore for next year's food, fertiliser subsidies
Budget expectations: India may earmark about 4 trillion rupees ($48 billion) for food and fertiliser subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year's general election.
Food and fertiliser subsidies account for about one-ninth of India's total budget spending of 45 trillion rupees during the current fiscal year that ends on March 31.
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The Ministry of Consumer Affairs, Food and Public Distribution has estimated next year's food subsidy bill at 2.2 trillion rupees ($26.52 billion), the two sources said. That is 10% higher than a projected outlay of nearly 2 trillion rupees ($24.11 billion) for the current 2023-24 fiscal year.
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Additionally, next fiscal year's fertiliser subsidy is expected to be 1.75 trillion rupees ($21.10 billion), down from the current 2022-23 fiscal year estimate of nearly 2 trillion rupees, one of the sources said.
The sources, which are directly involved in the decision making on the subsidies,
