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Reading: The Finance Minister said the economy is  on  the  right  track and growing the fastest  in the  world  
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BusinessIndia

The Finance Minister said the economy is  on  the  right  track and growing the fastest  in the  world  

Team Happen Recently
Last updated: 2023/12/13 at 11:57 AM
Team Happen Recently
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Responding  to  the  debate on  the need  for  additional subsidies,  Sitharaman said fiscal prudence is the top priority without compromising on social  protection.  

 Union Finance Minister Nirmala Sitharaman  on  Tuesday  told  Lok Sabha  that  the economy  is on  the right  track  and India has become the  fastest growing  major economy in the world. 

  Responding  to  the  debate on  the need  for  additional subsidies,  Sitharaman said fiscal prudence is the top priority without compromising on social  protection.

  “Our economy is moving in the right  direction…Macroeconomic  fundamentals are  very good.  We have become the  fastest growing  economy.  The  growth  rate  of 7.6%  in the second quarter  is the highest in the  world,”  she said.  The House approved the  supplementary grants,  allowing the government to spend an additional Rs 1.29 lakh crore, of which Rs 58,378 crore  will constitute  the current  financial year’s outflow  and  the  remaining Rs 70,968 crore will be  offset through  savings and  revenue. 

  Replying  to  questions  raised by the  opposition  on BSNL, she said the government has earmarked  a capital of  Rs  11,850 crore for  the  state-run  telecom  company.  She blamed the  company’s current situation on the  10-year UPA  rule.  

 On MNREGA, she said it  is  a  need-based scheme  and the government  has  allocated funds accordingly. So far this  financial year,  Rs 80,000 crore has been allocated. 

 The additional expenditure includes Rs 13,351 crore  on fertilizer  subsidy and about Rs 7,000 crore  on expenditure  by the  Ministry  of Food and Public Distribution. The House also approved  additional  expenditure  of Rs 9,200 crore  by the Ministry of Petroleum and Natural Gas and Rs 14,524 crore by the Ministry of Rural Development  for  MGNREGA. 

  MEA’s total additional expenditure requirement is  Rs 20,000 crore, which  will  be  revised based on a  reduction  in  expenditure of over Rs 9,000 crore. The  budget  deficit  from April to October accounted for  45.6% of the  budget estimate for  the  entire previous fiscal year.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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