- SUBSIDY EXPENDITURE THIS YEAR WILL BE LOWEST SINCE FY19
THE UNION GOVERNMENT'S total expenditure on explicit subsidies food, fertiliser and LPG- is likely to drop 28% to 3.98 trillion in the current fiscal year, from â¹5.49 trillion in FY23.
This is due to the softening of global prices of soil nutrients and the termination of the extra grains supplies under the National Food Securities Act, effective December 2022, according to information gathered from various government sources.
This means subsidy expenditure this year will be the lowest since FY19 (â¹2.36 trillion). In FY21, the government incurred an all-time high subsidy spend of â¹7.14 trillion partly because of provisioning of â¹3.8 trillion towards repayment of loans taken from the National Small Savings Funds to finance food subsidies.
The Budget Estimate of the total spending on the three subsidies in the current fiscal is â¹3.74 trillion, with â¹1.97 trillion for food, and Rs â¹1.75 trillion for fertilisers.
The rise in total subsidy over the BE this year is still lower than in recent years.
"Unless there is a sharp spike in the global price of fertilisers in the last quarter of the current fiscal, overall expenditure on account of subsidies should be substantially lower than last fiscal," an official said.
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