Govt seeks nod for Rs 33 cr overspend
The Govt seeks Parliament's approval for a net additional expenditure of Rs 11,869 cr during 2007-08, reports Gaurav Choudhury.business Updated: Nov 20, 2007 23:17 IST
Minister P Chidambaram placed a supplementary demand for a grant of Rs 33,291 crore in Lok Sabha. The net cash outgo, however, would be only Rs 11,869 crore, while the remainder would be met through a mix of savings and additional revenue.
The government also sought approval for issuing bonds worth Rs 11,257 crore to be issued to public sector oil companies for selling petrol and diesel below international price parity.
Besides, the supplementary demand for grants also seeks approval for an expenditure of an additional Rs 4,500 crore in 2007-08, as interest on bonds sold under the Market Stabilisation Scheme (MSS). For the current year, the government has set a ceiling for bonds under MSS at Rs 2.5 lakh crore.
In addition, Parliament approval was sought to create a Rs 1,500 crore corpus for meeting its share of premium payment under the "Aam Aadmi Bima Yojana" for rural landless households.
Among other demands for grants, the government plans to reimburse Rs 120 crore towards internal transport and freight charges for export shipment of sugar.