 "Govt seeks parliament nod for Rs 7,500-cr supplementary")
A supplementary demanding an extra expenditure of Rs 7,500 crore, including a Rs 1,000 crore for women bank and as much amount for setting up Nirbhaya Fund for safety of women, was tabled in Parliament today.
The supplementary, tabled by Finance Minister P Chidambaram, in the Lok Sabha today, would however lead to additional cash outgo of just Rs 127.14 crore over the budget estimates on a net basis as most of the demands would be met with equal savings in other heads.
As such, it would not lead to much burden on the government which had targeted to rein in its fiscal deficit at 4.8% of GDP for 2013-14 against 4.9% in the previous financial year.
Also, Rs 500 crore would be provided to the Small Industrial Development Bank of India (SIDBI) to set up a Credit Guarantee Fund, while Rs 100 crore has been proposed to be given to India Microfinance Equity Fund of SIDBI to provide equity and quasi-equity to micro finance institutions.
The additional spending includes Rs 1,000 crore for setting up of 'Nirbhaya Fund' for safety of women and a similar amount will be provided to National Skill Development Corporation to extend skill training to youth.
Besides, Rs 1,000 crore will be provided for initial capital for establishment of women's bank, targeted to be made operational by November. The government plans to have 25 branches of the bank by the end of the fiscal. One of the key objectives of the Bank is a focus on the banking needs of women and promote economic empowerment.
Also, Rs 100 crore each has been provided as grants to Aligarh Muslim University and Banaras Hindu University while Rs 200 crore has been provisioned for Rajiv Gandhi Panchayat Sashaktikaran Abhiyan.
The supplementary, tabled by Finance Minister P Chidambaram, in the Lok Sabha today, would however lead to additional cash outgo of just Rs 127.14 crore over the budget estimates on a net basis as most of the demands would be met with equal savings in other heads.
As such, it would not lead to much burden on the government which had targeted to rein in its fiscal deficit at 4.8% of GDP for 2013-14 against 4.9% in the previous financial year.
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This was the first supplementary for the current financial year. As much as Rs 1,830 crore has been sought for India's contribution towards the International Monetary Fund (IMF).
Also, Rs 500 crore would be provided to the Small Industrial Development Bank of India (SIDBI) to set up a Credit Guarantee Fund, while Rs 100 crore has been proposed to be given to India Microfinance Equity Fund of SIDBI to provide equity and quasi-equity to micro finance institutions.
The additional spending includes Rs 1,000 crore for setting up of 'Nirbhaya Fund' for safety of women and a similar amount will be provided to National Skill Development Corporation to extend skill training to youth.
Besides, Rs 1,000 crore will be provided for initial capital for establishment of women's bank, targeted to be made operational by November. The government plans to have 25 branches of the bank by the end of the fiscal. One of the key objectives of the Bank is a focus on the banking needs of women and promote economic empowerment.
Also, Rs 100 crore each has been provided as grants to Aligarh Muslim University and Banaras Hindu University while Rs 200 crore has been provisioned for Rajiv Gandhi Panchayat Sashaktikaran Abhiyan.