Govt seeks nod for extra spend of Rs 47,869 cr

The government today sought Parliamentary approval for gross additional expenditure of Rs 47,868.97 crore, involving a net cash outgo of Rs 8667.95 crore (Rs 5,282.91 crore under the Plan head and Rs 3,385.04 crore as non-Plan).

Presenting the first batch of supplementary demands for grants (42) for 2006-07, the government said the gross additional expenditure, matched by savings of ministries and departments or by enhanced receipts and recoveries, stood at Rs 39,200.66 crore.

The demands were tabled by Finance Minister P. Chidambaram in the Lok Sabha on Monday.

The major items of additional expenditure, involving net cash outgo, include Rs 1,500 crore for providing subsidy on imported urea, Rs 1,000 crore for providing compensation to state governments' for revenue loss due to value-added tax.

A sum of Rs 4,500 crore is also being sought on account of transfers to state and Union Territories, providing normal central assistance (Rs 1,000 crore), special central assistance (Rs 500 crore) and releasing grant-in-aid to states under additional central assistance for externally aided projects (Rs 3,000 crore).

Another Rs 300 crore has been sought for meeting the additional requirement under the Technology Upgradation Fund Scheme for the textile sector.

Among the items under the technical supplementary demands head, Rs 16,200 crore is for issue of special securities to Food Corporation of India for settlement of outstanding dues on account of release of food grains under the Sampoorna Gramin Rozgar Yojana and National Food for work Programme, oil bonds worth Rs 14,150 crore, Rs 4108 crore for writing off accumulated losses of United Bank of India (Rs 3830.14 crore) and Indian Bank (Rs 278.44 crore).

Another Rs 1313.33 crore is being sought in order to effect accounting adjustments relating to transfer of assets of erstwhile Nuclear Power Board to Nuclear Power Corporation of India Ltd as investment (Rs 966.86 crore) and loan (Rs 346.47 crore).

* Government has also sought approval for allocation of Rs 3840 cr, estimated to be received in the National Investment Fund to three selected fund managers - LIC Mutual Fund Rs 419 cr, SBI Mutual Fund Rs 1056 cr and UTI Mutual Fund Rs 2365 cr * Rs 1,992 cr for Ministry of Heavy Industries to carry out accounting adjustments relating to waiver of loan and interest to Heavy Engineering Corporation (Rs 1101 cr) and interest waiver (Rs 880 cr)

* A sum of Rs 550 crore has been sought for improvement, upgradation of roads in the North Eastern Region under the 'Special Accelerated Roads Development Project'.