To meet fiscal target, govt to compress spending by Rs 60,000 crore

The government is compressing around Rs 60,000 crore worth of expenditure, as it looks to meet a challenging fiscal deficit target of 3.4 per cent of gross domestic product for 2018-19 (FY19).

This compression will include subsidy carry-overs of as much as Rs 35,000 crore, ministries returning unspent amounts of as much as Rs 20,000 crore combined, and capital expenditure (capex) cuts.

The unspent amounts could include Rs 4,000 crore to Rs 5,000 crore not being utilised under the new PM-Kisan scheme, as the Centre is still struggling to disburse sums due to incomplete land records of some states, Business