The central government is actively considering reducing its overall subsidy bill in 2022-23. The government is likely to keep food and fertilizer subsidies at Rs 2.60 lakh crore and Rs 90,000 crore, respectively, in its upcoming Budget 2022. This will be lower than the revised estimates for FY 2022. This has been estimated in a report released in this regard.
Budget to be presented on February 1
The total subsidy bill for the current fiscal is expected to be around Rs 5.35 to 5.45 lakh crore, which the government wants to reduce in the next fiscal, the report said. Significantly, the upcoming general budget will be presented on February 1, 2022. Union Finance Minister Nirmala Sitharaman will make budget announcements in Parliament at 11 am to give impetus to the economy affected by Corona. Assembly elections are going to be held in five states of the country soon after the general budget of this time. In such a situation, there is every possibility of this budget being popular.
Estimation of PM Garib Kalyan Anna Yojana
Quoting an official, the report said the revised estimates for the food subsidy bill for the current fiscal are expected to be around Rs 3.90 lakh crore, up from Rs 2.43 lakh crore made in the budget. But it is less than Rs 4.22 lakh crore of FY 2021. Apart from this, according to the report, the total cost of Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for the financial year 2022 is estimated to be Rs 1.47 lakh crore.
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