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Economic Stabilisation Fund to help government respond to global challenges: Sitharaman
The Rs 1 lakh crore fund aims to provide fiscal headroom against global crises like West Asia tensions, supporting fiscal stability without increasing the fiscal deficit, Finance Minister said.
- In the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman proposed setting up an Economic Stabilisation Fund of Rs 1 lakh crore in supplementary demands for grants.
- Finance Minister Nirmala Sitharaman said the fund will act as a buffer to absorb shocks from unforeseen global challenges, including the present tensions in West Asia.
- The plan calls for an inter-account transfer of Rs 1 lakh crore to create the fund, with a net cash outgo of Rs 57,381.84 crore and the remainder from savings.
- The House approved extra spending of Rs 2.01 lakh crore by voice vote, with the government saying the fiscal deficit will remain within the Revised Estimates at 4.4 per cent of GDP.
- Political disruption in the House accompanied the debate as Opposition members trooped into the well shouting slogans, and the package reallocates Rs 41,822 crore for defence, Rs 19,230 crore for fertiliser subsidy, and Rs 23,641 crore for PMGKAY.
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Economic stabilisation fund will help govt manage global challenges: Sitharaman - The Tribune
Finance Minister also proposed gross expenditure of Rs 2.81 lakh crore; following which, Lok Sabha passed second batch of supplementary demands for grants, allowing government to spend Rs 2.01 lakh crore in the current fiscal
·Chandigarh, India
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Total News Sources12
Leaning Left2Leaning Right4Center0Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
L 33%
R 67%
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