India seeks OK for $8.5 bn extra spending

Reuters
Posted: Tuesday, Nov 20, 2007 at 0000 hrs IST
Updated: Tuesday, Nov 20, 2007 at 2043 hrs IST

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New Delhi, November 20:: India sought on Tuesday approval to spend an extra 332.91 billion rupees ($8.5 billion) in the year to March 2008, but said 214.21 billion rupees of that would come from savings by various ministries.

In a supplementary demand for grants laid before Parliament by the finance ministry, the Government said net extra cash outgo would be 118.70 billion rupees.

The additional expenditure includes 112.57 billion rupees for issuing bonds to oil retailers to partly compensate them for selling fuel at government set prices.

India plans to lower its fiscal deficit to 3.3 percent of GDP in the year to March, from 3.5 percent in 2006/07.

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India seeks OK for $8.5 bn extra spending

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