Finance Minister Arun Jaitley on Friday sought parliamentary approval to spend a net additional $4 billion in the current fiscal year, almost half of it earmarked to inject capital into state-run banks struggling with bad debts.
Finance Minister Arun Jaitley asked the Lok Sabha to agree to additional spending of Rs 255 billion. The government has a budget target of spending Rs 17.77 trillion ($277 billion) in the 2015/16 fiscal year.
In the annual budget in February, Jaitley provided Rs 79.4 billion ($1.24 billion) to bolster capital reserves of the state-banks.