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  1. Finance Minister Arun Jaitley seeks extra $4 billion net spending, cash for banks

Finance Minister Arun Jaitley seeks extra $4 billion net spending, cash for banks

Finance Minister Arun Jaitley 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.

By: | New Delhi | Published: July 31, 2015 3:05 PM
Arun Jaitley

Finance Minister Arun Jaitley asked the Lok Sabha to agree to additional spending of Rs 255 billion. (PTI)

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.

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