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May 20, 2024 8:34 pm

Budget 2023: Subsidies on fertilizer reduced by 22%, food 31%

New Delhi, February 2

Subsidies on fertiliser and food for 2023-24 (April-March) have been reduced by 22 per cent and 31 per cent each in comparison to the revised budget estimates for the current financial year ending March 2023.

Accordingly, subsidies on fertiliser have been cut from Rs 225,220 crore to Rs 175,100 crore in 2023-24. For food, it has been reduced from Rs 287,194 crore to Rs 197,350 crore in 2023-24.

In 2022-23, subsidies on fertiliser and food rose substantially due to free food programme and shooting up of fertiliser prices globally.

For 2022-23, subsidies on fertiliser were estimated to rise from Rs 105,222 crore (Budget estimate) to Rs 225,220 crore (revised estimate).

For food, the subsidy was raised from Rs 206,831 crore (Budget estimate) to Rs 287,194 crore (revised estimate).

Meanwhile, Indian economy is backed by strong macroeconomic fundamentals there are ample indicators to back it.

Be it capital expenditure, asset quality of banks, foreign exchange reserves, GST collections, fiscal consolidation, and convergence of wholesale and retail inflation, Budget document data showed all these indicators to be on a strong ground.

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