Budgetary allocation up by 29.4%

Optimistic of the economic growth, the Union Finance Minister, P Chidambaram has increased the budgetary allocation at Rs16,65,297 crore and of plan expenditure at Rs5,55,322 crore, up 29.4% compared to the revised estimate of the current year.

Mumbai, India (prHWY.com) March 1, 2013 - New Delhi: Optimistic of the economic growth, the Union Finance Minister, P Chidambaram has increased the budgetary allocation at Rs16,65,297 crore and of plan expenditure at Rs5,55,322 crore, up 29.4% compared to the revised estimate of the current year.

"The economic space that we have gained has given me the confidence to be more ambitious in 2013-14," states Chidambaram while presenting the budget in the Parliament today.

Anticipating a global and domestic recovery, the total expenditure for 2012-13 had been fixed at Rs14,90,925 crore. However on the back of slowdown and the austerity measures, the allocation was revised to Rs14,30,825 crore or 96% of the budget estimate.

"I have provided sufficient funds to each Ministry or Department consistent with their capacity to spend the funds. Now, it is over to the Ministries and Departments to deliver the outcomes through good governance, prudent cash management, close monitoring and timely implementation," he further added.

EPC News Bureau

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Categories: Economy

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