Government to seek Parliament funds as costs challenge Nirmala Sitharaman
Business
The government is planning to ask Parliament for more money because costs are piling up: think bigger bills for fertilizer and oil subsidies, plus a massive ₹1.9 lakh crore push to boost electronics manufacturing.
All this is making it tougher for Finance Minister Nirmala Sitharaman to stick to the goal of keeping the fiscal deficit at 4.3% of GDP this year.
Parliament approval and revenue sources vital
Even if some savings from the budget help out, any extra cash still needs Parliament's approval.
Uncertainty in West Asia has made things trickier, so officials are rethinking earlier plans and proceeding toward legislative clearance despite uncertainty.
Meanwhile, steady GST and tax collections (and selling stakes in public companies like IDBI Bank) are crucial for bringing in more money.