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India plans over $40 billion for food, fertiliser subsidy for 2022/23: Report

For the current fiscal year the finance ministry had budgeted 835 billion rupees for fertiliser subsidies, although the real allocation could rise to a record 1.5 trillion rupees.

January 28, 2022 / 10:03 PM IST
Representative image

Representative image

India is likely to set aside about 3 trillion rupees ($40 billion) on food and fertiliser subsidies in its budget next week for 2022/23, officials said, roughly the same amount the government budgeted for this fiscal year ending in March.

India's subsidy bills have spiralled due to pandemic relief measures for the poor and a sharp rise in global prices of chemicals. New Delhi has already raised fertiliser subsidies twice in this fiscal year, and sources said that its payouts for 2021/22 could be its highest yet.

In the budget Finance Minister Nirmala Sitharaman is due to present on Tuesday, the government will allocate 1.1 trillion rupees to fertiliser subsidies, and 2 trillion rupees to food subsidies, three officials told Reuters on condition of anonymity.

ALSO READ: Budget 2022 | Finance Ministry plans $19-billion fertiliser subsidy: Report