INSUBCONTINENT EXCLUSIVE:
Finance ministry has actually asked departments to keep a tab on their costs to maintain financial deficitNew Delhi: In a bid to preserve
financial deficit within the targeted limitation, the financing ministry has actually asked ministries and departments to restrict their
expenses with the revised estimates.The interaction comes ahead of the union spending plan 2022-23, likely to be unveiled on February 1
In an office memorandum looking for proposals for the third and final batch of supplemental needs for grants, the economic affairs
department under the finance ministry asked the ministries and departments to send their propositions by February 10
While processing propositions for supplementary grants, the grant-controlling authority must invariably determine savings available within
the grant so that the infructuous or inflated supplementary demands are removed and the eventuality of surrender after obtaining
supplemental grant is avoided, it said.The proposition for supplemental demands for grants might be predicted after a thorough and unbiased
evaluation of additional requirements of funds, it said
All the ministries and departments have been requested to contain the expenditure within the authorized modified price quote ceilings, it
said.The government approximates a financial deficit of 6.8 per cent of the gross domestic product (GDP) in the current financial year
Fiscal deficit is an indicator of the federal government's loaning to fulfill the shortfall in between expenditure and invoices from taxes
and other sources.The memorandum further stated the need proposition must be made after an extensive evaluation of savings within the Grant
In cases where re-appropriation can be made without the requirement of Supplementary based on the extant provisions, no Supplemental
proposal, consisting of for a token amount, ought to be proposed
Such requirement might be satisfied by re-appropriation of savings after getting approval of qualified authority, it said.The cases that
will be qualified to be included under such demands consist of those where advances from the Contingency Fund of India have been
granted.Besides, payments versus court decree will be included too in cases where the finance ministry has actually specifically encouraged
moving of extra demand in the spending plan session, it said.The two-phase Budget plan session starts on January 31 and continues till April
