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Fert Min seeks additional fund for subsidy arrears

By Religare
|

Fertiliser Ministry has asked for additional funds to clear the subsidy arrears of fertiliser manufacturers estimated at over Rs 30,000 crore, in the upcoming budget for the next fiscal, said the media report.

Besides additional funds demanded for outstanding subsidy payments, sources said the Ministry demanded the Budget allocation for the next fiscal be kept at the current year's level of nearly Rs 73,000 crore.

"The ministry's has sought additional funds to clear the long pending subsidy arrears of over Rs 30,000 in the next fiscal," a source said.

 

According to the sources, this additional funds demanded by the ministry is over an above the normal allocation.

"The Ministry has demanded almost the same amount of subsidy as it was allocated in the current year's budget," the source added

Government had allocated a sum of Rs 72,970.30 crore in the Union Budget for 2014-15 towards fertiliser subsidy payments.

Faced with liquidity crunch, fertiliser industry body FAI has also written to Finance Minister Arun Jaitley seeking arrangement of funds to clear outstanding subsidy arrears, which are likely to cross Rs 40,000 crore by March-end.

Story first published: Wednesday, February 25, 2015, 23:00 [IST]
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