December 20, 2018 / 7:05 AM / in 2 months

Government seeks parliament nod for extra $12.3 billion gross spending

People stand in front of the parliament building in New Delhi, February 1, 2018. REUTERS/Adnan Abidi/Files

NEW DELHI (Reuters) - The government on Thursday sought parliament approval for 859.48 billion rupees ($12.24 billion) in additional spending, which includes capital infusion of 410 billion rupees in ailing state banks, in the current fiscal year.

In a statement tabled in the lok sabha, Finance Minister Arun Jaitley said the actual outgo will only be 150.7 billion rupees, as the remainder would be funded from savings.

The extra spending is on top of the budgeted 24.42 trillion Indian rupees ($347.20 billion) spending announced for the 2018/19 fiscal year in February, compared with 21.43 trillion rupees expenditure in the previous fiscal year.

($1 = 70.3350 Indian rupees)

Reporting by Nigam Prusty, Writing by Manoj Kumar; Editing by Sanjeev Miglani

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