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Press Information Bureau
Government of India
Ministry of Finance
23-November-2012 16:56 IST
The details of total subsidy outgo as a proportion to Gross Domestic Product (GDP) of the country is as follows:
Rs. In crore
| Actuals | Actuals | Revised | Budget |
2009-10 | 2010-11 | 2011-12 | 2012-13 | |
Subsidies | 141,351 | 173,420 | 216,297 | 190,015 |
Out of which for
Food | 58,443 | 63,844 | 72,823 | 75,000 |
Fertiliser | 61,264 | 62,301 | 67,199 | 60,974 |
Petroleum | 14,951 | 38,371 | 68,481 | 43,580 |
GDP | 64,57,352 | 76,74,148 | 89,12,179 | 101,59,884 |
Subsidies as % of GDP | 2.2% | 2.3% | 2.4% | 1.9% |
To improve the quality of public spending, the Government would endeavour to restrict the expenditure on Central subsidies to under 2% of GDPO in 2012-13 and to further bring it down to 1.75 of GDP over the next three years.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.
* * *
DSM/RS/bs
Limit on central subsidies aims to cap subsidy outgo relative to GDP, initiating a staged fiscal consolidation plan. Government press release provides sectoral subsidy figures for food, fertiliser and petroleum and overall subsidy as a proportion of GDP, and states an operative policy commitment to restrict the expenditure on Central subsidies to under 2% of GDP in 2012-13 and to reduce it to 1.75% of GDP over the next three years, framing a fiscal consolidation target affecting budgetary allocations and subsidy policy. of Press 'Enter' after typing page number.
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