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LATEST NEWS UPDATES | Budgetary support to Plan spend hiked 18% by Neeraj Thakur

Budgetary support to Plan spend hiked 18% by Neeraj Thakur

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published Published on Feb 3, 2011   modified Modified on Feb 3, 2011

The ministry of finance and the Planing Commission have finally agreed on increasing gross budgetary support by 18% for the terminal year of the Eleventh Five-Year Plan (2007-2012).

GBS is the monetary assistance provided by the Centre to implement schemes in five-year plans.

The ministry of finance will allocate around Rs4.41 lakh crore as part of the planned expenditure in the Budget for the next fiscal, compared with an allocation of Rs3.73 lakh crore in the current fiscal.

“We had sought an increase of around 20% at Rs4.47 lakh crore. However, we had to agree with the allocation of Rs4.41 lakh crore,” a top Planning Commission official said.

Major allocations would be made in rural development, agriculture education and health.
The total expenditure for the Eleventh Plan was estimated at Rs12,40,581.24 crore.

In the first four years of the plan, the government has allocated Rs867,900 crore.
With the latest increase, the total allocation of Central assistance under the Eleventh Plan has risen by 5% over the original estimates.

The Planning Commission had, in its mid-term appraisal of the Eleventh Plan, said the composition of expenditure for the first three years was different from what was envisaged.
While rural development, transport and energy had received more than their projected allocation, sectors such as health and education had received less due to limited spending capacity.

“The expenditure on rural development cannot be reduced as the Mahatma Gandhi National Rural Employment Guarantee Act needs to be allocated more money. We are focusing on areas of health and education this year to make for the previous years,” said the official.

Wages under MGNREGA, Prime Minister Manmohan Singh said on Wednesday, will be increased by 17%-30% from the current Rs100.

That’s twice the wages of Rs65 announced when MGNREGA was launched in 2006.

The official also told that it would not be possible to implement Food Security Act from the planned expenditure as it needs a huge increase in the GBS.

“The government may implement the act by allocating money under the non-planned expenditure,” he said.

While the National Advisory Council under the chairmanship of Sonia Gandhi is asking the government to implement National Food Security Act in the final year of the plan, according to the initial estimates by government departments the budget requirement may well be over Rs70,000 crore.

According to sources, Planning Commission deputy chairman already conveyed to the council that implementing Food Security Act would not be possible in the current plan.

DNA, 3 February, 2011, http://www.dnaindia.com/money/report_budgetary-support-to-plan-spend-hiked-18pct_1502407


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