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NEW DELHI (Reuters) - The government on Monday sought parliamentary approval to spend a net additional 198.12 billion rupees ($4.39 billion) in the 2010/11 fiscal year.
Finance Minister Pranab Mukherjee told parliament the gross additional spending nod sought was for 449.46 billion rupees. The government has a budget target of spending 11.09 trillion rupees in the current fiscal year.
The finance minister also sought parliamentary approval for spending 50 billion rupees towards compensation to fertiliser firms and 2.78 billion rupees as cash compensation to state-run oil marketing firms for selling products below cost.
The finance minister told parliament that the additional spending will not increase 2010/11 fiscal deficit, which the government aims to limit to 5.5 percent of gross domestic product.
The government seeks legislative approval for spending amounts beyond what it estimates during the budget for the year. Generally, these additional sums are for increases in major expenditure heads such as interest payments and subsidies.
Mukherjee, while setting the 2010/11 fiscal deficit target in February, had said the the gap would be partially funded through market borrowings of 4.57 billion rupees.
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