Budget May Raise Major Subsidies By 8% To $47 Bn In Next Fiscal

India is likely to raise spending on food, fertiliser, and cooking gas subsidies to ₹4.1 lakh crore ($47.41 billion) in the next fiscal year, government sources said, a moderate 8% year-on-year increase to cover higher food and energy costs.

- Reuters

NEW DELHI:

Indian Finance Minister Nirmala Sitharaman will present the national budget on February 1, amid slowing growth in Asia's third-largest economy and rising global uncertainties.

The latest economic slowdown has been largely attributed to weakness in urban regions and investments from companies. The rural economy where a large part of the major subsidies are deployed is showing signs of recovering and sustaining subsidies will be a key support.