Posted 2/1/2024, 5:45:43 PM
Government Slashes Subsidies for FY25; Lower Global Prices to Ease Fiscal Pressure
- Food and fertilizer subsidy bill projected to decline by over 7% in FY25, aided by fall in global commodity prices
- Fertilizer subsidy allocation lowered by 13% for FY25 based on recent downward trend in global prices
- Food subsidy allocation also reduced by over 3% for next fiscal
- Petroleum subsidy cut by 2.6% for FY25
- Centre's tax revenue buoyancy and lower subsidy bill to help rein in borrowing, make room for private investments