Financial Daily from THE HINDU group of publications
Thursday, Dec 12, 2002
Financial Daily from THE HINDU group of publications Thursday, Dec 12, 2002 |
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Industry & Economy
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Economy Rs 9,045-cr supplementary demands passed Our Bureau
NEW DELHI, Dec. 11 THE Lok Sabha has approved the supplementary demands for grants which includes an assistance of Rs 1,949.11 crore towards the UTI for meeting the difference between the assured repurchase price and the net asset value of US-64 and also for meeting the shortfall in other assured return schemes. Replying to the debate on the second supplementary demand for grants in Lok Sabha, the Finance Minister, Mr Jaswant Singh, said that the Government would provide support to States combating drought through various development schemes. The Government has obtained Lok Sabha's approval to provide for Rs 3,806 crore for drought relief under the Sampoorna Grameen Rojghar Yojana and Food for Work Programme. Mr Singh said that the Government would announce a national programme to provide potable water and also give support to the plantation sector. A Rs 500-crore plantation modernisation fund has also been set up for the benefit of planters and others associated with plantation activities relating to tea, coffee, rubber, arecanut and other plantation activities. The supplementary demands aggregating Rs 9,045.05 crore was passed by the Lok Sabha by voice vote. Of this, the net cash outgo is around Rs 5,032.11 crore. The amount is in addition to Rs 2,000 crore sought by the Finance Ministry in the first supplementary demand for grants. The support for UTI includes Rs 438 crore for meeting the shortfall between the assured repurchase price and the NAV of the US-64 scheme. This will entail a cash outgo. The Centre will, however, not be required to fork out extra monies for the meeting the estimated liability of Rs 1,511 crore on account of the shortfall in the assured return schemes of UTI. This will be matched by receipts of an equivalent amount.
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