Food, fertilizer, petroleum subsidy estimated to be Rs 5.21 lakh crore in the current financial year
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According to the budget document, the government in its Revised Estimates (RE) for the financial year 2022-23 has estimated the total subsidy on food, fertilizers and petroleum at Rs 5,21,584.71 crore. Its actual budget in the last financial year was Rs 4,46,149.24 crore.
Government subsidies on food, fertilizers and petroleum are estimated to increase by 17 percent to Rs 5.21 lakh crore in the current financial year. It is estimated to decrease by 28 percent to about Rs 3.75 lakh crore in the next financial year 2023-24. According to the budget document, the government in its Revised Estimates (RE) for the financial year 2022-23 has estimated the total subsidy on food, fertilizers and petroleum at Rs 5,21,584.71 crore. Its actual budget in the last financial year was Rs 4,46,149.24 crore.
Out of the total subsidy on these three items, food subsidy is estimated to decline marginally to Rs 2,87,194.05 crore in the current financial year, from Rs 2,88,968.54 crore in 2021-22. However, the fertilizer subsidy is estimated to increase to Rs 2,25,220.16 crore during this financial year from Rs 1,53,758.10 crore in the previous financial year. During this period, subsidy on urea has increased from Rs 1,00,988.13 crore to Rs 1,54,097.93 crore, while subsidy on Phosphatic and Potassic (P&K) fertilizers has increased from Rs 52,769.97 crore to Rs 71,122.23 crore.
Petroleum subsidy is also estimated to increase from Rs 3,422.60 crore to Rs 9,170.50 crore in the said period. During the current financial year, the Center has decided to increase the subsidy on Urea as well as Phosphatic and Potash (P&K) fertilizers in view of the sharp rise in global prices amid the Russia-Ukraine conflict to ensure that farmers get Keep getting fertilizers at low cost. The total subsidy on food, fertilizers and petroleum for the next financial year is estimated to decline by 28 per cent to Rs 3,74,707.01 crore from Rs 5,21,584.71 crore in 2022-23.
Of this, the fertilizer subsidy is estimated to decline from Rs 2,25,220.16 crore in the current financial year to Rs 1,75,099.92 crore in 2023-24. Petroleum subsidy is estimated to decrease from Rs 9,170.50 crore to Rs 2,257.09 crore in the current financial year. Food subsidy is estimated to decline from Rs 2,87,194.05 crore in FY 2022-23 to Rs 1,97,350 crore in the next fiscal as the government discontinued the free food grain scheme launched during the pandemic.
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