NEW DELHI :  Faced with severe financial crunch, the government may roll over a record 400 bln rupees of fertiliser subsidy to the next financial year starting April, two government officials said.

The rollover is expected to be 400 bln rupees, or about 35% of the revised estimate of fertiliser subsidy for the current financial year, a finance ministry official said.

The fertiliser ministry’s has estimated the subsidy at 1.195 trln rupees in 2013-14, compared with the original Budget estimate of 660 bln rupees. The finance ministry has so far approved fertiliser subsidy of about 705 bln rupees for 2013-14, an official of the ministry said.

The government is also likely to roll over petroleum and food subsidies in view of the precarious fiscal situation. In the first eight months of 2013-14, it has already touched 94% of the fiscal deficit target for the full year.                 -Cogencis

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