Lok Sabha clears first stage of Budget 2011-12

The Lok Sabha today approved the first stage of Budget for 2011-12 and supplementary spending for the the current fiscal. The House approved the supplementary demand for the current financial year after Finance Minister Pranab Mukherjee replied to general discussion on the budget in the Lower House.

The government had last week sought Parliament’s nod for the sanction of an additional Rs 79,590 crore to meet extra expenses related to oil and fertiliser subsidies during the current fiscal, over and above the funds allocated earlier.

This includes an additional Rs 21,000 crore for compensating the oil marketing companies for under-recoveries on the sale of sensitive petroleum products, according to the third supplementary demands for grants tabled in the Lok Sabha.

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