India aims to cut spending on food and fertiliser subsidies to 3.7 trillion rupees ($44.6 billion) in the fiscal year from April, down 26% from this year, two government officials said, to rein in a fiscal deficit that ballooned during the COVID-19 pandemic.
Food and fertiliser subsidies alone account for about one-eighth of India's total budget spending of 39.45 trillion rupees this fiscal year, but reductions in food subsidies in particular may prove politically sensitive with elections looming on the horizon.
Spending on fertiliser subsidies will likely fall to about 1.4 trillion rupees, according to one of the officials and a third government official. That compares with nearly 2.3 trillion rupees this year, the third official added.The finance ministry declined to comment, while the food and fertiliser ministries did not immediately reply to requests for comment., which will be replaced with a lower-spending programme, the first two officials said.
The government plans to shave at least half a percentage point from the ratio in 2023/24, the first two officials said. The three officials said the latest subsidies estimates for 2023/24 may be adjusted when a final round of discussions takes place, by mid-January.
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