india food subsidy law \to cost 22 bn\
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

India food subsidy law 'to cost $22 bn'

Arab Today, arab today

Arab Today, arab today India food subsidy law 'to cost $22 bn'

New Delhi - AFP

A proposed new food security law in India guaranteeing subsidised grains for the poor would cost the country an estimated 1.1 trillion rupees ($22.3 billion), an official said Wednesday. The senior food ministry official, speaking to Dow Jones Newswires on condition of anonymity, said the government planned to introduce a bill in the monsoon session of parliament, which begins on August 1. "It will be politically prudent for the government to get it (the bill) passed before Christmas," he said, adding that it would help bolster support for the government among the poor at a time of surging food prices. The cost of food is up nearly 10 percent over the year, according to the latest inflation figures, and some months have seen a spike of nearly 20 percent compared with a year ago. Last December, there were demonstrations over the price of onions, which are a staple in Indian cooking. Under the current draft of the law, anyone living under the official poverty line would be guaranteed 7.0 kilograms (15.4 pounds) of subsidised grain per month. The official said that the government was working to determine where the poverty line should be drawn. A senior ministry official who spoke to AFP on condition of anonymity said, "Nothing has been finalised yet as far as the bill is concerned." Some economists have warned about the cost of the proposed law, which would add to India's already wide budget gap unless the government finds fresh sources of income. Finance Minister Pranab Mukherjee has forecast a budget deficit of 4.6 percent of gross domestic product for the fiscal year ending March 2012, but this is based on what many analysts view as optimistic growth forecasts. "The government may cut back on development expenditure next fiscal year -- crucial to stimulate growth -- to keep the fiscal deficit in check," Madan Sabnavis, chief economist at Care Ratings, told Dow Jones. But economist Abhirup Sarkar at the Indian Statistical Institute said that the government could afford to fund the bill, even if it caused the deficit to spiral further. "I don't think the deficit is cause for concern at present. We have to prioritise a bill which will feed the poor and create a healthy labour force, which in turn will increase productivity," he told AFP. The food security law is a key part of the ruling Congress party's programme as it looks to cater to the rural poor who helped return it to power in 2009 national elections. Food prices have jumped globally because of bad weather conditions affecting harvests, rising demand and a boom in commodities futures trading. On Friday the UN Food and Agriculture Organisation warned that food inflation would continue, with the projected price for cereals expected to rise by 20 percent and meat by 30 percent over the coming decade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india food subsidy law \to cost 22 bn\ india food subsidy law \to cost 22 bn\

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india food subsidy law \to cost 22 bn\ india food subsidy law \to cost 22 bn\

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 22:29 2017 Monday ,10 July

Spanish queen cancels jubilee trip to London

GMT 11:21 2017 Wednesday ,15 November

UN condemns N. Korea for firing missiles as people starve

GMT 06:37 2017 Sunday ,02 July

Citizen releases two new models for Citizen L

GMT 14:38 2017 Sunday ,08 October

Trio takes chemistry Nobel for ‘cool’ method

GMT 07:01 2017 Tuesday ,14 February

Ready for intense times

GMT 20:26 2017 Wednesday ,08 March

At least 19 die in fire in Guatemala juvenile center

GMT 16:22 2017 Friday ,10 February

Makkah governor inaugurates projects in Rabigh

GMT 16:49 2018 Thursday ,18 October

Vidal fined 800,000 euros for Munich nightclub fight

GMT 14:04 2013 Thursday ,18 July

Chinese automakers rev up overseas expansion

GMT 23:43 2017 Tuesday ,14 March

Internationally renowned speaker to visit Dubai
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday