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Wednesday, July 28, 2021

House nod for extra spending of Rs 1.87 lakh crore sought

However, the net cash outgo has been reined in at just Rs 23,675 crore, as a substantial chunk (Rs 1,63,527 crore) of the extra spending will be met through savings from expenditure compression across several ministries, and enhanced receipts and recoveries.

By: ENS Economic Bureau | New Delhi |
July 21, 2021 3:00:58 am
Finance Minister Nirmala Sitharaman

Three weeks after rolling out a relief package to mitigate the Covid blow, Finance Minister Nirmala Sitharaman on Tuesday sought Parliamentary clearance for a gross additional spending of Rs 1.87 lakh crore during the current fiscal.

However, the net cash outgo has been reined in at just Rs 23,675 crore, as a substantial chunk (Rs 1,63,527 crore) of the extra spending will be met through savings from expenditure compression across several ministries, and enhanced receipts and recoveries. The net outgo is dominated by expenditure proposals for the health sector. Sitharaman laid the statement of the demands, which included 47 grants and one appropriation, in the lower House. —FE

Pension money to be allowed into IPOs, NSE-200 cos: PFRDA

NEW DELHI: Pension fund managers (PFMs) will soon be allowed to invest in initial public offerings, and also in a broader list of stocks, a top official from sector regulator PFRDA said on Tuesday.

The Pension Regulatory and Development Authority (PFRDA) is aiming to increase the number of subscribers looking to build a retirement corpus by 1 crore in FY22 with the increase in interest during the pandemic, its Chairman Supratim Bandyopadhyay told reporters.

Currently, there are restrictions under which PFMs can invest the equity component of a corpus only in scrips traded on the options and futures segment with a market cap of over Rs 5,000 crore.

Officials said this restricts the opportunities for fund managers, who have been able to deliver a compounded annual growth rate of 11.31 per cent on equity investments since the beginning of the new pension scheme. They pointed out Avenue Supermarkets as a case in point, where PFMs were not able to enter due to restrictions.

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