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Fiscal Developments 53
Figure 9: Growth in expenditure components during April to November 2021
Source: CGA Monthly Accounts
2.17 During April to November 2021, the expenditure on major subsidies stood at
` 2.31 lakh crore. The components of expenditure on major subsidies may be seen in
Figure 10. Food subsidy being the major component of total subsidies was at two third of its BE
i.e. ` 1.64 lakh crore during the first eight months of 2021-22. The implementation of Pradhan
Mantri Garib Kalyan Ann Yojana – Phase III (May to June 2021), Phase IV (July to November
2021) and Phase V (December to March 2022), announced during 2021-22, would entail an
estimated food subsidy requirement of ` 1.47 lakh crore. This scheme provides free food grains
to beneficiaries over and above the regular monthly NFSA food-grains.
Figure 10: Expenditure on Subsidies during April to November 2021
₹ 2.31 lakh cr ₹ 1.64 lakh cr
₹ 0.65 lakh cr
₹ 1342 cr
Total Major Food Subsidy Fertilizer Petroleum
Subsidies Subsidy Subsidy
Source: CGA Monthly Accounts
2.18 Emphasis on capital expenditure has been the highlight of expenditure policy during the
current fiscal. During April to November 2021, capital expenditure registered a growth of
13.5 per cent over April to November 2020 and 28 per cent over April to November 2019
(Figure 9). As depicted in Figure 11, this growth is higher than the YoY capital expenditure
growth recorded in the last few years during the same period. It is noteworthy to mention that
there is a strong seasonality in capital expenditure by the Government. A large proportion of
