India unveils $141 billion plan to extend free food grains program
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The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population.
India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur.
The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population. Prime Minister Narendra Modi's government had previously declared the extension of the welfare scheme, slated to conclude in December, by an additional five years.
The decision, approved in a recent cabinet meeting, underscores the commitment to fortify food security and alleviate financial challenges for the marginalised segments of society.
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The ambitious initiative comes just ahead of the upcoming general elections in early 2024.
"Free food grains will strengthen food security and mitigate any financial hardship of the poor and vulnerable sections of the population," stated the government in response to the decision.
Despite the financial commitment, the government remains optimistic about achieving its fiscal deficit target for the current financial year. According to Reuters, Economic Affairs Secretary Ajay Seth expressed confidence in maintaining fiscal discipline while allocating resources to vital social welfare programs.
Ajay Seth, while addressing a separate event, assured that the government is on track to meet its fiscal deficit target of reducing it to 5.9 per cent of gross domestic product (GDP) for the fiscal year ending March 31.
The commitment to fiscal responsibility is part of a broader strategy, with India aiming to further reduce the fiscal deficit to 4.5 per cent of GDP by the fiscal year 2025-26. This disciplined approach to fiscal management demonstrates the government's intent to balance social welfare initiatives with fiscal prudence, an attempt towards ensuring sustainable economic growth.
(With inputs from Reuters)
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