Processing .....please wait.. 
The article has been forwarded.... 
LS approves Rs 90 B supplementary grants demand
Thursday, 12 December 2002, 20:30 IST
NEW DELHI: The finance ministry's demand for supplementary grants of 
90.45 billion was approved by the Lok Sabha Wednesday by a voice vote.
The supplementary grant includes a provision of 19.49 billion bailout package for Unit Trust of India (UTI), the country's largest fund manager, and 38.06 billion for drought relief programmes for the fiscal year ending March 31.
Finance Minister Jaswant Singh said that the government would soon announce a national programme to provide drinking water throughout the country in a bid to help states fight the worst drought in over a decade.
India has witnessed a drought spread over 14 states that has further impacted plans to reduce the fiscal deficit to 5.3 percent of the gross domestic product.
During 2001-02 fiscal, India's deficit was 5.9 percent of gross domestic product, higher than the targeted 4.7 percent.
The bailout package for the state-run UTI would include 4.38 billion for meeting shortfalls under its flagship US-64 scheme and 15.11 billion for the assured return schemes.
UTI had shocked the Indian financial system last year by announcing a temporary freeze on the US-64 scheme due to a fund shortage.
Singh said the supplementary demand for grants involved cash spend of only 50.32 billion, as savings would match the remaining 40.13 billion.
The second batch of supplementary demands includes 37 grants for various ministries.
Source: IANS
90.45 billion was approved by the Lok Sabha Wednesday by a voice vote.
The supplementary grant includes a provision of 19.49 billion bailout package for Unit Trust of India (UTI), the country's largest fund manager, and 38.06 billion for drought relief programmes for the fiscal year ending March 31.
Finance Minister Jaswant Singh said that the government would soon announce a national programme to provide drinking water throughout the country in a bid to help states fight the worst drought in over a decade.
India has witnessed a drought spread over 14 states that has further impacted plans to reduce the fiscal deficit to 5.3 percent of the gross domestic product.
During 2001-02 fiscal, India's deficit was 5.9 percent of gross domestic product, higher than the targeted 4.7 percent.
The bailout package for the state-run UTI would include 4.38 billion for meeting shortfalls under its flagship US-64 scheme and 15.11 billion for the assured return schemes.
UTI had shocked the Indian financial system last year by announcing a temporary freeze on the US-64 scheme due to a fund shortage.
Singh said the supplementary demand for grants involved cash spend of only 50.32 billion, as savings would match the remaining 40.13 billion.
The second batch of supplementary demands includes 37 grants for various ministries.
Source: IANS