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“I propose to discontinue NSSF”- Nirmala Sitharaman

 


We all are aware of the Union Budget, which was the first ever bill that was paperless in India, presented by the Finance Minister of the Union Nirmala Sitharaman. The bill has some big food news for the industry, the food subsidy bill spiked the year 2021, from Rs. 1.5 lakh crore in 2020-21 budget estimates to Rs.4.55 lakh crore in the revised estimates, it also reflects the additional price of the free foodgrain distribution in the wake of the pandemic COVID19. 


The food budget for the year 2021-22 is Rs.2.43 lakh crore. Many of the economists have been glad for such a move by the centre. They say it would help the centre to clean the Government's account and would improve the financial health of the Food Corporation of India (FCI). “I propose to discontinue the NSSF [National Small Savings Fund] loan to FCI for food subsidy and accordingly Budget provisions have been made in RE 2020-21 and BE 2021-22,” Finance Minister Nirmala Sitharaman said while she was reading the script of the budget. 


Food Corporation of India gets grains from the farmers and then provides it to the poor population of India under the scheme of Public Distribution System (PDS), which is as many as 80 crore. The cost of the wheat is Rs.27 and the cost of rice is Rs.37. The food articles suggest that the price for the poor is Rs.2 for wheat and Rs.3 for rice. 



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