NCLAT set aside Nike India’s plea to initiate insolvency against its one dealer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed a petition filed by Nike India to initiate insolvency proceedings against one of its dealers.

A two-member NCLAT bench upheld the orders of the National Company Law Tribunal (NCLT), which on December 22, 2022, rejected the footwear and apparel maker’s plea to initiate the insolvency proceedings against its distributor on the ground of pre-existing dispute.

The appellate tribunal further said it was “not satisfied with the submission of the Appellant (Nike India) that dispute is a moonshine dispute.” However, the NCLAT said Nike India is free to take recourse to the mechanism as provided in the Distributorship Agreement for realisation of its dues.

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Nike India, an operational creditor had issued a notice under section 8 of the Insolvency & Bankruptcy Code (IBC) claiming an amount of Rs 3.15 crore.

In its reply, Nike India’s claim was disputed by Enkay Brand Distribution.

On this, Nike India said it was a “moonshine” since in the distributorship Agreement between the parties, there was no liability which could have been fastened on the ground of sale on a lower price by the Corporate Debtor (distributor) and further under the agreement between the parties, Distributorship Agreement, no claim could have been raised.

However, after going through the reply, the NCLAT said it raises issues pertaining to a pre-existing dispute between the parties.

It further said the distributorship agreement between parties is not disputed and Nike India has claims against the Corporate Debtor.

“Appellant is free to take recourse to the mechanism as provided in the Distributorship Agreement for the realisation of its dues,” it said.

NCLAT further said that the present matter is not a case, where Section 9 (insolvency) proceedings under I&B Code can be initiated when a dispute is raised in reply to the Section 8 notice.

“We, thus, are of the view that the Adjudicating Authority did not commit any error in dismissing the Section 9 application. The appeal is dismissed,” said NCLAT.

Under section 8, an operational creditor, on the occurrence of a default, sends a demand notice of unpaid debt to the corporate debtor. IBC says corporate debtors shall reply within a period of ten days of the receipt of the demand notice.

Also Read: Supreme Court agrees to hear Torrent’s plea against NCLAT nod on March 20

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sleepless and Reflective: Founders and investors draw lessons from Silicon Valley Bank collapse

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The last three days were crushing, bemoaned Vaibhav Domkundwar, founder of Better Capital, as he reflected on the weekend that saw the collapse of Silicon Valley Bank, the tech sector’s go-to bank.

“We are coming out of three crushing days. I have been an entrepreneur for 20 years and I don’t think I have had an experience like this where you suddenly are told that you may not have access to the only bank account that runs your company.”

Better Capital, one of India’s most active investors in early-stage startups, saw about 30 percent of its portfolio affected by the crisis. Even as Domkundwar worked with his founders to control the damage, it wasn’t easy.

Also read: SVB collapse | Will there be an impact on Fed’s decision, economists evaluate

“On Thursday evening, when reports came out, fear came in. A whole ecosystem around the world banks with SVB. We all wanted to be responsible around not causing more damage, but I think the fear just took (on) another proportion and I think every founder was really forced to figure out what’s next,” he said.

Recapping the events of the weekend, Domkundwar recalled, “Between Thursday night and Friday afternoon (India time), everything became a 100 times worse. People were just not able to wire money. Founders who were supposed to make payrolls — a lot of them found out about the FDIC insurance for the first time. I don’t think anyone was able to sleep for the last three days.”

On Friday, regulators in California shut down Silicon Valley Bank (SVB) and handed control over to the US Federal Deposit Insurance Corporation (FDIC). As a receiver, the FDIC was working to liquidate the bank’s assets to pay back its customers, including depositors and creditors.

This move was the culmination of a shocking 48 hours during which concerns about the prominent tech lender’s liquidity prompted startups to consider withdrawing funds and raised fears of contagion risk for the wider financial industry.

Before being shut down, SVB was the 16th largest bank in the United States, operating a total of 17 branches in California and Massachusetts. The bank had $209 billion in assets and $175.4 billion in deposits. It is currently unclear how much of the bank’s deposits exceeded the $250,000 insurance limit at the time of its closure. The bank was estimated to be working with over half of the VC-funded startups in the valley.

To prevent a feared systemic panic caused by the collapse of Silicon Valley Bank, the US government along with the US Federal Reserve and the FDIC  devised a plan on Sunday to support depositors with money in SVB. 

Additionally, depositors at Signature Bank in New York, which was also shut down due to similar contagion fears, will have full access to their deposits. Signature Bank was a popular funding source for cryptocurrency companies. 

Also read: SVB collapse | Andrew Ross Sorkin says US ‘bailout plan’ is fine for now, but …

“Depositors will have access to all of their money starting Monday, March 13”, a joint statement read.

The US Treasury Department identified SVB and Signature as systemic risks and authorised the unwinding of both institutions in a way that fully protect all depositors. The FDIC’s deposit insurance fund will cover depositors, including those who were uninsured due to the $250,000 deposit cap.

Furthermore, the US Federal Reserve announced the creation of a new Bank Term Funding Program to safeguard institutions affected by the market instability caused by the collapse of SVB.

The support for depositors came in after a hectic weekend with investors and entrepreneurs petitioning the authorities to intervene.

Garry Tan, president and CEO of Y Combinator, called the collapse of SVB an “existential threat for startups”, adding that “these depositors will not survive without a government plan to ease this liquidity crunch. Over 1,000 YC companies have been affected with a third not being able to make payroll in the next 30 days”.

The tech investor called on the Congress to act more decisively to save SVB after it was taken over by regulators on Friday.

Tan wrote a petition to Treasury Secretary Janet Yellen, Chairman Martin J. Gruenberg, Chairman Sherrod Brown and Chairman Patrick McHenry asking, “for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.” The petition is signed by over 600 CEOs and founders.

“We are not asking for a bailout for the bank equity holders or its management; we are asking you to save innovation in the American economy,” the petition read.

Also read: SVB collapse: Why world equity markets are feeling the heat of the crisis

A much-admired company for its support to tech businesses, Silicon Valley Bank was the most preferred bank for VC firms and technology startups, and now the big question, is who can fill the gap? 

“In my opinion, SVB was banking a high quality of borrower, it was fueling the innovation economy. The longer-term question is which of the other banks will step up in India for Indian startups but also globally to create the same kind of offerings and services that founders had gotten used to with SVB,” rued Nitin Sharma, co-founder and General Partner at global VC Antler.

“If you’re a 23-year-old founder in life sciences and you get your first angel investor — your first believer to give you a cheque — not many banks until recently would even talk to you because you’re too small for them. So, SVB played a very important role there. And I think time will tell as to what will fill that gap but it’s a big setback for the venture capital ecosystem globally,” he added.

While the immediate threat is contained, there are lessons to be learnt, says Vaibhav Domkundwar of Better Capital, “While it is a shock that none of us wanted, it has also been a great learning experience — for me personally as well as for many of our startups that we worked with for the last three days. What we are basically taking away is: how do we become more resilient? You can’t really say that we parked money in one place and did not know what the FDIC insurance covered; we never went through something like this, so we don’t know — that cannot be the case anymore.”

“A question I have been putting to myself over the last few days is, how can a startup right from the seed stage have access to a fractional CFO who essentially gives them the oversight that is required to help them think through all the things that matter, including treasury and how they are parting the funds that they are raising,” he pondered.

Also Watch: CNBC-TV18’s Ritu Singh decode how Indian startups will be impacted by collapse of Silicon Valley Bank

“I have been a founder all my life, and we are all very focused on just business milestones and several of these things get overlooked. This is an important lesson that the world of startups and the innovation economy has learnt. I know that all our founders and everyone I have spoken to over the last three days are going to take it seriously — they are already putting the next steps in place and you’ll see that we will all come out stronger,” Domkundwar added.

Also read: SVB news: Deposits, assets transferred to FDIC-operated ‘bridge bank’

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Effigies burnt, education board office gheraoed over paper leak in Assam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Student bodies, youth organisations and political parties on Monday staged protests across Assam over the leak of general science question paper, meant for Class 10 state board examination.

Effigies of the state education minister and the chairman of Secondary Education Board, Assam, (SEBA) were burnt by multiple organisation during the day.

The agitators also gheraoed the office of SEBA here, demanding action against the erring personnel. The general science examination, which was scheduled to be held Monday, was cancelled by SEBA on Sunday night following reports that question paper has been leaked.

A case has been filed and the CID ordered to probe the matter, education minister Ranoj Pegu said. In a notification on Monday, SEBA said that March 30 was the revised date for the exam.

Also Read: Assam board exam: General science question paper leaked, test cancelled

Upset for the leak, the All Assam Students’ Union (AASU) held demonstrations, seeking immediate arrest of SEBA’s controller of examination, Nayan Jyoti Sharma AASU members set fire to effigies of Pegu and SEBA chairman RC Jain at different places.

Its general secretary, Sankarjyoti Baruah, said, “This incident once again proves that SEBA is inefficient. There is a need to reconstruct the board. We also want a CBI inquiry to get to the root of the matter.” Members of Students’ Federation of India and Satra Mukti Sangram Samiti also staged separate protests outside SEBA office here.

The Democratic Youth Federation of India, in a press statement, claimed that Pegu must resign over the “lapse” and punitive action should be initiated against the SEBA chairman.

They also questioned the silence of Chief Minister Himanta Biswa Sarma over the fiasco.

Assam Jatiya Parishad (AJP) president Lurinjyoti Gogoi sought the resignation of the chief minister and the education minister, asking them to own moral responsibility for the matter.

Members of the Trinamool Congress and the Aam Aadmi Party also agitated separately in front of the SEBA office, stressing that fixing of responsibility for the leak was necessary.

Also Read: APPSC Paper Leak: State government agrees to demands of PAJSC, bandh called off

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The Elephant Whisperers’ Oscar win puts wildlife conservation front and centre

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It’s been seven years since a medical student throwing a dog from a terrace in Chennai created a nationwide uproar, but unfortunately, not much has changed since. Sure, it’s become fashionable to turn vegan, faux fur is in vogue, and the conversation against animal cruelty is more robust than ever, but in the grand scheme of all that needs doing, it is just a speck of dust.

This is why The Elephant Whisperers winning the Academy Award in the Best Documentary (Short) category is so important. It has put Indian documentaries on the global map and given wildlife conservation a front-row seat on the world’s biggest stage. Though the Kartiki Gonsalves film isn’t overtly political in its messaging, in 41 minutes, it beautifully communicates the essence—this planet and its riches aren’t ours to plunder. We share it with all that breathes and roams the earth. As the most sentient beings in the living world, we, therefore, have a massive responsibility to shoulder.

The Elephant Whisperers reiterates the key learning of My Octopus Teacher, the Pippa Ehrlich and James Reed film that won the Oscar for the best documentary (feature) in 2020—that we’re a part of this place, not a visitor; and therefore, we need to live and behave accordingly. Ehrlich and Reed scoured False Bay’s ocean floor in search of meaning. Gonsalves meanders through the forests of Tamil Nadu’s Mudumalai Tiger Reserve. The protagonist of the first film finds solace in befriending an octopus, the elderly couple in the second in raising two baby elephants.

Produced by Guneet Monga’s Sikhya Entertainment (this is her second Oscar win), The Elephant Whisperers is an intimate portrait of how Bellie and Boman, an elderly tribal couple in South India, form an unlikely family while caring for two orphaned elephants, Raghu and Ammu. Karan Thapliyal, Krish Makhija, Kartiki Gonsalves, and Anand Bansal’s cinematography of verdant greens and wilderness is therapeutic. So is watching the quartet of Boman, Bellie, Raghu, and Ammu going about everyday life with effortless charm and big-heartedness.

Theirs is like any other family. They eat, play, rest, work, celebrate, and grieve together. Their lives and beings are so intertwined that any attempt to disintegrate them feels like sacrilege. Even though the story is by Priscilla Gonsalves, none of it feels performed, watching The Elephant Whisperers is a true-to-life immersive experience of such pristine magnanimity. The bond between the couple and the two pachyderms is precious and endearing, much like a mother’s relationship with her infant. Watch out for the scenes in which Boman asks Raghu to walk under the umbrella on a rainy day and he obeys, or when the four of them get a family photograph clicked all dressed up on Boman and Bellie’s wedding day, or their version of holding hands but with sticks in between, or when the couple makes ponytails of Ammu’s adorable fringes.

However, it’s not mushy without meaning. The Netflix film doles out several powerful philosophical and urgent messages. Some through dialogue, others through visuals, some through its meditative music (by Sven Faulconer), but mostly through silences. They hang as dew drops on tree branches before daybreak, like the quiet affection that swims in Boman’s eyes for Bellie, their animal babies, and the disappearing forest.

That two of the three Oscar nominations from India this year were about the need to coexist mindfully with our flora and fauna screams of its pressing pertinence. If you haven’t watched Shaunak Sen’s All That Breathes yet, you absolutely must. Winner of the Grand Jury Prize at the 2022 Sundance Film Festival and the Golden Eye at the Cannes Film Festival, it was a primary contender for the Academy Award for Best Documentary Feature Film. Our filmmakers are doing their bit. Now the Academy of Motion Pictures Arts and Sciences has taken cognizance too. When will we spring to action?

Read other pieces by Sneha Bengani here.

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Defence Ministry inks Rs 934 crore pact for Normal Refit of Sindhukirti submarine

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Ministry of Defence on Monday signed a contract for the Normal Refit of the Sindhukirti submarine, at Hindustan Shipyard Limited (HSL), Visakhapatnam. The contract, worth Rs 934 crore, aims to enhance the submarine’s operational capability and extend its operational life. The Sindhukirti submarine, which was commissioned into the Indian Navy in 1990, is a part of the Sindhughosh class of submarines.

“In another boost to achieve ‘Aatmanirbhar Bharat’, Ministry of Defence, on March 13, 2023, signed a contract for Normal Refit of Sindhukirti Submarine at Hindustan Shipyard Limited (HSL), Visakhapatnam at an overall cost of Rs 934 crore. Sindhukirti is 3rd Kilo Class Diesel Electric Submarine,” the Ministry said in a statement.

After completion of refit, Sindhukirti will be combat worthy and will join the active submarine fleet of the Indian Navy, it added.

Also Read: Indian Navy halts Hindustan Aeronautics’ ALH Dhruv Helicopter operations after accident

According to the ministry, this refit has been offloaded to develop alternate repair facility for submarines and is a further step towards undertaking Medium refit with Life Certification at HSL.

The project involves more than 20 Micro Small and Medium Enterprises (MSMEs) and would lead to employment generation of 1,000 mandays per day for the project duration.

Acquired in 1990, Sindhukirti is among the oldest operational submarines in the Navy. However, it has been refitted, virtually rebuilt with modern sensors weapons and systems. The 3rd Kilo-Class Diesel Electric Submarine of the Indian Navy can launch torpedoes, missiles and even mines. The Kilo Class submarines are mainly intended for anti-shipping and anti-submarine operations in relatively shallow waters.

Also Read: Ministry of Defence signs Rs 667 crore contract with Hindustan Aeronautics for six Dornier-228 aircraft

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GST misappropriation — Rs 3.11 lakh crore embezzled in 5 years, Rs 1.03 lakh crore recovered: FinMin

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tax evasions, bogus invoices without any deliveries of goods, cyber frauds using Goods and Services Tax (GST) identification numbers, forging up shell companies, fake business transactions, failure to deposit due taxes to authorities and illegally claiming input tax credit (ITC) have now become the biggest reasons for rise in GST-related offences in the country.

The claim is apparent in the figures provided by the Finance Ministry to the Lok Sabha, where the number of such offences that stood at 12,574 in 2021-22 shot up to 13,492 in 2022-23 (till February).

This jump of around 7.3 percent comes after a slowdown in rise of such offences was seen in FY2 to FY22 which was 0.2 percent. The data provided by the ministry to the Parliament on Monday highlights that in the course of five years from 2017 to February 2023, the total registered GST-related offences are 57,111. For FY18, the number of cases were at their lowest at 424, for FY19, it rose to 7,368, in FY20 the numbers were 10,657, in FY21 it again increased to 12,574, followed with a descending trend last fiscal at 12,574. From 2022 to February 23, the number ascended at an all-time high to 13,492.

In terms of percentage, the rise of cases in FY19 was 44.6 percent, FY21 it was 18.2 percent, 0.2 percent in FY22 and 7.3 percent in FY23.

Among all states, Maharashtra topped the list with a total of Rs 60,000 crore of misappropriation being detected, followed by Rs 40,507 crore in Karnataka, Rs 26,156 crore in Gujarat, Rs 24,217 crore in Delhi, Rs 22,712 crore in Haryana and Rs 17,604 crore in West Bengal. A total of 1,316 offenders have been arrested in these five years, the data stated, adding that the maximum number of accused persons are from Maharashtra.

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According to the Finance Ministry, the total amount of money misappropriated and showed in records in these five years is close to Rs 3.11 lakh crore and the recovery made is around Rs 1.03 lakh crore.

To get a hold over the malpractices and stop embezzlement, the government has said it has put into place various measures which includes, using robust data analytics and artificial intelligence to identify and track risky taxpayers and detect tax evasion, carrying out a nationwide special drive against unscrupulous entities for availing and passing on input tax credit (ITC) fraudulently on the strength of fake/bogus invoices.

Further, availing ITC has been restricted to invoices and debit notes furnished by the supplier in their statement of outward supplies, sharing of data with partner law enforcement agencies for more targeted interventions, mandatory Aadhaar-based authentication for new GST registrations as well as centralised suspension of registrations of registered persons who default in timely-filing of returns, among other regulations

Regarding tax evasion by insurance companies, the revenue department informed the Lok Sabha that cases of evasion of indirect taxes (GST and service tax) have been booked by the Central Board of Indirect Taxes and Customs (CBIC) field formations against various insurance companies. In the last five years, 106 cases have been registered across the country and Rs 7,581.80 was misappropriated out of which Rs 1,347.17 have been recovered.

Ever since the GST rollout in 2017, matters of tax evasion and other related offences have been picking up pace at a significant pace and with time, various modus operandi have come to fore to evade the indirect tax using ingenious methods.

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No losses will be borne by taxpayers, customers’ deposits protected, assures Joe Biden on US banks’ collapse

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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None of the losses from bank failures will burden taxpayers; instead the funds will come from bank fees, US President Joe Biden said on Monday, following the collapse of two major banks of US, Signature Bank and Silicon Valley Bank. He said that Americans can have the ‘confidence that their banking system is safe’. 

“All customers who have deposits to these banks can rest assured they will be protected and will have access to money as of today, that includes small businesses across the country that bank payers and need to make payroll, pay the bills and stay open for business…Your deposits will be there when you need them.”

“No losses will be borne by the tax payers, instead the money will come from the fees the banks pay under the deposit and insurance fund, because of the actions the regulators have already taken every American should be confident that their money is safe, the deposits that are already there if and when they need them,” Biden said, while delivering remarks on US economy. 

Also Read: SVB collapse | US discusses fund to backstop deposits if more banks fail

Hitting out at the people involved in the management, Biden said that action will be taken against the management of these banks. “If the bank is taken over by FDIC, the people running the bank should not work there anymore. Investors in the bank will not be protected, they knowingly take the risk, and when the risk did not pay off, they lose the money . That’s how capitalism works,” he said.

“We must get the full accountability for what happened and why those responsible can be held accountable. No one is above the law,” Biden added.

He said that his government took immediate action and control of Silicon Valley and Signature bank assets, and that he was going to call on Congress and regulators to ‘strengthen rules’ on banks after failures.

“The crisis we saw in 2004 would not happen again. We must reduce the risk of what happened,” Biden said.

This comes after the collapse of Signature Bank, which was closed by New York state financial regulators on Sunday, making it the third-largest failure in U.S. history. It came just 48 hours after the SVB Financial Group’s Silicon Valley Bank collapse last week.

Signature Bank, a New York state-chartered commercial bank that’s FDIC-insured, had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of December 31, the New York Department of Financial Services said in a separate statement.

Silicon Valley Bank abruptly became the biggest US lender to fail in more than a decade on Friday, unraveling in less than 48 hours after outlining a plan to shore up capital. The bank took a huge loss on sales of its securities amid rising interest rates, spooking investors and depositors who rapidly began pulling their money. On Thursday alone, investors and depositors tried to yank about $42 billion.

Also Read: Regulators close New York’s Signature Bank, marking third-largest bank failure in US history

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

USFDA completes inspection of Lupin’s Bioresearch Centre In Pune with no observations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pharma major Lupin on Monday announced that the United States Food and Drug Administration (USFDA) completed an inspection of the company’s Bioresearch Centre in Pune with no observations.

“We are pleased to announce that the Lupin Bioresearch Centre has successfully undergone its seventh consecutive onsite inspection, reaffirming our commitment to patient safety and our superior quality and compliance standards,” said Nilesh Gupta, the managing director of Lupin.

The latest update from the company comes two days after it said on March 10 said that the USFDA completed a pre-approval and GMP Inspection of its API manufacturing facility located in Visakhapatnam in Vizag with no observations.

Prior to this, on February 17, the pharma company had received Establishment Inspection Report (EIR) from the USFDA for injectable unit in Nagpur with 5 observations. In an earlier update on February 21, the pharma major launched Lurasidone Hydrochloride Tablets which is used to treat certain mental/mood disorders in the United States.

The shares of Lupin on Monday closed 0.3 percent lower at Rs 656.1

Also Read: SVB collapse: Y Combinator estimates 1 lakh jobs within its community at risk

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Five things to know about today’s market fall

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity market closed on a weak note, hitting a five-month low as a global market sell-off triggered massive volatility. The volatility index surged over 20 percent, marking the biggest single-day gain in a year.

The Sensex fell 897 points to 58,238, and the Nifty shed 259 points to 17,154. The Nifty Bank slid 921 points to 39,565, and the Midcap index lost 611 points to 30,107.

Here are five things to know about today’s market fall:

1) The Nifty decisively broke its February lows of around 17,255, while Midcap saw a major risk aversion.

2) All Nifty Bank constituents closed the session with huge cuts despite having no connection with Silicon Valley Bank and Signature Bank collapse in United States.

3) Foreign Portfolio Investment (FPI) flows had turned positive in March at Rs 13,540 crore after being negative in January and February, but the collapse of Silicon Valley Bank and Signature Bank has created uncertainty around FPI flows.

4) Nifty is down nearly 5 percent in 2023, underperforming Dow Jones, Nasdaq, CAC, DAX, Kospi, Hang Seng and many other key markets. Nifty has been making lower highs since December 1, 2022.

5) Some of the key factors impacting Indian markets are its outperformance in 2022, China’s reopening, the Adani-Hindenburg saga, rising interest rates in US, and the US banking issues.

Also Read: Samir Arora believes Indian market is overreacting to SVB collapse

In the bleak session, 47 of 50 Nifty stocks closed in the red, with Infosys, RIL, ICICI, and HDFC Bank being the biggest drags. Market breadth firmly favoured declines, with the advance-decline ratio at 1:5. BSE companies erased a market capitalisation of nearly Rs 4 lakh crore today.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India spends Rs 1.48 lakh crore extra, but within the 2022-23 Budget

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Budget session of Parliament has resumed after a recess. There were fireworks on the floor of the house after BJP demanded an apology from Rahul Gandhi for his comments in London that were critical of the central government.

Meanwhile, the Centre has incurred an additional expenditure of Rs 1.5 lakh crore in the second supplementary demand for grants. Higher fertiliser subsidy and pension payments led to higher cash outgo — but this remains within the Budget size of nearly Rs 42 lakh crore.

Within this Rs 1.48 lakh crore additional outgo, the fertilizer subsidy takes a lion’s chunk. The government will be making over Rs 36,000 crore worth of additional payments, higher than the revised estimates.

Read Here | India CPI inflation in February drops to 6.44%, higher than Street estimates

The revised estimates pegged fertiliser subsidy for this year at Rs 2.25 lakh crore, and the number could now settle at around Rs 2.61 to 2.62 lakh crore after this additional Rs 36,000 crore that the government will be paying.

However, the government’s savings of Rs 1.22 lakh crore have helped match this additional expenditure, resulting in a lower net cash outgo of Rs 1.48 lakh crore.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow