“RBI data shows that total development expenditure incurred by Modi Govt in 2014-22 was Rs 90.9 lakh cr, far higher than claimed by some opposition sections,” the finance minister tweeted. Nirmala Sitharaman.
“In contrast, only Rs 49.2 lakh crore was spent on it in 2004-14,” Sitharaman told the microblogging site.
The expenditure of Rs 90.9 lakh crore includes Rs 24.85 lakh crore spent on food, fuel and fertilizer subsidies and Rs 26.3 lakh crore on capital creation.
Government sources said Rs 25 lakh crore for food, fertilizer and fuel subsidies, and Rs 10 lakh crore for social services such as health, education and affordable housing, among others.
“In the 10 years of UPA, only Rs 13.9 lakh crore has been spent on grants,” Sitharaman said without naming anyone.
FM said the government was also in the process of canceling oil bonds issued by the UPA.
“Development expenditure incurred by the Modi government of Rs 90.9 lakh cr so far exceeds the Rs 93,685.68 crore already spent between 2014-22 to repay UPA-era oil bonds,” tweeted Sitharaman.
“Additionally, an additional Rs 1.48 lakh crore will be paid by 2026,” she told the microblogging site.
His comments came after comments by former finance minister P Chidambaram in an Indian Express last week.
Chidambaram wrote that the government collected “huge amounts” by taxing the poor and middle class and used the money to provide them with “additional welfare”.
Officials disputed, Chidambaram’s calculation that the total expenditure on free food grains, women’s cash grants, PM-KISAN and other cash transfers is “not more than Rs 2.25,000 crore – which is less than the annual fuel taxes collected by the Center alone.”
“These figures put forward by the former finance minister are far from accurate,” a source said, adding that fuel tax revenue has been put to good use as development spending.