India braces for a Rs 50,000 crore rise in its subsidy bill for FY24

Subsidy outgo for FY24 had been budgeted at ₹4.03 lakh crore, but may shoot up to ₹4.53 lakh crore. However, even this stretched welfare spend would be far less than the previous fiscal’s subsidy bill of ₹5.62 lakh crore.