New Delhi, March 12 BJP MP Jagdambika Pal said on Thursday that the Modi government has shown foresight in proposing a Rs 1 lakh crore Economic Stabilisation Fund, which will act as a shield against future shocks.
Participating in a discussion on the second batch of Supplementary Demands for Grants for 2025-26 in the Lok Sabha, Pal said the government has also earmarked additional expenditures for food and fertiliser subsidies to take care of the needs of farmers and the poor.
Through the second batch of Supplementary Demands for Grants, the government is seeking Parliament's approval for additional spending of a net Rs 2.01 lakh crore in the current fiscal year.
The major additional spending is towards setting up an Economic Stabilisation Fund of Rs 1 lakh crore. Also, approval has been sought from Parliament for an additional spending of Rs 19,230 crore on fertiliser subsidies and Rs 23,641 crore for subsidies under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).
Other major expenditure heads include Rs 41,822 crore for the defence ministry.
Pal said the Modi government has propelled India from a "fragile economy" in 2013 to the world's "fifth largest economy". "We are on track to become the third-largest by 2027," he said.
The BJP member further said that at a time when geopolitical and West Asia crises are resulting in supply chain disruptions and higher oil prices, the government is taking steps to shield the Indian economy from such shocks.
"The proposed Economic Stabilisation Fund shows the foresight of the Modi government. It will be a fund to be used in times of crisis," Pal said.
Pal recounted the economic achievements in the 11 years of the Modi government, citing high forex reserves and foreign direct investments.
As opposition benches sought to disrupt Pal's speech in the House, Railways Minister Ashwini Vaishnaw said that when a country faces a challenge, the entire country should come together to deal with it.
"Today the world is facing a big challenge and everyone should come together to solve this challenge. This kind of politics should not happen," he said.
Earlier, when the House took up discussion on the Supplementary Demands for Grants, N K Premachandran (RSP) objected to it saying the government has not submitted a detailed Demands for Grants circulated in the House.
Parliamentary Affairs Minister Kiren Rijiju said that the House had lost 3 days in discussing the Motion.
"Today it is already March 12 and we have to pass the Supplementary Demands for Grants because the money has to be spent by March 31, 2026. So, because of the urgency, the business (Supplementary) is listed. Since the House has stabilised today, we have taken this up," Rijiju said.
Participating in the discussion, Shafi Parambil (INC) said that according to reports, the canteen at the Delhi High Court has temporarily stopped serving the main course menu due to a shortage of cooking gas cylinders.
Stating that the growing panic surrounding the LPG shortage is disturbing, Parambil said, "The shortage of LPG supply, the way the government has dealt with the war crisis is becoming a burden on us. The government is creating two crises – one the surrender crisis and second the cylinder crisis".
He also asked the government to bring back the MGNREGA scheme to boost rural income.
"The government claims that the economy is doing good, but the reality is different. The government must open its eyes to the problems faced by people," Parambil said, adding that the Indian rupee is the worst performing currency in Asia.