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Sitharaman becomes the first Finance Minister to come clean on food subsidy— a loophole that hid billions of dollars earlier
- The
Food Corporation of India (FCI) funds its loss on account offood subsidy , with loans from the National Small Savings Fund, which is the money owed to the country’s small depositors. - The debt is accounted as one owed by FCI, and not the government, even though FCI is fully owned by the government.
- This is one of the many ways in which India’s Finance Ministers have hid the real state of the country’s finances for years.
- However, Sitharaman has put a stop to this practice. “We have explained everything and we have not brushed anything under the carpet,” Sitharaman said.
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