August 29, 2013 / 1:57 PM / 4 years ago

India budgeted subsidy will cover food spending: finance minister

India's Finance Minister Palaniappan Chidambaram speaks at the Indian Private Equity and Venture Capital Association (IVCA) conclave in New Delhi July 16, 2013.Anindito Mukherjee

NEW DELHI (Reuters) - India's budgeted food subsidy of 900 billion rupees ($13.21 billion) is adequate to take care of the cost of the rollout of a plan to provide cheap food grains to the poor this fiscal year, Finance Minister P. Chidambaram said on Thursday.

Indian stocks plummeted more than 3 percent in each of the two sessions after the lower house of parliament approved the plan on Monday, on fears additional government spending on subsidies would widen the fiscal deficit.

($1 = 68.1450 Indian rupees)

Reporting by Rajesh Kumar Singh

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