evidence: NEW DELHI: With a surge in fertliser subsidy requirements and the Central government already exceeding its fertiliser subsidy bill by Rs 12,000 crore, the Ministry of Finance has now approved a "special banking arrangement" for subsidies worth Rs 10,000 crore for the current financial year (FY19). The subsidy deficit thereafter will be rolled over to the next fiscal. "The fertiliser subsidy expenditure has overshot the budgetary target. It is to the tune of Rs 12,000-15,000 crore. While some of the deficit would be rolled over to the next year, there would be special banking arrangement for Rs 10,000 crore. The proposal is already approved," a senior finance ministry official told this publication. The Indian government compensates state and private fertiliser companies for selling crop nutrients to the country’s millions of farmers at discounted rates. With the expenditure overshooting this year, the Ministry of Chemicals and Fertilizers had sought an additional Rs 23,000 crore. While the finance ministry did not allot this extra expenditure as the government is already struggling to meet the revised fiscal deficit target of 3.4 per cent, it instead approved the "special banking arrangement" for local fertiliser companies. The new arrangement will help the fertiliser firms procure funds from banks, subsequently easing the burden on the government.