On Tuesday, the Indian government submitted a request to the parliamentary committee seeking an approval of additional funds worth $14.78 billion to be given.

This money is going to be needed over and above the budgeted amount of $240 billion that was given during the last union budget.

Regarding the same, the Finance Minister Pranab Mukherjee has seek approval from the lawmakers to be able to look at his limits in spending $11.8 billion.

While some experts are of the view that such heavy spending may derail the government's plans as this will again shoot up the fiscal deficit, the FM is totally against this opinion. He is confident that the fiscal deficit can be easily capped at around 5.5 per cent.

As per the document submitted by the government, "The net cash outgo ... will not have any adverse impact on the fiscal deficit projected in budget estimates 2010-11 due to excess receipts under non-tax revenue in
2010-11."

The level of confidence of the government has been boosted by the better-than-expected results of the auctioning of the third generation wireless spectrum.