Corporate Affairs Minister Gets Higher Allocation Of Rs 733 Core For Next Fiscal Year

The corporate affairs ministry will get a higher allocation of Rs 733.02 crore in the next financial year starting from April 1 compared to the amount set aside in 2021-22.

In the Union Budget 2022-23, presented by Finance Minister Nirmala Sitharaman on Tuesday, the amount allocated for the ministry includes revenue component of Rs 692.52 crore and capital component of Rs 40.50 crore.

The total amount is about 11 per cent more than the revised estimates for the current financial year ending March 31, 2022 and nearly 3 per cent higher than the earlier estimate.

For the ongoing fiscal year, the allocation was Rs 712.13 crore and the same was later revised to Rs 659.75 crore.

According to the budget document, out of the total allocation of Rs 733.02 crore for the next financial year, an amount of Rs 58.02 crore would be for the Insolvency and Bankruptcy Board of India (IBBI) and Rs 46 crore for the Competition Commission of India (CCI).

An amount of Rs 6.17 crore would be allocated for Corporate Data Management (CDM) system. The scheme of CDM seeks to create an in-house data mining and analytics facility in the ministry to effectively utilise the vast repository of information held in its corporate registry.

In addition to providing authentic and clean data to all stakeholders in a more accessible manner, the facility aims at making available the information in an organised and structured manner to the ministry and to other policy and decision making agencies within and outside the government, as per the document.

Besides, Data Mining System (DMS) provides for expenditure under capital section for procurement of additional software licences and IT related products for CDM System.