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April 22, 2024 2:26 pm

Haryana CM Khattar unveils Tax-free state budget for year 2024-25, allocates Rs. 1.89 lakh crore

The Fact News Service
Chandigarh, February 23

Haryana Chief Minister Manohar Lal who also holds the portfolio of the Finance Minister, today presented the government’s fifth budget consecutively.

For the fiscal year 2024-25, a budget of Rs. 1,89,876.61 crore was presented, which is 11.37 percent higher than the revised estimates of Rs. 1,70,490.84 crore for the year 2023-24.

This includes, Rs. 1,34,456.36 lakh crore is allocated for revenue expenditure and Rs. 55,420.25 lakh crore for capital expenditure, accounting for 70.81 percent and 29.19 percent of the total budget, respectively.

This people-friendly budget will certainly help Haryana to play a crucial role in the journey towards a developed India by 2047. No new taxes have been imposed by Manohar Sarkar.

While presenting the budget, the Finance Minister said that with the buoyant revenue receipts and economic growth for 2024-25, he is pleased to announce that there are no new tax proposals in this year’s budget. The projected revenue receipts are Rs. 1,16,638.90 crore, comprising of tax revenue of Rs. 84,551.10 crore and Rs. 9,243.46 crore as non-tax revenue.

In tax revenue receipts, GST, VAT, excise, stamp duty, and registration are the major sources of revenue receipt. The share of Central tax is Rs. 13,332.23 crore, and grant in aid is Rs. 9,512.11 crore. Additionally, for the FY 2024-25, the projected capital receipts is Rs. 72,722.01 crore.

The Chief Minister stated that the next two decades until 2047 is the Amrit Kaal where India will be amongst the foremost developed nations in the world, where India will emerge as the Vishwa Guru.

In this journey of Viksit Bharat, Viksit Haryana will play a crucial role. We will have to lay the foundation of Viksit Bharat-Viksit Haryana by our collective efforts and robust action plans.

Manohar Lal said that there is a plan to spend Rs. 8,119.24 crore on the construction of infrastructure for public sector undertakings in the financial year 2024-25. Therefore, our expenditure for this year is estimated to be Rs. 63,539.49 lakh crore.

The annual growth rate of the total State Domestic Product is estimated to increase to Rs. 6,34,027 lakh crore in 2023-24

The Finance Minister, Sh. Manohar Lal, said that during the period 2014-15 to 2023-24, the Gross State Domestic Product, at constant prices (2011-12 prices) of Haryana has recorded a compound annual growth rate of 6.1 percent from Rs. 3,70,535 crore in 2014-15 to Rs. 6,34,027 crore in 2023-24. GSDP at constant prices (2011-12 prices) at the national level has recorded a compound annual growth rate of 5.6 percent during the same period.

Haryana’s faster growth as compared to national growth has meant that the share of Haryana’s GSDP in All-India GDP has increased from 3.5 percent in 2014-15 to 3.7 percent in 2023-24.

Haryana has witnessed a year-on-year growth in its GSDP at constant prices of 8.0 percent in 2023-24, whereas the national GDP registered a growth rate of 7.3 percent during the same period.

The Finance Minister said that the national per capita income at current prices has increased by 114 percent from Rs. 86,647 in 2014-15 to Rs. 1,85,854 in 2023-24, whereas it has increased by 121 percent in Haryana from Rs. 1,47,382 in 2014-15 to Rs. 3,25,759 in 2023-24.

He said that as per the Advance Estimates of GSVA 2023-24 at current prices, the share of secondary sector has been estimated to 29.3 percent. In 2023-24, the share of tertiary sector in GSVA is estimated to 52.6 percent and 18.1 percent in primary sector.

The primary, secondary and tertiary sectors have recorded growth of 8.6 percent, 6.3 percent, and 13.8 percent respectively in 2023-24.

Fiscal Parameters

The Finance Minister said that we are always able to maintain the fiscal parameters within prudent norms. Fiscal deficit has been contained at 2.80 percent of GSDP in RE 2023-24 as against the permissible limit of 3.0 percent of GSDP. For 2024-25, fiscal deficit of 2.77 percent of GSDP is projected, which is well within the permissible limit of 3 percent, he added.

He said that the overall debt stock has also been successfully contained within the prescribed limit. The debt to GSDP ratio in RE 2023-24 is 26 percent as against the limit of 33.10 percent of GSDP. For 2024-25 debt stock is projected at 26.15 percent of GSDP, much below the stipulated norms of 32.80 percent of GSDP. We will continue to exercise fiscal prudence as this is the only path to sustainable economic development.

Public Sector Enterprises shows significant increase in dividends

The Chief Minister said that it is estimated that the turnover of State Public Enterprises (PSE) in 2022-23 was Rs. 79,907 crore, an increase of 11.94 percent.

The performance of Public Sector Enterprises has improved over the period of last nine years. During 2013-14, out of 43 PSEs, only 13 PSEs reported profit, to the tune of Rs. 804 crore.

However, during 2022-23 the number of profit-making PSEs increased to 20, with a total profit of Rs. 1767 crore, thereby recording an increase of Rs. 963 crore. Due to the measures taken by the Government, the combined debt of all Public Sector Enterprises has reduced by 27.4 percent from Rs. 60,576 crore in March 2014 to Rs. 43,955 crore in March 2023.



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