The budgetary estimates for FY’25 were up by 10.7 per cent from the previous annual financial statement, and by 51 per cent compared to the estimates of 2019-20 when the JMM-led alliance government came to power in the state.
This was the first budget of the newly formed Champai Soren government. Former Chief Minister Hemant Soren-led coalition government had presented a budget of Rs 1.16 lakh crore for the current financial year 2023-24.
“I lay on the table of the House a budget of Rs 1,28,900 crore for the financial year 2024-25,” Oraon said in the assembly.
The budget will meet the aspirations of every section of the society, including poor people, farmers, tribals and women, and will bolster the overall development of the state, he said.
State BJP president Babulal Marandi alleged that the “budget doesn’t have any substance”. “It is a short-sighted and anti-development budget,” he said. Jharkhand Chief Minister Champai Soren said that the budget will further “accelerate the development of the state and is in the interest of every section of the society”. The government introduced a separate ‘Bal’ budget for inclusive development of students with an allocation of Rs 8,866 crore, which is part of the total estimates. Oraon also announced an increase in the limit under the Farm Loan Waiver scheme from existing Rs 50,000 to Rs 2 lakh. Under the ‘Abua Awas (Housing) Yojana’, the government planned to build 3.50 lakh houses in 2024-25. The minister also proposed to increase the number of beneficiaries under the state food security scheme to 25 lakh from the existing 20 lakh. Under the central and state food security schemes, the Jharkhand government has decided to provide Soybean chunks along with pulses and rice. In a bid to improve primary and higher education sectors, the government has proposed to start 325 block-level leader schools in 2024-25 and establish 19 colleges including four for women only in the state. A state technology park has also been proposed to be set up at BIT Sindri in Dhanbad. To strengthen tertiary health care, the minister proposed to set up a medical college and Medico City in Ranchi. The government envisages bringing an investment of Rs 20,710 crore, which will create around one lakh direct and indirect jobs in the upcoming fiscal. “To achieve Rs 10-lakh crore economy, we need to grow at 14.2 per cent between 2023-24 and 2029-30,” Oraon said. In 2023-24, the growth rate of the state is estimated to be 7.1 per cent in comparison to the national average of 7 per cent. It is estimated to be 7.8 per cent in 2024-25, he said. The minister said the government’s top priority was to control and minimise the fiscal deficit. The state has succeeded in keeping the fiscal deficit below 1.2 per cent in 2022-23, and as a result, the debt-GDP ratio of the state has improved, the minister claimed. Fiscal deficit is estimated at Rs 9,500 crore, which is 2.02 per cent of the gross state domestic product (GSDP), Oraon said. The minister said the second important thing is that the state has achieved a “steady increase” in its revenue earnings (tax and non-tax revenue). The total revenue income in 2019-20 was Rs 25,521 crore, which is expected to be Rs 48,119 crore in 2023-24 and is estimated to be Rs 53,500 crore in 2024-25, he said. The minister also claimed that there has been a “steady reduction” in establishment expenditure in the last four years while there is an “increase” in plan outlay. “If the ratio of establishment and plan expenditure is seen in the total outlay, it was 47:53 in 2019-20 and is estimated to be 38:62 in 2023-24,” he said. The minister said the state government’s priority is the speedy development of basic infrastructure and so, it has emphasised increasing the capital outlay gradually. “In 2022-23, it was Rs 18,073 crore, while the same has been envisaged at Rs 25,317 crore in 2023-24 and Rs 28,475 crore in 2024-25,” he added.(You can now subscribe to our Economic Times WhatsApp channel)
Source: Economic Times
