CHANDIGARH: Chief Minister of Haryana Manohar Lal Khattar unveiled the budget for the financial year 2024-25, setting aside Rs 1.89 lakh crore, an increase of over 11% from the previous year.
Khattar, who also holds the finance portfolio, said, “For 2024-25, I propose a budget of Rs 1,89,876.61 crore which is 11.37 per cent more than Rs 1,70,490.84 crore (revised estimates) of 2023-24.”
This marks the fifth budget under the BJP-JJP government.Khattar emphasized the government’s efforts for farmers’ welfare, highlighting the provision of minimum support price for 14 crops.
Key highlights of the budget 2024-25
Khattar, who also holds the finance portfolio, said, “For 2024-25, I propose a budget of Rs 1,89,876.61 crore which is 11.37 per cent more than Rs 1,70,490.84 crore (revised estimates) of 2023-24.”
This marks the fifth budget under the BJP-JJP government.Khattar emphasized the government’s efforts for farmers’ welfare, highlighting the provision of minimum support price for 14 crops.
Key highlights of the budget 2024-25
- Chief minister Manohar Lal presents the budget for the year 2024-25, with no new taxes proposed.
- The budget of Rs. 1,89,876.61 crore is presented for the year 2024-25.
- A budget of Rs. 1,89,876.61 crore is proposed for the year 2024-25, showing an increase of 11.37 percent over the revised estimates of Rs. 1,70,490.84 crore for the year 2023-24.
- This includes Rs. 1,34,456.36 crore as revenue expenditure and Rs. 55,420.25 crore as capital expenditure, accounting for 70.81 percent and 29.19 percent of the total budget respectively.
- The CM expresses gratitude to Prime Minister Narendra Modi for enabling the construction of Shree Ram Temple in Ayodhya and the consecration of Lord Shri Ram Lalla.
- India is acknowledged as the fastest-growing economy globally, with a growth rate of 6.7 percent in 2023.
- Through initiatives like Sabka Saath, Sabka Vikas, Sabka Prayas, and Sabka Vishwas, the nation successfully faced the challenge of the Coronavirus Pandemic and provided exemplary leadership in the recently held G-20 summit.
- The next two decades up to 2047 are envisioned as the Amrit Kaal, where India will be among the foremost developed nations in the world, emerging as the Vishwa Guru.
- In this journey of Vikasit Bharat, Vikasit Haryana will play an important part.
- During the period 2014-15 to 2023-24, Haryana’s Gross State Domestic Product (GSDP), at constant prices (2011-12 prices), 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 compared to national growth has led to an increased share of Haryana’s GSDP in All-India GDP, 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 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.
- The share of the secondary sector has been estimated at 29.3 percent.
- -In 2023-24, the share of the tertiary sector in GSVA is estimated at 52.6 percent and 18.1 percent in the primary sectorThe primary, secondary, and tertiary sectors have recorded growth of 8.6 percent, 6.3 percent, and 13.8 percent respectively in 2023-24.
- Public Sector Enterprises will also spend a substantial amount on creating capital infrastructure amounting to Rs. 8,119.24 crore in 2024-25.
- In total, capital expenditure for the year 2024-25 would be Rs. 63,539.49 crore.
- The projected revenue receipt is Rs. 1,16,638.90 crore, comprising tax revenue of Rs. 84,551.10 crore and non-tax revenue of Rs. 9,243.46 crore.
- GST, VAT, Excise, and stamp & registration are the major sources of tax revenue receipt.
- The share of central tax is Rs. 13,332.23 crore, and grant-in-aid is Rs. 9,512.11 crore. Besides this, the projected capital receipt is Rs. 72,722.01 crore.
- The 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, the projected fiscal deficit is 2.77 percent of GSDP, well within the permissible limit of 3 percent.
- The overall debt stock has been kept within the prescribed limit, with the debt to GSDP ratio in RE 2023-24 at 26 percent as against the limit of 33.10 percent of GSDP. For 2024-25, the debt stock is projected at 26.15 percent of GSDP, much below the stipulated norms of 32.80 percent of GSDP.
- – The turnover of State Public Enterprises (PSE) in 2022-23 was estimated at Rs. 79,907 crore, indicating an increase of 11.94%.
- The performance of Public Sector Enterprises has improved over the last nine years. During 2013-14, out of 43 PSEs, only 13 reported a profit of Rs. 804 crore. During 2022-23, the number of profit-making PSEs increased to 20, with a total profit of Rs. 1767 crore, 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% from Rs. 60,576 crore in March 2014 to Rs. 43,955 crore in March 2023.