Haryana CM unveils tax-free Budget, allocates Rs 1.89L cr
Haryana Chief Minister Manohar Lal Khattar, who also holds the portfolio of the Finance minister, presented the government’s fifth Budget on Friday. For the fiscal year 2024-25, a Budget of Rs 1,89,876.61 crore was presented, which is 11.37 per cent 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 per cent and 29.19 per cent 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 the Khattar-led government.
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 collective efforts and robust action plans.
Khattar 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 Finance minister 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 per cent 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 per cent 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 per cent in 2014-15 to 3.7 per cent in 2023-24. Haryana has witnessed a year-on-year growth in its GSDP at constant prices of 8.0 per cent in 2023-24, whereas the national GDP registered a growth rate of 7.3 per cent during the same period.
The Finance minister said that the national per capita income at current prices has increased by 114 per cent from Rs 86,647 in 2014-15 to Rs 1,85,854 in 2023-24, whereas it has increased by 121 per cent in Haryana from Rs 1,47,382 in 2014-15 to Rs 3,25,759 in 2023-24.
