
“Haryana Chief Minister Unveils Progressive Fiscal Vision with Fifth Tax-Free Budget”
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- February 23, 2024
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“Haryana Chief Minister Unveils Progressive Fiscal Vision with Fifth Tax-Free Budget”
The Chief Minister of Haryana, Mr. Manohar Lal, has presented an innovative and forward-looking budget, marking the government’s fifth consecutive tax-free fiscal plan. The budget for the upcoming fiscal year, 2024-25, stands at ₹1,89,876.61 crore, showcasing an impressive 11.37% surge from the revised estimates of the previous year, emphasizing fiscal responsibility and public welfare.
In his address, the Finance Minister highlighted a meticulous allocation of resources, with estimated revenue receipts reaching ₹1,16,638.90 crore. This includes ₹84,551.10 crore from tax revenue and ₹9,243.46 crore from non-tax revenue. Notable contributors to tax revenue encompass GST, VAT, excise duty, and stamp and registration fees, emphasizing a diverse revenue stream.
The budget structure allocates ₹1,34,456.36 crore for revenue expenditure and ₹55,420.25 crore for capital expenditure, underscoring a balanced approach. Additionally, ₹8,119.24 crore is earmarked for crucial infrastructure development in the public sector, portraying a commitment to sustainable growth.
Maintaining fiscal prudence, the state has successfully restricted the fiscal deficit to 2.80% of Gross State Domestic Product (GSDP) for the fiscal year 2023-24. For the upcoming fiscal year, the proposed fiscal deficit is a commendable 2.77% of GSDP, staying well below the prescribed threshold of 3%.
Public sector enterprises play a pivotal role in the economic landscape, with an estimated business turnover of ₹79,907 crore projected for 2023-24. This marks an impressive 11.94% increase, reflecting improved performance. The budgetary focus on the prudent management of public finances sets a positive trajectory for economic growth.
The budget signifies a strategic commitment to fiscal responsibility, public welfare, and robust infrastructure development. The forward-looking fiscal vision aims to propel Haryana towards sustained economic growth and comprehensive development.
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