Haryana Chief Minister Manohar Lal Khattar proposed the state budget for the financial year 2024-25, with an allocation of Rs. 1,89,876.61 crore at the Assembly in Chandigarh, representing an increase of more than 11 per cent compared to the previous fiscal year.
CM Khattar, who also holds the finance portfolio, said, “For the fiscal year 2024-25, I propose a budget of Rs 1,89,876.61 crore, which represents an increase of 11.37 per cent compared to the Rs 1,70,490.84 crore (revised estimates) for the year 2023-24.” This marks the fifth budget of the BJP-JJP government.
While presenting the budget, CM said that MSP was being given for 14 crops in the state. He further added that his government had taken many steps towards the welfare of the farmers. The waiver of interest and penalties on those farmers who will deposit their loans by May 2024.
The budget comprises Rs 1,34,456.36 crore allocated for revenue outlay and Rs 55,420.25 crore as a capital outlay, constituting 70.81% and 29.19% of the total budget, respectively.
“India will be the fastest-growing economy in the world with a growth rate of 6.7% in 2023. In the Amrit Kaal period, India will be one of the leading developed nations in the world and will again become the world leader.
In this journey of developed India, developed Haryana will play an important role,” CM Khattar said. From 2014–15 to 2023–24, the gross state domestic product exhibited an annual compound growth rate of 6.1 per cent. It is estimated to to rise from Rs 3,70,535 crore in the year 2014–15 to Rs 6,34,027 crore in the year 2023–24,” stated the CM. During the same period, an annual compound growth rate of 5.6 per cent was recorded in GDP at constant prices at the national level,” the CM added.
Haryana’s GSDP in the All India GDP is estimated to increase from 3.5% in 2014–15 to 3.7% in 2023–24. Haryana’s GSDP is estimated to up by 8.0% in the years 2023–24.
The national per capita income of Haryana at current prices is projected to increase from Rs 86,647 in 2014–15 to Rs 1,85,854 in 2023–24, an increase of 114%.
In Haryana, it is estimated to increase from Rs 1,47,382 in the year 2014–15 to Rs 3,25,759 in the year 2023–24, which is an increase of 121%. The share of the secondary sector in the total gross state value added at current prices in the years 2023–24 is estimated at 29.3%.
In the years 2023–24, the share of the tertiary sector in gross state value added is estimated to increase to 52.6% and the share of the primary sector to 18.1%.
Primary, secondary, and tertiary sectors are estimated to grow by 8.6%, 6.3%, and 13.8%, respectively, in the years 2023–24. “Public sector undertakings also plan to spend an amount of Rs 8,119.24 crore on the creation of capital infrastructure in the years 2024–25. Overall, our outlay for this year is estimated to be Rs 63,539.49 crore,” CM said. No new tax proposal has been tabled in this year’s budget, added Harayana CM.
“Estimated revenue receipts are at Rs 1,16,638.90 crore, which includes tax revenue of Rs 84,551.10 crore and non-tax revenue of Rs 9,243.46 crore. The share of central tax is Rs 13,332.23 crore, and the share of central grant-in-aid is Rs 9,512.11 crore. Apart from this, capital receipt is estimated at Rs 72,722.01 crore.
The fiscal deficit in the revised estimate for 2023–24 is estimated to be capped at 2.80%, which is under the permissible limit of 3.5%.
For the years 2024–25, the fiscal deficit is proposed to be 2.77% of the gross state domestic product, which is within the permissible limit of 3.5%.
Speaking about the debt status of the Haryana government, CM Manohar Lal Khattar said, “The ratio of debt to gross state domestic product in the revised estimate 2023–24 was 26%, which is within the prescribed limit of the norm of 33.10 percent. The debt stock for the years 2024–25 is estimated at 26.15 percent of gross state domestic product, which is much lower than the prescribed norms of 32.80 percent.”
“The turnover of state public sector undertakings is estimated to be Rs 79,907 crore in the years 2023–24, which is an increase of 11.94% from last year. During the year 2013–14, only 13 out of 43 public sector undertakings earned a profit of Rs 804 crore. The number of profit-making public sector undertakings increased to 20 during the years 2022–23, whose total profit was Rs 1767 crore. The combined debt of all public sector undertakings declined by 27.4% from Rs 60,576 crore in March 2014 to Rs 43,955 crore in March 2023,” said Haryana CM.
Haryana plans new flight simulator training centre in Ggn
Haryana Chief Minister Manohar Lal Khattar has announces major advancements in the aviation sector, announcing the establishment of new flight flight simulator training centre in Gurugram and an Aviation College in Hisar. These initiatives aim to elevate Haryana as a prime destination for aviation training. The Aviation College, associated with Guru Jambheshwar University, will provide extensive aviation education near Maharaja Agrasen Hisar Airport, as per an official announcement.