Punjab Finance Minister Harpal Cheema presented the budget proposals for the fiscal year 2024-25 in the Punjab Assembly’s budget session. This marks the third budget under the governance of the Aam Aadmi Party in the state.
Addressing the assembly, Cheema announced a budget of Rs 2,04,918 crore, outlining a comprehensive financial plan without introducing new taxes. The government anticipates total revenue receipts of Rs 1,03,936 crore in 2024-25, with own tax revenue contributing Rs 58,900 crore. The state is expected to receive Rs 22,041 crore from central taxes and Rs 11,748 crore as Grants in Aid from the Centre.
Despite expectations, the dire fiscal situation prevented the announcement of financial assistance of Rs 1,000 for women above 18 years of age, a move echoed in the AAP-led Delhi government’s budget.
Highlighting the government’s priorities, Cheema emphasized education, health, sports, and infrastructure. The budget includes Rs 16,987 crore allocated to the education sector, with a focus on initiatives such as ‘Mission Samrath’ to impart essential skills to primary and upper primary school students.
In the health sector, a substantial fund of Rs 5,264 crore has been allocated, supporting the establishment of 829 Aam Aadmi clinics and further initiatives in the pipeline. Additionally, Rs 272 crore has been earmarked for Sports and Youth Services, with plans to establish 1,000 sports nurseries across the state.
The budget also addresses crucial sectors such as agriculture, with Rs 13,784 crore allocated for Agriculture and Allied sectors, including Rs 575 crore for Crop Diversification. A new initiative, Punjab Horticulture Advancement and Sustainable Entrepreneurship, aims to enhance product quality and develop horticulture crop clusters. In education, the government plans to transform 100 senior secondary schools into ‘Schools of Brilliance’ and 100 primary schools into ‘Schools of Happiness.’
The establishment of a “School of Applied Learning” and the construction of hi-tech vocational labs in 40 schools are among the notable educational initiatives. Despite a revenue deficit of Rs 23,198.14 crore (2.77% of GSDP) and a fiscal deficit of Rs 30,464.92 crore (3.80% of GSDP), Finance Minister Cheema expressed efforts to bring down both deficits. The budget also includes allocations for various other sectors, including electricity bills, construction of bridges, social welfare schemes, industry, and drug de-addiction initiatives. The Finance Minister assured the continuation of free bus travel for women, with Rs 450 crore allocated for this purpose.
As the government navigates fiscal challenges, the budget reflects a strategic approach towards consolidating revenue resources and promoting comprehensive development across sectors.
