Haryana Chief Minister Manohar Lal Khattar, who also holds the finance portfolio, on Tuesday, proposed a populist budget of Rs 177,256 crore for 2022-23, an increase of 15.6 percent over this fiscal of Rs 153,384 crore.
He also announced a ‘Sushma Swaraj Award’ for women for their significant contributions or achievements in different walks of life.
The budget outlay comprises 34.4 percent as capital expenditure of Rs 61,057.36 crore, while 65.6 percent as revenue expenditure of Rs 1,6,198.63 crore.
Presenting the budget, Khattar said the state has laid special emphasis on increasing capital infrastructure investment to boost demand, which holds a key role in speedy economic revival with a multiplier effect.
He announced tablets for all students from class 10 to 12, a scheme to provide soft loans to women entrepreneurs, and set up three dedicated funds to accelerate growth in various sectors.
A climate and sustainable development fund to achieve green development objectives, research, and innovation fund to promote scientific activity, besides scholarships in universities and educational institutions, and a venture capital fund to promote entrepreneurship was also announced.
According to the budget, the State Gross Domestic Product (GSDP) has increased from Rs 370,535 crore in 2014-15 to Rs 588,771 crore in 2021-22, at an annual increase of 6.5 percent.
The budget’s outlay includes revenue expenditure of Rs 61,057.35 crore and Rs 116,198.63 crore, which is 34.4 percent and 65.6 percent, respectively.
The total revenue receipts in the budget estimate for 2022-23 are projected at Rs 106,424.70 crore, which comprises tax revenue of Rs 73,727.50 crore, non-tax revenue of Rs 12,205.36 crore, the share of Central taxes at Rs 8,925.98 crore, and grants-in-aid of Rs 11,565.86 crore.
Besides, the capital receipts are projected to be Rs 5,393.89 crore.
This budget allocation has been aligned with the Sustainable Development Goal (SDG). Out of the total budget of Rs 177,255.99 crore, Rs 114,444.77 crore has been allocated for SDG-related schemes.
Haryana has remained successful in keeping the fiscal deficit within the percentage of GSDP as recommended by the 15th Central Finance Commission for the year 2021-22, said the Chief Minister.
Despite the Covid-19 crisis, about Rs, 30,820 crores have been borrowed from the market, while the permissible borrowing limit of the 15th Finance Commission was Rs 40,872 crore.
The fiscal deficit is estimated to be 2.99 percent of GSDP in 2021-22.
For 2022-23, it is estimated to reduce to 2.98 percent of GSDP. “This is within the limit of 3.5 percent as fixed by the 15th Finance Commission for 2022-23,” Khattar said.
The revenue deficit is also decreasing continuously. This revised estimate is estimated at 1.40 percent in 2021-22. It has been projected to further decrease to 0.98 percent of the GSDP in budget estimates of 2022-23.
The debt liability has also been successfully included.
The ratio of debt to GSDP in the Revised Estimates 2021-22 is estimated at 24.98 percent, while the stipulated limit recommended by the 15th Finance Commission is 32.6 percent of GSDP.
For budget estimates, the debt stock is expected to be 24.52 percent of GSDP, below the stipulated limit of 33.3 percent of GSDP recommended by the 15th Finance Commission.
Capital expenditure has a direct impact on economic development. The government is committed to enhancing the proportion of capital expenditure in the total expenditure, said the Chief Minister in his third consecutive budget speech in the House as the Finance Minister.
The capital share in the total expenditure has increased to 31.5 percent with Rs 48,265.49 crore in 2021-22.
It is proposed to increase the capital expenditure by 34.4 percent with Rs 61,057.35 crore in 2022-23.
In addition to the budgetary allocation for capital expenditure, Public Sector Undertakings are also investing substantial capital for the creation and strengthening of capital infrastructure in the state.
Dedicating the budget to women, Khattar announced many significant gifts for them on International Women’s Day.
He announced to start an award of Rs 5 lakh in the name of former Union minister Sushma Swaraj, who belonged to the state.
Noting that without women, society cannot even be imagined, he said that the women of Haryana have made their mark in many fields at the national and international level.
In his speech, he mentioned the first woman state Speaker, Shanno Devi, and the first woman Deputy Speaker, Lekhvati Jain.
The Chief Minister also announced to increase the participation of women in Panchayati Raj Institutions to 50 percent seats from 33 percent.
In addition, to attract women towards entrepreneurship, a new scheme, Haryana Mukhyamantri Udyami Yojana, has been announced. For this, assuming the annual income of the woman and her family members is less than Rs 5 lakh on the basis of the data of the Parivar Pehchan Patra, financial assistance of up to Rs 3 lakh will be given to the self-help group in the form of a loan.
Under this scheme, the Haryana Women Development Corporation will give a rebate of up to 7 percent in interest for three years.
