Budget of Rs 53,526.97 crore presented in Assembly
The chief minister Trivendra Singh Rawat who also holds the finance portfolio presented a budget of Rs 53,526.97 crore for the financial year 2020-21 on Wednesday. The budget estimates are about ten per cent higher than the budget of Rs 48,663.90 crore for financial year 2019-20.
Presenting a zero deficit budget, the CM said that the budget document is inspired by the new aspirations of the people of the state and requirement of the poor. He said that the income- expenditure document is based on the objectives of keeping the farmers of the state happy; making the villages prosperous, employment for youth, providing quality education, pure drinking water and proper nutrition.
The CM said that total receipts for the year 2020-21 are estimated at Rs 52,423.92 crore out of which Rs 42,439.33 crore are estimated receipts under revenue receipts while Rs 9,984.59 crore are capital receipts.
He said that the tax revenue for the year is estimated at Rs 22,418.17 crore in the FY 2020-21 which includes Rs 8,657.35 crore as the state’s share in central taxes. A collection of Rs 17,300.17 crore is estimated from receipts of state’s own sources. Under this head, revenue from tax collection are estimated at Rs 13,760.75 crore while the non tax revenue is estimated at Rs 3,539.42 crore.
The CM said that the total expenditure for the FY 2020-21 is expected to be at Rs 53,526.97 crore. It is estimated that an expense of Rs 42,389.67 crore would be made under revenue account head while Rs 11,137.30 crore would be spent on capital account head in the year 2020-21.
The CM said that an estimated Rs 14,673.96 crore would be spent on salaries and allowances of the state government employees. Similarly Rs 3,503.31 are estimated to be spent on payment of interests on loans.
One of the highlights of the budget is that it is a statement of profit with an estimated revenue surplus of Rs 49.66 crore. However a fiscal deficit of Rs 7,549.74 crore is estimated for the year 2020-21 which is higher than the deficit of Rs 6,798.15 crore last year.
The CM claimed that fiscal deficit is well within the limits prescribed by the Fiscal Responsibility and Budget Management (FRBM) Act.
The CM said that the 15th finance commission has increased the share of state in central taxes to 1.104 percent from 1.052 percent. He opined that a benefit of Rs 300 to 400 crore is expected every year to the state from the measure. Rawat said that the 15th finance commission has recommended Revenue Deficit Grant (RDG) for Uttarakhand which would ensure receipt of Rs 5,000 crore in the year 2020-21.
Thursday, 05 March 2020 | PNS | Bharadisain
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