Haryana Chief Minister Presents Fifth Consecutive Tax-Free Budget

Haryana Chief Minister Presents Fifth Consecutive Tax-Free Budget

Fifth Consecutive Tax-Free Budget”

The Chief Minister of Haryana, Mr. Manohar Lal, presented the government’s fifth consecutive tax-free budget during the budget session of the Haryana Legislative Assembly. The budget for the fiscal year 2024-25 was presented at ₹1,89,876.61 crore, marking an 11.37% increase from the revised estimates of ₹1,70,490.84 crore for 2023-24. This budget, designed with public welfare in mind, demonstrates a comprehensive consideration for every segment of society.

The Finance Minister highlighted that the estimated revenue receipts for the fiscal year stand at ₹1,16,638.90 crore, comprising ₹84,551.10 crore from tax revenue and ₹9,243.46 crore from non-tax revenue. Major sources of tax revenue include GST, VAT, excise duty, and stamp and registration fees. Additionally, central taxes contribute ₹13,332.23 crore, while central grants amount to ₹9,512.11 crore. Apart from this, a capital receipt estimate of ₹72,722.01 crore has been projected.

Mr. Manohar Lal emphasized that the budget is structured to allocate ₹1,34,456.36 crore for revenue expenditure and ₹55,420.25 crore for capital expenditure, accounting for 70.81% and 29.19% of the total budget, respectively. Furthermore, ₹8,119.24 crore is earmarked for the creation of foundational infrastructure for public sector enterprises in the upcoming fiscal year, bringing the estimated total expenditure to ₹63,539.49 crore.

The Finance Minister highlighted the state’s consistent adherence to fiscal standards, maintaining the state’s fiscal deficit at 2.80% of Gross State Domestic Product (GSDP) for the fiscal year 2023-24. For the fiscal year 2024-25, the proposed fiscal deficit stands at 2.77% of GSDP, well below the estimated threshold of 3%. Moreover, efforts to keep the total debt stock within prescribed limits have been successful, with the ratio of debt to GSDP projected at 26.15% for 2024-25.

In terms of the public sector enterprises, it is noteworthy that their business is estimated to reach ₹79,907 crore for the fiscal year 2023-24, representing a 11.94% increase from the previous year. Over the past nine years, there has been a marked improvement in the performance of public sector enterprises. In the fiscal year 2013-14, only 13 out of 43 enterprises generated a profit of ₹804 crore. By the fiscal year 2022-23, the number of profitable enterprises had increased to 20, collectively earning ₹1,767 crore in profit.

Overall, the budgetary allocations reflect a commitment to fiscal prudence while prioritizing public welfare and infrastructure development. The significant increase in revenue projections coupled with prudent fiscal management sets a positive trajectory for Haryana’s economic growth and development.

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