With debt liabilities increasing sharply in Haryana, the State Government has sought suggestions from the public and announced to give Rs 1 lakh prize money in this regard.
Haryana Finance Department has sought innovative and do-able ideas to raise state revenue for budget 2016-17 by March 4 on its official website and announced to give prize money of Rs 1 lakh if the suggestions are agreeable and included in the budget.
The preparations for the budget 2016-17 are in progress and the budgetary requirements of all departments have already been sized up by the Finance Department for making provision for the funds in the budget. The State Government’s increasing debt burden, squeezing revenue and burgeoning expenditure had remained the hallmarks of the state budget estimates for 2015-16.
In the budget estimates 2015-16, the projected revenue deficit for the fiscal 2015-16 had been put at Rs 9,499.96 crore while it was projected at Rs 5,012.57 crore in 2014-15. The budget 2015-16 had showed a revenue deficit of Rs 9,557.52 crore.
As per revised estimates (RE) 2014-15, the state debt liabilities were estimated at Rs 81,836.04 crore, which was likely to go up to Rs 9,8842.62 crore in fiscal 2015-16.
Haryana's debt burden has more than tripled to Rs 81,806 crore (budget estimates for 2014-15) since 2005-06 when the Congress Government came into power. The power distribution companies in the state have also pilled up a losses of more than Rs 29000 crores. The losses of power distribution companies in Haryana which amounted to Rs 1,360 crore in 2005, had increased to Rs 26,952 crore in 2013-14 and further increased to Rs 29,362 crore in 2014-15.
Recently, the Haryana Government had asked its departments to avoid unnecessary expenditure.
In the directions issued by Haryana Finance Department, all Administrative Secretaries were asked to hold meetings with senior officers concerned to curtail expenditure and avoid unnecessary expenditure in their departments.
Also, the heads of all departments were asked to not fill any post lying vacant for more than two years, whether newly created or old in their departments without prior approval. The Finance Department had asked to ensure “strict compliance” of these instructions.