Ahead of the Budget session of Haryana Vidhan Sabha next week, Haryana Finance Minister Capt. Abhimanyu on Thursday said that the focus of the Budget 2018-19 will be on fiscal prudence, optimum revenue generation, stopping leakages and pilferages and continuing the momentum of course correction which the Government has undertaken in the past three years.
“The Budget for 2018-19 will be presented keeping in view the aspirations of 2.5 crore people of Haryana and emphasis will be laid on all round development without any political discrimination. Focus would also be laid on balancing the rural economy and aligning the allocation to various departments to achieve the targets under UNDP sustainable development goals,” said the Finance Minister while talking to the mediapersons here.
Notably, Haryana Government had imposed no new taxes in the annual record Budget of Rs 1,02,329.35 crore for current financial year 2017-18.
However, the State’s finances depicted a dismal scenario with Haryana’s debt liability projected at Rs 141854 crore for the fiscal 2017-18. The Government had estimated debt liability at Rs 1.41 lakh crore for the current financial year, up by 13 per cent over the debt of Rs 1.24 lakh crore for fiscal 2016-17.
When asked about the measures expected to be taken to deal with the huge debt liability, the Finance Minister said that the projected debt is within limits and the state is in a comfortable situation.
Revenue generation has increased. In 2014, the mining sector revenue was less than Rs 50 crores, now it has crossed Rs 600 crore. When we came to power, the Town and Country Planning revenue was also low and now, it is on path of revival. Overall revenues are in growth mode, claimed Capt. Abhimanyu.
While replying to another question, the Finance Minister said the service sector and manufacturing sector contribute about 83 per cent in Gross Domestic Product of the state.
He said that soon after coming into power, the present State Government had released a white paper on the economy of the State. The Minister claimed the State has moved ahead in terms of ease of doing business and unprecedented industrial development has taken place during the current Government's tenure.
During the last three years, various processes were made online to boost economy and increase investment as a result of which Haryana has become number one state in terms of ease of doing business, he added.
On being asked about subsidy being given to agriculture sector, Capt. Abhimanyu said that the State Government is committed for the welfare of the farmers and subsidy would be given to agriculture sector.
On a new excise policy, he said that this policy is likely to be released in the first week of March.